the property alone, but life as well. It is advisable to buy a policy which provides coverage against accidental loss of life as well.
Such policies provide cash in case of unexpected incidents and offer hospitalisation benefits on a daily basis to the insured person. In addition to that, the plan provides active lifestyle benefits. Regular accident cover policies only cover death or partial/total disability, but such a policy covers injuries as well and pays a lump sum amount, irrespective of the cost of treatment.
The moment of truth in insurance is comes when a claim is registered. In the event of a fire loss covered under the fire insurance policy, it is recommended that the insured should notify the insurance company immediately. It is important to submit a claim in writing, giving the details of damage, other insurances on the same property and their estimated values within 15 days of the occurrence of such loss the insured.
A claim for loss by fire must satisfy certain conditions as mentioned in the policy document. Make sure your most important asset your home is adequately protected this Diwali, so that you can enjoy the festival of lights in all its gaiety and with a complete peace of mind.
The author is senior vice-president, Consumer Lines, Tata AIG General Insurance