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