Have you covered these risks before monsoon impacts your wallet?

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Published: July 17, 2019 12:58 PM

There could be a financial strain on one's budget or one may even have to dip into one's investment in order to meet the expenses incurred during monsoon showers.

 monsoon, investment, Health insurance, medical expenses, Engine Protector, OPD benefitsTo cover the risks arising out of monsoon, one needs to be adequately protected at all fronts such as health, motor, home and from accidents.

After the hot summer days, the onset of the rainy season is anxiously awaited by all but at times too much rain within a short span of time and ill-equipped drainage system of our cities make the monsoon season troublesome not only for farmers but also to the urban population. There could be a financial strain on one’s budget or one may even have to dip into one’s investment in order to meet the expenses incurred during monsoon showers. It is, therefore, suggested to take care of the risks involved during monsoons by taking adequate and the right insurance product to cover each of such risks. To cover the risks arising out of monsoon, one needs to be adequately protected at all fronts such as health, motor, home and from accidents.

“Health insurance protects you against the medical expenses as there are higher chances of one falling ill due to water-borne diseases, mosquitoes, etc. Comprehensive motor insurance with add-ons like engine protector, return to invoice, and roadside assistance is highly beneficial during the rainy season. If one travels using a vehicle in this season where road conditions are a big concern, personal accident insurance also becomes of significant importance. If one resides in areas prone to landslides, floods, etc, a home insurance plan becomes a lifesaver,” says Mahavir Chopra, Director, Health, Life & Strategic Initiatives, Coverfox.com.

Your travel plans

Monsoon is also a time to travel and experience the best of nature during these times. However, for those travelling with families need to be extra cautious during these days.  Your travel plans can go haywire with flights being cancelled or re-scheduled amongst other hassles. “If one is planning a vacation during the monsoon season, a travel insurance plan becomes essential. It provides cover for emergency medical expenses, personal liability, personal accident, flight delays, delay of checked-in baggage, loss of baggage, loss of personal documents, dental treatment, medical evacuation, contingency travel benefit, financial emergency assistance, trip cancellation, trip delay, hijacks, burglary in your absence, etc,” says Chopra. For those who are planning a monsoon trip, the Road Trip Cover from Bajaj Finserv could be looked at. For Rs. 599 it comes with a coverage of up to Rs. 3 lakh with benefits like financial coverage in case one is stranded and need an emergency hotel or travel bookings, roadside assistance in case one’s car breaks down etc.

Your car cover

If you think, having a car insurance policy is enough to tide over the monsoon pain, think again. The damage to the engine of the car during monsoon may not be a part of the car policy and therefore buying Engine Protector as an Add-On helps. “Engine protector add-on cover pays for damages caused to the car’s engine or its most important parts like gearbox, cylinder, piston, pins, crankshaft, etc. due to water ingression, hydrostatic lock, leakage of lubricating oil, etc. This kind of engine damage is excluded in a standard comprehensive motor insurance policy, informs Chopra.

OPD treatments during monsoon

Not all health insurance plans cover the OPD expenses and require a minimum of 24 hours of hospitalization even though there may be a need for an OPD treatment during monsoon. However, of late there are certain plans that are coming out with such features. “Apollo Munich and Max Bupa have already introduced health insurance plans with features like Cashless OPD Claims or using the OPD benefit for setting off future premiums. Apollo Munich’s Health Wallet provides reserve benefit which can be used for paying OPD expenses, bills for diagnostic tests or medicines, doctor’s consultation fees, etc. Max Bupa’s GoActive provides 10 cashless or reimbursable OPD consultations a year through Practo’s Network. ICICI Lombard has an add-on which can be attached with their Complete Health Insurance Plan to get OPD benefits,” informs Chopra.

Dengue Covers

Dengue-related incidence of hospitalization is typically on a rise during monsoons. “With the Dengue Cover from Bajaj Finserv, you can get coverage up to Rs. 50,000 at a premium of just Rs. 299 to treat vector-borne diseases like dengue and malaria. This includes expenses of pre-hospitalization, hospitalization, medication, doctor’s fee, treatment charges, and hospital room rent up to the specified limit,” says Bajaj Finserv Spokesperson. But, should one consider buying dengue cover around monsoons? “Dengue Cover is a disease-specific policy, which covers hospitalization expenses, outpatient consultation expenses, diagnostic tests, medicine bills, home nursing and other related expenses for treatment of Dengue. Having a disease-specific policy helps to keep the sum insured and accumulated no-claim benefits intact on the primary health insurance policy. But buying a dengue cover plan can seem like a far-fetched idea as it only covers one disease which is dengue and nothing else,” suggests Chopra.

Personal accident plan and monsoons

Having a personal accident cover also helps during monsoon. Even though it will not pay for minor injuries, major casualties will get covered. “During the monsoons, the risk of accidents increases many folds due to factors like potholes on roads, low visibility, water-logging and slippery surfaces. In case of an accident, a personal accident insurance plan pays a predetermined sum assured in the event of death, total permanent disability, partial permanent disability or temporary total disability of the policyholder. A personal accident insurance policy does not pay for the treatment in case of an accident but it surely fills the gap in case of loss of income,” says Chopra.

If you are looking to buy a cover specifically for risks arising out of monsoons, the Monsoon Cover from Bajaj Finserv could come handy as it protects one against events like falling sick or meeting with an accident during the monsoon. “You can get coverage up to Rs. 50,000 at a premium of Rs. 649. This includes hospitalization expenses for treatment of specific diseases or injuries sustained due to an accident. Along with this, you also get coverage for the cost of diagnostic tests, doctor’s fees, medicines and hospital room rent up to the specified limit,” informs  Bajaj Finserv Spokesperson. In addition, Bajaj Finserv has  Waterborne Disease Cover that has a coverage of Rs. 50,000 at a premium of Rs. 349 and the Infection Cover with coverage up to Rs. 50,000 at a premium of Rs. 79.

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