Rural Insurance:



  • Kissan Agricultural Pumpsets Insurance
  • Cattle Insurance
  • Sheep/ Goat Insurance
  • Honey Bee Insurance
  • Dog Insurance
  • Janatha Personal Accident








Kissan Agricultural Pumpsets Insurance:



APPLICABILITY:
The policy applies to centrifugal Pumps (Electrical and Diesel) and submersible pumps up to 25 H.P. capacity used for Agricultural purposes only. Pump with higher capacity i.e. more than 25 H.P. should be insured with Engineering Department’s advice.

STANDARD PERILS COVERED:
Sudden physical damage to pumpsets (including starters) caused by
  • Fire/ lightning
  • Burglary/ theft (due to violent forcible entry provided the pumpset is kept in a locked enclosure).
  • Mechanical/ electrical breakdown
  • Riots and Strike, malicious damage
  • Terrorism

EXCLUSIONS:
  • Normal wear and tear gradual deterioration due to atmospheric conditions or otherwise.
  • Gross negligence of the insured or his representative
  • Faults existing at the time of commencement and known to the insured or his representative.
  • Loss or damage for which the manufacturer or supplier of the property is responsible either by law or under contract
  • Cost of dismantling, transport to workshop and back as also cost of re-erection.

PREMIUM:
  • Standard Cover (Excluding Flood risk) – 1% of S.I.
  • Flood Cover (optional) – 0.5% of S.I.






Cattle Insurance:



APPLICABILITY:
Applicable to indigenous cross-breed and Exotic cattle, owned by/ belonging to Private owners, various financial institutions i.e. Bank-financed Military dairy farms, Co-operative/ Corporate dairies etc.

Cattle means include:
  • Milch cows and Buffaloes
  • Calves/ Heifers
  • Stud bulls
  • Bullocks/Buffaloes
  • Mithuns

AGE GROUP:
  • Milch cows: 2 years or age at first calving to 10 years
  • Milch Buffaloes: 3 years or age at first calving to 12 years
  • Stud Bulls: 3 years or earlier age at sexual maturity to 8 years
  • Bullocks/He buffaloes: 3 years to 12 years
  • Calves/ Heifers: 4 months up to date of 1st calving.

VALUATION:
Valuation based on market value as on date and place and to be decided on the basis of recommendations of the local veterinary surgeon.

Sum Insured: Not exceeding market value.

SCOPE OF COVER:
The policy shall give indemnity only for death of cattle due to:
  • Due to accident (inclusive of fire lightning, Flood/ Inundation, Cyclone, Tornado, Tempest, Storm, Hurricane, Famine) or any other Fortuitous circumstances.
  • Disease (inclusive of Rinderpest, BlackQuater Haemorrhegic Septicemia, Foot and mouth disease subject to vaccination against these diseases).
  • Surgical operations.
  • Strike, Riot and Civil Commotion risk and Terrorism
  • Earthquake.

EXCLUSIONS:
  • Theft or clandestine sale, missing of insured animal.
  • Malicious or willful injury or neglect/ intentional slaughter.
  • Transport by air or sea or beyond 80 km by Rail, Road.
  • Partial disablement of any type, whether permanent or temporary.
  • Accidents happened/ Diseases contracted prior to commencement of risk.
  • War and allied perils.

PREMIUM RATE:
  • 4% gross p.a.
  • 1% gross p.a. for PTD cover
  • 2.25% net p.a. for IRDP (Integrated Rural Development Program).
  • 2% gross p.a. for exotic animals.

SPECIAL FEATURES:
PTD arising out of accident animal and/ or unable to conceive or yield milk or unable to be used for breeding can be covered by payment of additional premium.

POINTS TO BE NOTED:
  • 15 days waiting period: The Company is not liable to pay the claim in the event of death of insured animal due to diseases occurring within 15 days from the commencement of risk.
  • No tag- No claim: In the event of death of animals covered under the policy, claims shall not be entertained unless the ear tags are surrendered to the company. In the event of loss of ear tag, it is the responsibility of the insured to give immediate notice to the company and get the animal retagged.






Sheep/ Goat Insurance



APPLICABILITY
The cover is applicable to Indigenous, cross-bred and exotic breeds of sheep and goat, 4 months to 7 years as follows:
  • Indigenous animal means whose parents are of Indian breed.
  • Exotic animal means whose parents are of foreign breed. This includes animals born in India as well as those born abroad.
  • A cross-breed animal for the insurance purpose means one of whose parents is of foreign breed.

SCOPE OF COVER:
Death due to accident, (includes fire, lightning, flood, cyclone, earthquake, famine etc) riot/ strike and diseases contracted or occurring during the period of the policy period.

EXCLUSIONS:
  • Theft and /or clandestine sale.
  • Malicious or willful injury or neglect/ intentional slaughter
  • Transport by air or sea
  • Partial disablement of any type, whether permanent or temporary.
  • Specified disease such as sheep pox, goat pox, enterotoxaenia, rinderpest, FMD, anthrax, HS and Black Quarter and Tetanus, unless successfully inoculated and necessary certificates produced.
PREMIUM RATE:
Basic
4% Gross per annum
2.75% net for IRDP

EXTRA RATES:
  • For cross bred animals: 1% gross
  • For exotic animals: 2% gross






Honey Bee Insurance



APPLICABILITY:
Hive and/ or bee colonies belonging to individual can be insured. Bee colonies of Apis cerena indica and Apis mellifera only shall be covered.

INSURANCE COVERAGE:
  • All accidental losses or damage to the hive and/ or bee colony.
  • Theft risk can be covered on payment of an additional premium.
  • Diseases can also be covered on payment of additional premium.

EXCLUSIONS:
  • Loss of production
  • Malicious or willful destruction of bee hive
  • Theft, clandestine sale or loss of the beehive
  • Neglect or improper management and /or rough handling

PREMIUM RATE:
3-5% on total insured value p.a. theft can be covered on payment of an additional premium at 2% Minimum premium Rs. 20 per policy p.a.

SPECIAL FEATURES:
The insurer will bear 80% of the assessed loss amount and the insured will bear the balance 20%.






Dog Insurance



APPLICABILITY
Indigenous, Cross bred or Exotic dogs, which are pets, Watch dogs, Sheep dogs and Hunting dogs.

SCOPE OF COVER:
Death due to accident and /or diseases contracted during the period of insurance.

EXCLUSIONS:
Common: As per the Standard dog insurance policy.

Specific: Partial and permanent Disability of any nature, Rabies, Canine Distemper and Leptospirosis. These diseases are covered if preventive inoculation is done and certificate to that affect is submitted.

AGE GROUP:
8 week to 8 years only.

VALUATION CERTIFICATE:
As certified by the duly qualified Veterinary Doctor at the time of proposing the insurance. Veterinary Certificate from qualified Veterinary Doctor is necessary on the Company’s form.

Note:
  • Proposal should be referred, for acceptance.
  • Minimum value of dog of any breed should not be less than Rs. 200/- and Maximum value of the dog should not exceed Rs. 10,000/- each.
  • Proposals where S.I. exceeds, Rs. 10,000/- have to be referred to H.O. for acceptance.

IDENTIFICATION:
Insured dogs must be suitably identified by one of the following methods:
  • Nose Print
  • Color photograph
  • Normal physical identification marks and breed, sex, age, etc. should be clearly described in the Veterinary Certificate and proposal form.
  • In the case of pups, one more color photo may be taken at 6 to 8 months age. Cost of identification is to be borne by the insured only.


PREMIUM:
6% flat on the sum insured
Minimum premium per policy Rs. 20/-

INDEMNITY:
80% Market Value or sum insured whichever is less, 20% of the claim amount to be borne by the insured.

SALVAGE:
In the event of death of insured dog, any amount received or receivable by the proposer from third parties and the value of the salvage recovered, if any would be deducted from the claim amount.





Janatha Personal Accident:



APPLICABILITY
Indigenous, Cross bred or Exotic dogs, which are pets, Watch dogs, Sheep dogs and Hunting dogs.

SCOPE OF COVER:
Death due to accident and /or diseases contracted during the period of insurance.

EXCLUSIONS:
Common: As per the Standard dog insurance policy.

Specific: Partial and permanent Disability of any nature, Rabies, Canine Distemper and Leptospirosis. These diseases are covered if preventive inoculation is done and certificate to that affect is submitted.

AGE GROUP:
8 week to 8 years only.

VALUATION CERTIFICATE:
As certified by the duly qualified Veterinary Doctor at the time of proposing the insurance. Veterinary Certificate from qualified Veterinary Doctor is necessary on the Company’s form.

Note:
  • Proposal should be referred, for acceptance.
  • Minimum value of dog of any breed should not be less than Rs. 200/- and Maximum value of the dog should not exceed Rs. 10,000/- each.
  • Proposals where S.I. exceeds, Rs. 10,000/- have to be referred to H.O. for acceptance.

IDENTIFICATION:
Insured dogs must be suitably identified by one of the following methods:
  1. Nose Print
  2. Color photograph
  3. Normal physical identification marks and breed, sex, age, etc. should be clearly described in the Veterinary Certificate and proposal form.
  4. In the case of pups, one more color photo may be taken at 6 to 8 months age. Cost of identification is to be borne by the insured only.


PREMIUM:
6% flat on the sum insured
Minimum premium per policy Rs. 20/-

INDEMNITY:
80% Market Value or sum insured whichever is less, 20% of the claim amount to be borne by the insured.

SALVAGE:
In the event of death of insured dog, any amount received or receivable by the proposer from third parties and the value of the salvage recovered, if any would be deducted from the claim amount.




Engineering Insurance:



  • Electronic Equipment Insurance
  • Machinery Breakdown Insurance
  • Erection All Risks Insurance
  • Contractor's Risks Insurance
  • Contractor's Machinery Insurance












Electronic Equipment Insurance




INTRODUCTION:
The term Electronic Equipment (EE), in the context of this branch of Engineering Insurance, comprises of all electrical system which generally have only a low current. There is a very wide range of such equipments such Computers, Micro Processors, Word Processors, Telecommunication Equipments, Machines meant for Medical and Ophthalmic use, Aviation Equipments, T.V. Studio Equipments, Process Control Equipments, Equipments for Computer/ Numerical control of machine tools and special purpose machines, etc. The electronics first appeared in the industry in the 50’s. Transition from mechanical and electrical monitoring and control to electronics has been accelerating at a breath- taking pace. Now there is hardly any field of technology or industry which is not touched electronics. EE insurance is therefore, of immense importance to the users of electronic equipments, may they be the owners, operators, maintainers.

SCOPE OF COVER:
The E.E. Insurance is a “Comprehensive Accident” Insurance covering unforeseen loses which arise suddenly and cause material damage to the equipment from any of the following perils:-
  • Location perils: Fire, Lightning, Explosion, Theft, Burglary and House Breaking.
  • Operational Risks: Electrical/ Mechanical Breakdown, Faulty Design, Faulty Material, Faults in manufacturing assembling, erection, Moisture and humidity.
  • Risks of Human Element: Faulty/ Careless/ negligent operation, Riot, Strike and Malicious damage.
  • Acts of God Risks: Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rock slide, Earthquake.

EXCLUSION:
The insurance cover is, however, subject to a few exclusions listed in the policy which are applied internationally and are common to the insurance industry.

EXTENSIONS:
Apart from the Material damage to the insured equipment, scope of cover available under an EE policy may be extended to cover the following on specific request:-

Data Media Insurance:
Cover may be obtained for financial loss that may arise from accidental loss of information data stored on the external data media such as diskettes and floppies. Cover is provided on a First Loss basis both for the materials value of the data media and the cost of reprocessing and restoring lost information.

Increased Cost of Working Insurance:
In the event of a breakdown of the insured computer, the required computing capacity may have to be hired from other sources. Cover may be obtained for reimbursement of these additional expenses involved such as hire charges, transportation cost etc.








Machinery Breakdown Insurance



INTRODUCTION:
This Branch of Engineering Insurance has been developed to grant the Industry an effective insurance cover for Plant, Machinery and other mechanical equipment. It is an extremely useful Policy for protecting the Plant and Machinery against operational accidental damages. It even insures the machines against damage while these are idling and/ or under repairs, due to such non-operational causes as external impact, etc. The insured is permitted to select the machinery to be insured under the Policy, but has to offer a complete machine for insurance and not opt only for vulnerable parts. Such items having a short service life listed here under compared to the entire plant are however, normally excluded:-
  • All types of interchangeable tools.
  • Sieves, engraved, cylinders, stamps, dies, ropes, chains, belts.
  • Parts made of glass, ceramic or wood, rubber tyres.
  • Operating media of any kind such as fuel, gas, refrigerant, catalysts, lubricant (oil in transformers and circuit breakers is, however, included since it is not only a coolant but also serves as an insulation agent).

It is advisable to make distinction between plant and Machinery and Electronic equipment such as computers, microprocessor based controls and large process control instrumentation and systems which are predominantly electronic in nature. It is more economical and beneficial for the insured to get coverage for such equipment under Electronic Equipment policy instead of insuring it under Machinery Insurance policy. This policy is available only after the newly installed equipment has been successfully commissioned and has proved its operational/ productive worthiness.

SCOPE OF COVER:
Machinery Insurance is an ‘Accident’ cover for machinery supplementing the coverage offered by a Fire Insurance Policy. It basically covers unforeseen and sudden physical loss of or damage to the insured items.\, necessitating their replacement or repair mainly arising from any of the following causes:-
  • Faulty design, faulty workmanship, defects in casting and material
  • Faulty operation, lack of skill, negligence
  • Tearing apart on account of centrifugal forces.
  • Short circuit and other electrical causes.
  • Damage due to accident to boiler and its allied equipment due to shortage of water/ overheating and collapse of tube/ Flue gas explosion. The insurance cover is, however subject to a few exclusions listed in the policy which are applied internationally and are common to the insurance industry.

EXTENSIONS:
The Scope of cover under a Machinery Insurance Policy may be extended to cover the following on specific request.

ADDITIONAL CUSTOM DUTY COVER:
As custom duty payable on Project Equipment import is less that the duty applicable on replacement equipment/ Spares, it is advisable to have this extension which takes care of additional duty payable for replacement of equipment and/ or spares in the event of loss. The sum insured under the policy should be taken, based on estimated extra custom spares following a serious breakdown. This cover is operated on First Loss basis and actual custom duty is reimbursable subject to limits of amount.






Erection All Risks Insurance



INTRODUCTION:
In the course of execution of a project for erection of machinery, plant and structure of any kind, certain serious mishaps could occur resulting in loss or damage, as well as liabilities could arise in respect of Third Party claims for property damage or bodily injuries. An Erection All Risks(EAR) insurance offers protection to Principals and Contractors and also to manufacturers and Suppliers erecting machinery and plant etc, against financial loss due to any sudden unforeseen causes resulting in loss or damage to the property insured at the project site whilst being stored, erected, rested and maintained. EAR insurance has been designed to meet the tested and maintained. EAR insurance has been designed to meet the needs of the market, which are fast changing with the advancement in technology and the cover is available for structures and projects of all sizes of Macro or Micro levels i.e. large projects such as erection of Thermal Power Stations, Oil Refineries, Fertilizer plants etc, or small projects like installation of Computers or Electrical equipment.

SCOPE OF COVER:
Ear insurance provides a very wide and comprehensive insurance cover to the client in respect of any sort of contingency from the moment the material is unloaded at the site of the project and continues during storage, physical erection and till the test run is over and during maintenance, if covered. It covers all physical losses or damages arising from:-
  • Location Risks: Fire, Lightning, Theft, Burglary and House Breaking.
  • Handling Risks: Impact from falling objects, Collision, Failure of Cranes, etc.
  • Testing and Commissioning Risks: Failure of Safety devices, Leakage of Electricity, Insulation failure, Short Circuit, Explosion.
  • Risks of Human Element: Carelessness, Negligence, Fault in Erection, Strike and Riot, Malicious damage.
  • Acts of God Risks: Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide, Earthquake.

The insurance cover is subject to a few exclusions listed in the Policy which are applied internationally and are common to the insurance industry.

EXTENSIONS:
The scope of cover available under a standard EAR policy may be extended to cover the following on specific request:-

Civil Engineering Works:
  • Permanent Civil Engineering Works.
  • Temporary Civil Engineering Works.

It is preferable to insure the above items under Contractors. All Risks Policy instead of this Policy. However, machinery foundations, specific supports of equipment etc, which must go as part of the machinery and requires to be constructed under supervision and guidance of Engineers of the suppliers of equipments could be insured under the EAR Policy.

Clearance and Removal of Debris:
Major accidents or catastrophes cause devastating damages. The site may become unworkable and warrant clearance of area for restarting the work. This requires considerable expenditure and at times specialized services of experts. Under this cover, the insured is reimbursed the actual amount of expenditure incurred towards debris removal of insured property subject to maximum limit of 50% of the project cost.

Construction Plant and Machinery:
Every project site requires certain material handling and construction equipments like Cranes, Hoists, Air Compressors, Welding Sets, etc. for carrying out various erection activities. The said equipment unless already covered under a separate Contractors Plant and Machinery (CPM) policy, could be covered under this head but it is subject to terms and conditions of the CPM Policy.

Express Freight, (other than Air Freight) Over Time, Sunday and Holiday wages:On account of occurrence of an insured peril, some times it becomes necessary to undertake the repair work on war footing and also to work on holidays. The spare parts may have to be obtained by express freight (excluding air freight). To take care of such expenditure, an estimated amount that would be incurred following a major accident should be taken as sum insured. Factors to be taken into account would be the type of machinery/ plant, distance of the source of procuration, nature of transport available, type of labor and their wage structure.

Air Freight Cover:
Specific coverage should be taken for Air Freight of items. This cover operates on First Loss basis and actual expenses are reimbursable subject to maximum amount chosen under this head.

Surrounding Property:
Under this extension damages caused to the surrounding property, such as property, such as property located on site belonging to or held in trust, care, custody or control of the Insured, on account of accident due to erection work is covered. Insurance of surrounding property becomes relevant when renovation or expansion project is envisaged and the work is carried out in the vicinity of existing assets.

Third Party Liability:
Circumstances may arise when on account of mishaps in the works, loss or damage may be caused to third party property as well as bodily injury in which case a liability will arise on the part of the insured to make good the loss. Such a liability can be covered under the extension of the policy.

Escalation Clause:
It is a known fact that world economy has been experiencing upward inflationary trend in the last four decades. This trend has jumped up considerably during the last decade owing to various known and unknown factors. Our country in particular has faced widespread escalation duri8ng the last twenty years. The prices have shot up more than 3 or 4 times particularly in respect of imported goods. Erection projects are normally for a long period and it is, therefore, advisable to provide for increase in the Prime Cost of the equipment due to escalation to ensure full protection by opting for an Escalation Clause.

In the event of a claim arising, the Escalation Clause under the Policy provides indemnity to the Insured for the actual replacement cost of damaged items subject to the condition that it is equal to but not less than the original Prime Cost plus the selected escalation taken by the Insured under the policy. It should be clearly understood that this extension does not provide automatic coverage for project over-run on account of price variation, modification etc. The maximum escalation permitted under the Policy is 50% of the Prime Cost.

Contractor's Risks Insurance



INTRODUCTION:
During the course of execution of projects relating to construction of buildings and civil engineering works, certain unforeseen accidents could occurs resulting in considerable financial loss to the contractors and /or the principals arising from damage toe the contract works, construction Plant and machinery as well as Third Part Claims. The Contractors All Risks (CAR) Insurance has been designed to protect the interests of the contractors/ principals against such losses.

Although a CAR Policy may be taken by the Principal or by the contractor, but usually, under the terms of the agreement between the contractor and Principal, it is obligatory on the part of the contractor to affect CAR insurance in their joint names before the commencement of the project.

Building works:
  • Buildings such as dwelling houses, Schools, Universities, Hospitals, Shopping centers, Hotels, Factories and Workshops.
  • Multistoried and high rise buildings.
  • Non-conventional buildings or modern designs or where construction is difficult due to large, heavy or cumbersome prefabricated units.
  • Alterations and extensions of structural or non-structural buildings.

Civil Engineering Works:
  • Earthwork, Sewage, Drainage, Roads, Irrigation system, Flyovers, Canals, Silos, Water Reservoirs and the like.
  • Hazardous structures such as Tunnels, Dams, Mines, Bridges and the like.

SCOPE OF COVER:
The Policy covers loss or damage to the subject matter from any sudden unforeseen or accidental cause which is not specifically excluded under the Policy. Therefore it covers all physical losses or damages occurring during the period of insurance arising from:-
  • Location Risks: Fire, Lightning, Theft, Burglary and House Breaking.
  • Handling Risks: Impact from falling objects, Collision, Failure of material handling equipments.
  • Risks of Human Element: Carelessness, Negligence, Faulty material and Construction, Riot, Strike, Malicious damage.
  • Act of God Risks: Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rock slide, Earthquake.

This insurance cover is subject to a few exclusions listed in the Policy which are applied internationally and are common to the insurance industry. The cover attaches as from the commencement of work or after the materials required for the project have been unloaded at the site, and terminates when the completed structure or one completed part thereof is taken over or put into service. The insurer’s liability for construction machinery, plant and equipment commences from their unloading at the site and expires on their removal there form. In addition, on specific request, it is possible to extend the period of cover to include a maintenance period.

EXTENSIONS:
The scope of cover available under a standard CAR Policy may be extended to cover the following on specific request:-
  • Clearance and Removal of Debris.
  • Construction Plant and Machinery
  • Express Freight, Over-time, Sunday and Holiday Wages
  • Surrounding Property
  • Third Party Liability
  • Escalation
  • Maintenance Visits Cover
  • Extended Maintenance Cover
  • Terrorism

The coverage provided under the above extensions are similar to those under EAR insurance.






Contractor's Machinery Insurance



INTRODUCTION:
The execution of almost all projects necessarily requires use of various types of plant and machinery. The nature and the type of equipment may differ according to the nature, type and location of a project and may even differ at different stages of the projects. Such equipment may comprise of Cranes, Compressors, Road-rollers, Vibrators, Welding Sets, Hydraulic Excavators and the like. Whilst it is possible to have the Contractor’s plant and Machinery covered under an EAR or CAR Policy at specific project sites, Contractor’s Plant and Machinery (CPM) Insurance has been designed to provide a cover on annual basis to a contractor who may be using his plant and machinery at different projects during the course of the year. The cover under a CPM Policy is not limited to a specific project site and is operative at all the sites wherever the plant and machinery is in use and even while the same is lying at the contractor’s own premises. The insurers have, however, to be informed of the sites where the insured items are being used.

SCOPE OF COVER:
A CPM Policy covers unforeseen and sudden physical loss of or damage to the insured plant and machinery from any cause whatsoever, occurring at work site or at rest, other than risks specifically excluded under the Policy. The cover is also operative whilst any equipment is being dismantled for the purpose of cleaning or overhauling and also being reassembled thereafter. The Policy, therefore, covers all physical losses or damages arising from:-
  • Location Risks: Fire, Lightning, Theft, Burglary and House-breaking.
  • Impact from Falling Objects: Collision and the like
  • Risks of Human Element: Carelessness, Negligence, Riot, Strike, Malicious Damage.
  • Acts of God Risks: Storm, Tempest, Hurricane, Flood, Inundation, Subsidence, Landslide, Rockslide, Earthquake.

EXTENSIONS:
The Scope of cover available under a standard CPM Policy may be extended to cover the following on specific request:-
  • Clearance and Removal of Debris
  • Surrounding Property
  • Their Party Liability
  • Terrorism
The cover under the above extensions is similar to that provided under EAR insurance.





Motor Vehicle Insurance:


GENERAL REGULATIONS:


Proposal Forms:
A duly completed proposal form is the basis of insurance. For change IDV at each renewal, however, fresh proposal is not necessary. Such changes may be advised by the insured to the insurer by a letter signed by the insured/insured’s authorized signatory (for companies/body corporate) and sent to the insurer by recorded delivery. In case of change of insurer, fresh proposal is required to be submitted to the new insurer. The insurers may include additional questions in the proposal from for their information and use.

TYPES OF POLICIES:
There are two types of policies:
  • Liability Only Policy: This covers Third Party Liability for bodily injury and /or death and property damage. Personal Accident for Owner Driver is also included.
  • Package Policy: This covers loss or damage to the vehicle insured (O.D) in addition to (1) above.

VALUED POLICIES:
Under an agreed Value Policy a specified sum agreed as the insured value of the vehicle is paid as compensation in case of Total Loss/ constructive Total Loss of the Vehicle without any deduction for depreciation. It is not permitted to issue Agreed Value Policies under this tariff expecting for policies covering vintage cars. For such policies, Endorsement IMT-2 is to be used.

INSURED’S DECLARED VALUE (IDV):
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for the purpose of this tariff and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance/renewal and adjusted for depreciation (as per schedule specified below) The IDV of the side car(s) and /or accessories, if any, fitted to the vehicle but not included in the manufacturers ‘s listed selling price of the vehicle is also likewise to be fixed. The schedule of age-wise depreciation as shown below is applicable for the purposed of Total Loss/Constructive Total Loss (TL/CTL)claims only. A vehicle will be considered to be a CTL, where the aggregate cost of retrieval and /or repair of the vehicle subject to terms and conditions of the policy exceed 75% of the IDV.

Schedule of Depreciation for arriving at IDV
AGE OF THE VEHICLE% OF DEPRECIATION
FOR FIXING IDV
Not exceeding 6 months5%
Exceeding 6 months but not exceeding 1year15%
Exceeding 1year but not exceeding 2 years20%
Exceeding 2year but not exceeding 3 years30%
Exceeding 3years but not exceeding 4 years40%
Exceeding 4 years but not exceeding 5 years50%

Note: IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles(i.e models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.For the purpose TL/CTL claim settlement, this IDV will not change during the currency of the policy period in question. It is clearly understood that the liability of the insurer shall in no case exceed the IDV as specified in the policy schedule less the value of the wreck, in ‘as is where is’ condition.
Depreciation on parts of partial loss claims

The following rates of depreciation shall apply for replacement of parts for partial loss claims in respect of all categories of vehicles/accessories.
  • Rate of depreciation for all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags. - 50%
  • Rate of depreciation for all fiber glass components - 30%
  • Rate of depreciation for all parts made of glass - Nil

Rate of depreciation for all other parts including wooden parts is as per the following schedule
Age of the vehicle% of Depreciation
for fixing IDV
Not exceeding 6 monthsNil
Exceeding 6 months but not exceeding 1year5%
Exceeding 1 year but not exceeding 2 years10%
Exceeding 2 years but not exceeding 3 years15%
Exceeding 3 years but not exceeding 4 years25%
Exceeding 4 years but not exceeding 5 years35%
Exceeding 5 years but not exceeding 10 years40%
Exceeding 10 years50%


PERIOD OF INSURANCE:
Unless specifically stated otherwise, premiums quoted in the Schedules under various Sections of Motor tariff are the premiums payable on policies issued or renewed for a period of twelve months. No policy is permitted to be issued or renewed for any period of longer than twelve months. It shall, however, be permissible to extend the period of insurance under the policy of any period less than twelve months, for the purpose of arriving at a particular renewal date or for any other reasons convenient to the insured, by payment of extra premium calculated on pro-rate basis provided such policies are renewed with the same insurer immediately after the expiry of such an extension. All such extension will require attachment of the following Warranty to the policy.

In consideration of the premium for this extension being calculated at a pro-rate proportion of the annual premium, it is hereby declared and agreed by the insured that upon expiry of this extension, this policy shall be renewed for a period of twelve months, failing which the difference between the extension premium now paid on pro-rate basis and the premium at short period rate shall become payable by the insured.

Premium Rates for short period cover:
Short period Cover/Renewal may be granted for period less than twelve months at the following short period scale:
Period% of Annual
Premium Rate
Not exceeding 1 month20%
Exceeding 1 month but not exceeding 2 months30%
Exceeding 2 months but not exceeding 3 months40%
Exceeding 3 months but not exceeding 4 months50%
Exceeding 4 months but not exceeding 5 months60%
Exceeding 5 months but not exceeding 6 months70%
Exceeding 6 months but not exceeding 7 months80%
Exceeding 7 months but not exceeding 8 months90%
Exceeding 8 monthsFull annual
premium/ rate


Payment of Premium:
The full premium is required to be collected before commencement of cover. It is not permissible to collect premium in installments.

Minimum Premium:
The minimum premium applicable for vehicles specially designed or modified for use of the blind, handicapped and mentally challenged persons will be Rs.25/- per vehicle. For all other vehicles, the applicable minimum premium per vehicle will be Rs.100/-.

Transfers:
On transfer of ownership, the Liability Only cover, under a liability Only policy or under a Package policy, is deemed to have been transferred in favor of the person to whom the motor vehicle is transferred with effect from the date of transfer.
The transferee shall apply within fourteen days from the date of transfer in writing under recorded delivery to the insurer who has insured the vehicle. With the details of the registration of the Vehicle, the date of transfer of the vehicle, the previous owner of the vehicle and the number and date of the insurance policy so that the insurer may make the necessary changes in his record and issues fresh certificate of insurance.

In case of package Policies, transfer of the “Own Damage” section of the policy in favor of the transferee, shall be made by the insurer only on receipt of a specific request from the transferee shall be made by insurer only on receipt of a specific request from the transferee along with consent of the transferror. If the transferee is not entitled to the benefit of the No Claim Bonus (NCB) show on the policy, or is entitled to a lesser percentage of NCB than that existing in the policy, recovery of the difference between the transferee’s entitlement, if any, and that shown on the policy shall be made before effecting the transfer. A fresh proposal From duly completed is to be obtained from the transferee in respect of both Liability only and package Policies.

Transfer of package policy in the name of the transferee can be done only on getting acceptable evidence of sale and a fresh proposal form duly filled and signed. The old certificate of insurance for the vehicle, is required to be surrendered and a fee of Rs.50/- is to be collected for issue of fresh certificate in the name of the transferee. If for any reason the old certificate of insurance cannot be surrendered, a proper declaration to that effect is to be taken from the transferee before a new certificate of insurance is issued.

Double Insurance:
When two policies are in existence on the same vehicle with identical cover, one of the policies may be canceled. Where one of the policies commences a date later than the other policy, the policy commencing later is to be canceled by the insurer concerned. If a vehicle is insured at any time with two different offices of the same insurer, 100% refund of premium of one policy may be allowed by issued by two different insurers, policy commencing later is to be canceled by the insurer concerned and pro-rata refund of premium there on is to be allowed . If however, due to requirements of Banks/Financial Institutions, intimated to the insurer in writing, the earlier dated policy is required to be canceled then refund of premium is to be allowed after retaining premium at short period scale for the period the policy was in force prior to cancellation.

In all such eventualities, the minimum premium as specified in the tariff is to be retained. In either case, no refund of premium can be allowed for such cancellation if any claim has arisen on either of the policies during the period when both the policies were in operation, but prior to cancellation of one of the policies.

No Claim Bonus:
  • No claim Bonus (NCB) can be earned only in the own Damages section of policies covering all classes of vehicles but not on Motor trade Policy (road Transit Risk/Road Risk/ Internal Risks) and policies which cover only Fire and/ or Theft Risks. For policies covering Liability with fire and only fire and /or theft Risks, the NCB will be applicable only on the Fire and /or Theft components of the premium. An insured becomes entitled to NCB only at the renewal of a policy after the expiry of the full duration of 12 months.
  • No claim Bonus wherever applicable, will be as per the following table:
    All types of Vehicles% of Discount on
    Own Damage Premium
    No claim made or pending during the
    Preceding full year of insurance
    20%
    No claim made or pending during the
    preceding 2 consecutive years of insurance
    25%
    No claim made or pending during the
    preceding 3 consecutive years of insurance
    35%
    No claim made or pending during the
    preceding 4 consecutive years of insurance
    45%
    No claim made or pending during the
    preceding 5 consecutive years of insurance
    50%


Sunset clause:
If at the renewal falling due any time between 1st July 2002 and 30th June 2003, both day inclusive (after completion of the full policy period of 12 months) an insured becomes entitled to an NCB of 55%^ or 65% in terms of the tariff prevailing prior to 1st July 2002, the entitlement of such higher percentage of NCB will remain protected for all subsequent renewals till a claim arises under the policy, in which case of the NCB will revert to ‘Nil’ at the renewal. Thereafter, NCB if any earned, will be in terms of the above table.

Compulsory PA Cover for Owner-Driver:
Compulsory Personal Accident cover shall be applicable under both Liability only and package policies. The owner of insured vehicle holding an effective driving license is termed as Owner Driver for the purposes of this section Cover is provided to the Owner- Driver whilst driving the vehicle including mounting into / dismounting from or traveling in the insured vehicle as a co-driver.

N.B: this provision deals with personal Accident cover and only registered owner in person is entitled to the compulsory cover where he /she holds an effective driving license. Hence compulsory PA cover cannot be granted where a vehicle is owned by a company a partnership firm or a similar body corporate or where he owner-driver does not hold an effective driving license. In all such cases, compulsory PA cover cannot be granted, the additional premium for the compulsory, PA cover for the owner-driver should not be charged and the compulsory PA cover provision in the policy should also be deleted . Where the owner-driver own more than one vehicle compulsory PA cover can be granted for only one vehicle as opted by him/her.

Scope of P.A. cover
Sl.NoTypes of vehicleCapital Sum AssuredPremium
1.Two-wheelerRs.1LakhRs. 50-00
2.Private CarsRs.2LakhsRs.100-00
3.Commercial VehiclesRs.2LakhsRs.100-00


Benefits:
Death 100% CSI, Loss of two limbs or Sights of both eyes or one limb and one eye- 100% Loss of one limb or one eye -50% Permanent total disablement 100%.

Use of CNG/LPG fuel:
  • In case of vehicle fitted with bi-fuel system such as petrol /Diesel and CNG/LPG permitted by the concerned RTA , the CNG/LPG kit fitted to the vehicle is to insured separately at an additional premium @ 4% on the value of such kit to be specific ally declared by the insured in the proposal form and or in a letter forming part of the proposal form. Endorsement IMT-25 is to be used.
  • Where the vehicle is fitted with only CNG/LPG engine or where the vehicle is fitted with bi-fuel system referred above but the value of CNG/ LPG Kit is not separately available. 5% extra on OD premium to be charged.

Liability Insurance:



  • Professional Indemnity Policy for Doctors
  • Medical Establishments Errors











Professional Indemnity Policy For Doctors & Medical Practitioners:



APPLICABILITY:
The policy will indemnity any act committed by the insured who shall be Registered Medical Practitioner, giving rise to any legal liability to the third party due to professional negligence. The insured includes the policy holder and his qualified assistants or employees named in the proposal .

The act has to be committed during the period of insurance commencing from the retroactive date. Jurisdiction applicable will be Indian Courts. Registered Medical Practitioners shall be classified as:
  • Physicians
  • Pathologists
  • Oncologists
  • Cardiologists
  • Psychiatrists
  • Radiologists or Reontgenologists
  • General surgeons
  • Plastic Surgeons
  • Orthopaedic Surgeons
  • Urologist
  • Abdominal Surgeons
  • Thoracic Surgeons
  • Neuro Surgeons
  • Cardio-vascular Surgeons
  • Otolaryngologists
  • Prootologists
  • Opthalmologic surgeon
  • Opthalmologic physician(excl. surgery)
  • Obstertrician and Gynaecologists
  • Physician & Non-specialist Surgeon
  • Other Practitioner describe fully.
  • Whenever doctors wish to cover unqualified staff working with then the same may be allowed by collecting additional premium of 7.5% of the indemnity premium.
  • Whenever multiple professional specialization are involved, then the rate applicable will be that of the specialization which attracts the higher premium rates.
  • Minimum Premium Rs. 100/-
  • No compulsory or Voluntary Deductibles are applicable.







Medical Establishments:



ERRORS & OMISSIONS INSURANCE POLICY:

APPLICABILITY:
The policy will indemnify the insured in respect of any act committed by the professionals or qualified assistants named in the proposal engaged by the medical establishments which gives rise to any third party legal liability. Such activities will be apart of the declared medical activities of the establishment.Such an act should have taken place during the period of Insurance commencing from the retroactive date.

REGISTRATION OF THE ESTABLISHMENTS:
Medical establishment shall be registered with competent authorities as per the local regulations.

Explanations:
For this purpose whenever necessary, applications have been made such registrations and the same have not been rejected then this requirement shall be deemed to have been complied with.

In territories, where no registration facilities exist, the following minimum norms need to be complied with for considering the proposal.The establishment should have:
  • At least 10 in-patient bed facility.
  • A fully equipped operation theater of its own.
  • Fully qualified nursing staff in its employment round the clock unless indicated to the contrary and additional premium paid.
  • Fully qualified doctor/doctors should be in-charge round the clock.

Subject to the condition that as and when additional regulations are introduced in the concerned territory the insured shall comply with registration formalities for continuation of the policy or renewal.

LIST OF ELIGIBLE MEDICAL ESTABLISHMENT:
  • Hospitals
  • Nursing homes

EXCESS:
0.25% of the A.O.Y. limit subject minimum of Rs. 1,000/- and a maximum of Rs. 1Lac.

Miscellaneous Insurance:

The various Policies under it are as follows:
  • All Risk Insurance
  • Burglary Insurance Policy
  • Cash in Transit Insurance
  • Fidelity Guarantee Insurance Policy
  • Householder's Insurance
  • Shopkeeper's Insurance
  • Television Insurance
  • Special Contigency Insurance
  • Suhana Safar Insurance
  • Baggage Insurance
  • Plate Glass Insurance
  • Jeweller's Block Insurance





All Risk Insurance:



SUBJECT MATTER COVERED:
The policy is specially suitable for covering Jewellery, Valuables, Curios, Antiques and other Works of Art, Paintings, Watches, Cameras and other similar articles.

PROPERTY NOT COVERED:
Fountain pens, Spectacles, Musical Instruments, Cufflinks, Clothing, Cigarette Cases, Silver Utensils, Money, Securities, Manuscripts, Deeds, Bonds, Traveller’s Cheques, Books of Accounts etc.

INSURED PERILS:
  • Fire, Riot and Strike
  • Burglary, House Breaking, Larceny or Theft
  • Accidental Loss or Damage

EXCLUSIONS UNDER THE POLICIES:
Although these policies are known as All Risk Insurance Policies there are certain exclusions such as
  • Loss arising from Wear and Tear
  • Damages caused by the process of repairing renovation etc.
  • Breakage of Lens and Cameras unless caused by fire/ accident to the means of conveyance
  • Mechanical/ Electrical Breakdown


IMPORTANT CONSIDERATION:
Moral Hazard is a very pertinent factor and policies are issued only to known and valued clients. A moral hazard report should be obtained from the marketing official or the concerned u/w officer about his her personal knowledge of the client for a minimum period of three years.

RATING:
  • Non Tariff
  • The normal lowest rate for First Class Proposal is 1.50%.
  • If in special cases the geographical limits are to be extended world wide the rate should be atleast 2%.
  • The above rate includes Riot and Strike.






Burglary Insurance(Business Premises):



APPLICABILITY OF INSURANCE:
The policy is available to Commercial Establishments. Factories, Godowns, shops etc. Burglary Policy can be issued only where a fire policy is also availed.

PROPERTY COVERED UNDER THE POLICY:
  • Stock in trade
  • Goods held in trust or on commission for which the insured is responsible.
  • Fixtures, Fittings and Utensils in Trade.
  • Cash and Currency notes secured in locked safe.

EXCLUDED PROPERTIES:
The property excluded under the policy include deeds, bonds, bills of exchange, promissory notes, cash treasury and bank notes, cheques, security for money, stamps, stamp collections, books of account, documents of any kinds, manuscripts, medals and coins, motor vehicles and accessories or livestock unless specifically insured.

INSURED PERILS:
  • Burglary or Housebreaking of property, by actual forcible and violent entry.
  • Theft by a person in the premises who subsequently breaks out by a violent and forcible means.
  • Damage to the premises by the burglars to be made good by the insured.

EXCLUSIONS UNDER THE POLICY:
Loss or Damage
  • Where insured’s family member or business staff is involved as principal or accessory.
  • By act of persons lawfully on the premises(larceny)
  • Consequent upon fire or explosion.
  • Perils insurable under a fire or Plate glass insurance policy.
  • Loss of cash from the safe following the use of key or duplicate thereof unless such key is obtained by violence or threats of violence.
  • Earthquake and other natural perils.
  • Riot, Strike and civil commotion.
  • War and Nuclear Risks.

TYPES OF POLICIES:
  • Declaration policy may be issued as in Fire Department
  • Floater policy on the basis of provision of the fire tariff may be issued.
  • First Loss policy may be issued for property except cash and/ or valuables where total loss is impossible.
  • Full value policy is the most common type of policy issued.





Cash In Transit Policy:



SCOPE OF COVER:
  • Loss of Money in Transit by the insured or insured’s authorized employees occasioned by Robbery. Theft or any other fortitude cause.
  • Loss of Money by Burglary, House-breaking, Robbery or Hold up whilst money is retained at insured’s premises in safe or strong room.

DEFINITION OF MONEY:
It shall include cash, bank draft, currency notes, treasury notes, cheques, postal orders and current postage stamps.

IMPORTANT CONSIDERATION:
The insured should indicate the address of the premises where cash is kept and also the Limits under each or the following situations.

Section 1:
  • Money for payment of wages or petty cash in transit from bank to office premises and cheques drawn by the insured for the above purposes from premises to bank.
  • Money for other purposes in transit between premises and bank.
  • Money other than above collected and in personal custody of the insured/ his employees in transit to the premises or bank within 48 hours time.

Section II:
Money kept in premises during business hours and whilst kept in licked safe or strong room after business hours against burglary, house breaking or hold up.

MAJOR EXCLUSIONS:
The Company shall not be liable in respect of:
  • Shortage due to error or omission.
  • Loss of money entrusted to any person other than the insured or an authorized employee of the insured.
  • Loss of money where the insured or his employee is involved as Principal accessory, except loss due to fraud or dishonesty of the cash carrying employee of the insured occurring whilst in transit and discovered within 48 hours.
  • Loss occurring on the premises, after business hours, unless the money is in a locked safe or strong room.
  • Loss occasioned by Riot and Strike and Terrorism (can be covered on payment of additional premium).
  • Money carried under contract of affrightment and theft of money from unattended vehicle.
  • Loss of money from safe or strong room following use of the key to the safe or strong room or any duplicate thereof belonging to the insured. Unless this has been obtained by threat or by violence.

RATING:
Section-I
Normally 0.35 per mile may be charged on ordinary risk in good locality. In case of remote, isolated places the rate may be charged upto 0-.50 per mile.

Section-II
0.25% to 0.50% depending upon risk perception.






Fidelity Guarantee Insurance Policy:



APPLICABILITY OF INSURANCE:
This insurance indemnifies the employers against
the financial loss suffered by them due to fraud, dishonesty during the course of employment of an employee or employees subject to the following conditions:
  • The cover granted is against the direct pecuniary loss and not a consequential one.
  • The loss should be in respect of monies or goods of the insured.
  • The act should be committed in the course of the duties specified.
  • If the employee guaranteed under the policy had left the services of the employer and was re-engaged by him, no liability attaches to the policy unless the consent of the insurers was obtained.

THE PERIOD OF DISCOVERY:
  • If the policy is not renewed or if the policy is canceled, losses must be discovered within 12 months from the date of expiry or cancellation of the policy.
  • Company is not liable for losses not sustained within a retroactive period not exceeding 2 years from the date of discovery.

EXCLUSIONS:
This insurance policy does not cover any loss:
  • Discovered more than 12 months after the death/ dismissal/ retirement of the employee concerned.
  • When there has been any change in the agreed system of check or accounting precautions, without the insurer’s prior consent.
  • Caused by an employee after discovery of his previous fraud or dishonesty.
  • Such as stock taking shortages, trading losses, not caused by fraud or dishonesty.

IMPORTANT CONSIDERATION:
The following particulars regarding the person to be guaranteed should be satisfactory:
  • Character
  • Financial position
  • Domestic Responsibility.
  • Previous experience
  • Previous record or service
  • Amount guaranteed in relation to remuneration

TYPES OF POLICIES:

COMMERCIAL FIDELITY GUARANTEE:
Individual Policy: Only one named individual is covered.

Collective policy: List of employees may be furnished. Each individual may have his respective guarantee amount shown against his/ her name. Advantage of this policy is that any change can be incorporated by just putting an endorsement.

Floater policy: Here list of employees may be furnished by individual guarantee amount is not mentioned. The guarantee amount is floated and can be pegged to any individual in the list upto the maximum limit mentioned in the policy. The policy is helpful for those employers who because of the functional intricacies may not be able to quantify loss in respect of each act of fraud or dishonesty by individual employees.

NOTE:
Floater cover should not be granted for persons numbering less than 5 in case of cover for unnamed persons, all persons without exception should be included. Sub-limits may be stipulated for each category of employees taking into account their functions and maximum amount handled by them.

Position policy: Guarantee amount shown against each position and no name is mentioned.

Blanket policy: Given to establishment with a wide network of staff. Just, a blanket amount for the total number of employees.

PROPOSAL FORM:
Normally for commercial fidelity guarantee policy there are two proposal forms viz., one given by the3 employer and another given by the employee.

HAZARDOUS RISK:
The collection agents whose cash limits are higher than his salary, such as jewelery and traveling salesman, cashiers in hotels, cinema halls, estate agents, treasurer in socio-cultural organization and employees of billion merchants are treated as hazardous risks under these policies.






House Holder’s Insurance:



APPLICABILITY:
This is a comprehensive package insurance scheme, meant for house holders, by combining a number of contingencies under single policy.

This policy comprises of 10 sections. They are as follows.
  • Fire and Allied perils (including earthquake, loss of or damage to building/ contents excluding money and valuables).
  • Burglary/ Housebreaking including larceny or theft: Loss of or damage to contents excluding money and valuables.
  • All risks: Loss of damage to jewelery or valuables caused by accident or misfortune whilst any where in India.
  • Plate Glass: Loss of or damage to fixed plate glass by accidental means.
  • Breakdown of domestic appliances: Unforeseen and sudden physical damage caused by mechanical or electrical breakdown of domestic, electrical, electronic or mechanical appliances specified in the policy and whilst contained in the insured premises.
  • Television Set: Loss of or damage to television apparatus including V.C.R/ V.C.P whilst contained in the insured’s premises.
  • Pedal Cycles: Loss of or damage to pedal cycles, and legal liability to third parties.
  • Baggage Insurance: Loss of or damage to personal baggage dud to accident or misfortune whilst traveling any where in India.
  • Personal Accident: Personal Accident Insurance for insured, his spouse and children as per personal accident insurance guidelines.
  • Public Liability: Legal liability of the insured in respect of accidental death or bodily injury to third party through fault or negligence of the insured/ family members. Legal liability as per W.C. Act/ Common Law towards employees.






ShopKeeper’s Insurance:



APPLICABILITY:
This is a comprehensive package insurance scheme meant for small shopkeepers whose property is valued at less than Rs. 10,00,000/-. It contains eleven sections. Maximum four sections will have to be taken in which section 1 and 2 are compulsory.

COVERAGE UNDER POLICY:
  • Fire and Allied perils: Loss of or damage to building/ contents (excluding money and valuables) Whilst contained in the insured’s premises.
    • Building
    • Contents
  • Burglary/ Housebreaking: Loss of or damage to contents (excluding money and valuables) whilst contained in the premises.
  • Money Insurance:
    • Loss of money in transit due to accident/ misfortune (Not exceeding Rs. 50,000/- per any one carrying).
    • Loss of or damage to money, valuables whilst contained in a burglar-proof safe (2% of the sum insured under Section or Rs. 10,000/- whichever is less)
    • Loss of money whilst lying in cashiers till and counter (1% of the sum insured under Section 1 or Rs. 5,000/- whichever is less).
  • Pedal cycles: Loss of or damage to pedal cycles and legal liability to third parties.
  • Plate Glass: Loss of or damage to fixed plate glass by accidental means.
  • Neon and Glow sign: Loss of or damage to Non Sign or Glow Sign by accidental external means/ Fire, lightning or external explosion/ Theft/ Riot, Strike, malicious Act.
  • Baggage Insurance: Loss of or damage to personal baggage of insured or baggage in connection with trade anywhere in India.
  • Personal Accident: Personal Accident insurance for insured/ his employees as per PA Policy
  • Fidelity guarantee: Direct pecuniary loss suffered by the insured due to fraud or dishonesty committed by any salaried employee excluding sales man and commission agents.
  • Public Liability: Legal liability in respect of accidental death or bodily injury to a third party or accidental damage to their property during performance of business.
  • Business Interruption: Due to operation of perils covered under Section I and subject to claim payable there under.






Television Insurance:



The Television insurance policy is designed to indemnify the insured against:
  • Loss of or damage to the Television apparatus by
    • Accidental external means
    • Fire. Lighting
    • Short circuiting
    • Flood and Storm
    • Bursting and overflowing of water tanks
    • Theft
    • Riot and Strike
    • Earthquake, fire and shock
  • Legal Liability to third party for accidental bodily injury/ damage to property arising out of the use of TV installation. Rs. 25,000/- for all claims out of one event.

IMPORTANT EXCLUSIONS:
  • The company will not pay first Rs. 150/- of any claim due to electrical causes or self-heating.
  • Damage to cathode ray tubes.
  • Burning out of valves or coils.
  • Theft of parts unless the apparatus is also stolen at the same time.






Special Contingency Insurance:


APPLICABILITY:
This policy covers loss against accidental external means, fire, external explosions, self ignition, lightning, burglary, housebreaking, theft and malicious act whilst the property is situated at a designated place.

EXCLUSIONS:
Mechanical or electrical breakdown

SPECIAL FEATURES:
  • Suggested rate is 2.5%
  • Whenever items are governed by tariff rates but covered under special contingency policy, it is to be ensured that tariff rates and excess are applied in respect of such items and no violations made in this regard.

INSURANCE FOR LAP-TOP COMPUTERS:
Laptop computers can be covered under special contingency policy on the lines of electronic equipments policy which also covers electrical or mechanical breakdown. However the rate charged for Lap-Top computers would be between Rs. 1.25% to 1.50%.






Suhana Sufur Insurance:



"PACKAGE INSURANCE COVER FOR DOMESTIC TRAVELERS"

SCOPE OF COVER:
The object of this insurance is to provide relief in case of accidental death and loss and/ or damage to accompanied baggage during traveling within the country as follows:
  • Rs. 1 lac per head irrespective of age and income, under Table I and Table II of PA policy.
  • Reasonable and actual emergency incidental expenses upto Rs. 1000/- per head arising out of an accident resulting in a valid claim under PA section.
  • Loss or damage to accompanied baggage arising out of fire, storm, tempest, hurricane, flood, inundation, riot, strike, malicious damage, accident, theft or burglary.
TABLE OF BENEFIT UNDER BAGGAGE:
No. of persons1234 and above
Sum Insured (Rs.)500010,00012,50015,000

SPECIAL PROVISION:
  1. Cover is available to travelers by all modes. Road/ Rail/ Water and Air including those who travel by their own mode of transport.
  2. Cover is valid for transit period subject to maximum of 60 days. The cover includes incidental local travel also.





Baggage Insurance:



SCOPE OF COVER:
This policy provides cover against loss/ damage to accompanied personal baggage of the insured due to FIRE, THEFT OR ACCIDENT during the course of the journey.

IMPORTANT EXCLUSIONS:
  • LOSS/ damage by wear and tear, moth, mildew, vermin.
  • Any process of cleaning, repairing etc.
  • Breakage of glass articles, china clay and articles of brittle nature.
  • Theft from unattended vehicles
  • Electrical and Mechanical breakdown
  • Loss or damage to articles while being worn or in actual use
  • Terrorism

SPECIAL CONDITIONS:
  • Articles in Pairs or Sets.
  • Single Article limit.

UNDERWRITING GUIDELINES:
  • The geographical limit to the above policy is ‘worldwide’.
  • The items covered to be specified with individual values. Valuation report shall be obtained for valuables like Diamond/ precious stones etc.
  • Non –Tariff business.
  • Guideline rate 0.75% - 5% based on clientele relationship/ other premium income etc.






Plate Glass Insurance:



SCOPE OF COVER:
The policy covers loss/ damage to fixed glass (Display windows, show cases etc) by breakage due to accidental causes.

IMPORTANT EXCLUSIONS:
  • Fire/ Explosion, Riot and Strike, terrorism.
  • Typhoon, Flood, Hurricane, Volcanic eruption, Earthquake and other convulsions of nature.
  • Damage to frame/ framework or any description.
  • Cost of lettering or painting.

DECLINED RISKS:
  • Bad localities, Empty shops, green house conservatories, unprotected glass at high levels.
  • Broken or cracked glass, movable mirrors.

RATE:
Rate is to the fixed depending on the merit of each individual proposal taking into consideration localities, risk involved, precautionary measures and previous claims experience etc.

SUGGESTED RATE: Between 4% and 6%.






Jeweler’s Block Insurance:



SECTION 1:
Loss/ damage to property (Gold, Silver items, Pearl, Precious stones etc.) insured whilst contained in the premises or deposited with a bank:-
  • Property insured on the premises
  • Property insured in display windows.
  • Cash and Currency notes.
  • Property Insured in Bank Lockers subject to the insured maintaining a separate register to record all deposits/ withdrawals in such lockers.

Perils Covered: Fire, Explosion, Lightning, Riot and Strike, Malicious Damage, Burglary, House Breaking, Theft, Robbery and Hold-up risk only.

SECTION 2: ALL RISKS COVER
  • Property insured excluding Cash and Currency Notes whilst in the custody of the Insured, his partners, Directors duly constituted Attorneys, his employees or sorters of diamonds.
  • Property Insured excluding Cash and currency Notes whilst in the custody of persons not in regular employment of the insured such as brokers or agents or cutters or goldsmiths.

SECTION 3: TRANSIT COVER ALL RISKS
Property excluding cash and currency notes whilst in transit within India by
  • Registered insured Parcel Post.
  • AIR Freight (Minimum 20% of value to be declared to the Airlines).
  • Angadias.

SECTION 4:
Office furniture and fittings against the perils mentioned in Section 1.Damage done by burglars and/ or thieves to the premises and/ or landlord’s fixtures and fitting for which insured is legally responsible as tenant upto 1% of SI under this section.

IMPORTANT EXCLUSIONS:
Loss or damage to the property insured due to:
  • Whilst it is being worked upon or during cleaning, repairing etc.
  • Inventory losses.
  • Whilst at any Public Exhibition.
  • Theft or dishonesty of the insured’s family members, servants employees, customer, broker, angadias, cutters, goldsmiths in respect of the property entrusted to them by insured.
  • Whilst in window display at night or whilst kept out of safes after business hours.
  • Any loss following use of key of duplicate key belonging to the insured unless it has been obtained by threat or violence.
  • EQ, Volcanic eruptions, flood, storm etc.

Marine Cargo Insurance Policy:

What is marine insurance?

Marine insurance may be defined as an agreement where by the insurer undertakes to indemnify the assured, in the manner and to the extent hereby agreed, against marine loses, that is to say, the losses incidental to marine adventure. Though, to begin with, Marine insurance evolved as a contract insuring ocean transit of cargoes, overland and air transits also came to be insured under marine policies, in course of time. Accordingly, all types of transits, i.e., sea, road, rail, air and registered post are now insured under marine policies.

The Marine Cargo business is universal in the sense that the practice followed by the insurers in the world is more or less uniform and it reflects the principles and practices prevailing in the London Market, popularly known as ‘LLOYDS’. The Law of Marine insurance obtaining in UK has been adopted in India and codified as Marine Insurance Act in 1963 and the conduct of Marine insurance Business is governed by this Marine Insurance Act and the rules and regulations framed by respective insurer.

VARIOUS TYPES OF POLICIES/CLAUSES:
The Marine Policy is a simple document setting out the bare details of contract of insurance viz., the name of Assured, description of commodity, details of voyage/transit, terms cover, i.e., Insurance protection etc. The scope of cover is to be understood by reference to the cargo clauses specified in and attached to policy.Different types of Marine documents are listed and briefly explained below:
  • Specific policies
  • Open policies/open covers
  • Cover Notes
  • Certificate of insurance


SPECIFIC POLICIES:
These are polices issued for a particular shipment. As and when a shipment is made, the insured approach insurers and take out a policy insuring that particular shipment only.

OPEN POLICIES/ OPEN COVERS:
These are agreements in general terms, between the insureds and insurers where by the latter undertakes to cover all shipment/dispatches falling within the provisions of the agreement during the agreed period of insurance which is normally one year. This sill suit insureds who are frequently making dispatches. The insureds are relieved of the burden of placing insurance for each and every dispatch. Details of dispatches are declared for an agreed period. Open policy is normally issued for inland transit and open cover for overseas shipment.

COVER NOTES:
These are issued by insurers when a policy cannot be issued for want of important details like name of vessel, Bill of lading or Railway Receipt(RR)/Lorry Receipt(LR)/Air Way Bill(AWB)No and date. These are valid for a particular period only and should be replaced by policies when dispatch particulars are obtained.

CERTIFICATE OF INSURANCE:
This is nothing but a declaration made by the insurers certifying that a particular consignment is duly insured. This is normally issued when specific policies are not required to be issued under Open policies, mainly to comply with Bank stipulations.The various types of insurance cover available can be better understood when studied according to the mode of transit involved. The common modes of transit are:-
  • Sea
  • Rail/Road
  • Air
  • Registered post


CARGO SENT BY SEA:-
The cargoes involved in ocean transit by steamers/ vessels are normally insured subject to any of the following clauses:
  • Institute Cargo Clauses “C”
  • Institute Cargo Clauses “B”
  • Institute Cargo Clauses ”A”

The above are standard types of covers and modification of cover restricting or widening the scope of cover is possible according to insured’s need.

INSTITUTE CARGO CLAUSES “C”(IC-C):
This is the most restricted form of cover, mainly intended for providing security against major casualties. Under this set of clauses, the losses or damages arising out of the following will be paid.
  • Fire or Explosion
  • Stranding, sinking, Grounding, Capsizing of the Vessel
  • Overturning or derailment of land conveyance
  • Collision of vessel
  • Discharge of cargo at a port of distress
  • General Average sacrifice
  • Jettison

In addition to above losses/damages, following expenses are also reimbursed/paid.
  • General Average expenses
  • Salvage charges
  • Expenses properly and reasonably incurred in unloading, storing and forwarding the insured cargo to the destination, in the event of transit being terminated by any of the insured perils, before completion of voyage
  • Sue and Labour charges, i.e., the expenses reasonably incurred by insured’s/their Agents in preventing or minimizing a loss covered under the policy.


INSTITUTE CARGO CLAUSE ‘B’(ICC-B):
This set of clauses offer a slightly wider cover against the following risks also, in addition to what is covered as per ICC ’C’.
  • Earthquake, Volcanic eruption or Lightning
  • Washing overboard
  • Entry of sea, lake or river water into vessel, craft, hold conveyance, container, lift-van or place of storage.
  • Total loss of any package lost overboard or dropped whilst loading or unloading.

The scope of cover under ICC ‘B’ or ‘C’ can be widened according to the requirements of insured’s by including the risks of the Theft, Pilferage, Non-delivery, Leakage, Breakage, contamination, Mud, Hook and Oil damages.

INSTITUTE CARGO CLAUSES ‘A’(ICC-A):
This is the widest of the covers granted. IC”A” protects against All Risks of loss or damage to the insured cargo except the losses/damages arising out of the following:
  • Willful misconduct of the Assured
  • Ordinary leakage, loss in weight or volume or ordinary wear and tear of the insured cargo.
  • Insufficiency or unsuitability of the packing or preparation of the subject matter insured.
  • Inherent vice or nature of the cargo.
  • Delay
  • Insolvency or financial default of the owners, managers, characters or operations of the vessel
  • Weapon of war employing atomic or nuclear fission or fusion.

IT MAY BE INTERESTING TO NOTE THAT WHILST ICC ‘C’ AND ‘B’ GO BY WHAT IS SPECIALLY STATED TO BE COVERED, ICC ‘A’A GOES BY WHAT ARE EXCLUDED FROM THE SCOPE OF COVER.

WAR/SRCC RISKS:
This risks of War and allied perils, strike and kindred perils are excluded from scope of cover under IC ‘A’, “B” or ”C” clauses. All the same, war/SRCC cover for Ocean/air transits involving two nations are available at additional premium, subject to institute War Clauses And institute Strike clauses.

DURATION OR PERIOD OF COVER:The cover under above clauses ‘A’ ‘B’ & ‘C’ attaches from the time and insured goods leave the consignor’s warehouse for the purpose of transit, continues during the ordinary course of the transit and terminates.
  • On delivery to the final warehouse of the consignees at destination named in the policy.
  • On delivery to any other warehouse or place of storage before named destination, for storage other than in the ordinary course of transit or for allocation/distribution purposes.
  • On expiry of 60days after completion of discharges from the vessel at port of discharge. WHICHEVER SHALL FIRST OCCUR.


Where interior overland transit is involved from the port of discharge, the insured’s should examine if the goods will reach ultimate destination before expiry of 60 days and whether the period should be suitably increased beyond 60 days.If under circumstances beyond the control of the Assured, the contract of carriage is terminated before vessel reaches final port of discharge, then the cover will expire on expiry of 60 days after arrival of goods at such port of place or on sale of cargo at such place whichever shall first occur.If the goods are forwarded from that place to the already intended port before 60 days, then the cover will continue till expiry as explained above earlier. It is the duty of the insured’s to seek appropriate extension of cover under the above circumstances, before expiry of cover.

RAIL/ROAD TRANSIT:

The standard types of cover available are as per following clauses:
  • Inland transit(rail/Road) clauses ‘B’
  • Inland transit(Rail/Road) clauses ‘A’


INLAND TRANSIT(RAIL/ROAD)CLAUSE ‘B’:
This set of clauses, otherwise also called as BASIC COVER, provides against loss/damage caused only by
  • Fire
  • Lightning
  • Breakage of Bridges
  • Collision
  • Overturning
  • Derailment or accidents of like nature to the carrying wagon/vehicle

THIS COVER CAN BE EXTENDED TO INCLUDE THEFT, PILFER, AGE, NON-DELIVERY,LEAKAGE, BREAKAGE,ETC.,ON PAYMENT OF ADDITIONAL PREMIUM.

INLAND TRANSIT(RAIL/ROAD)CLAUSES ‘A’:
These clauses ensure maximum protection against All Risks of loss or damage other than those arising from willful misconduct of the Assured, ordinary leakage or loss in weight or volume, ordinary wear and tear, insufficiency or unsuitability of the packing or preparation of the insured cargo, delay and inherent vice or nature of the subject matter insured.The duration of these clauses A or B starts from the time the goods leave the ware house of the consignor till the time of delivery to consignee’s warehouse or on expiry of 7 days after arrival of goods at carrier’s go-down at destination whichever shall first occur. This period of 7 days can be extended to maximum 8 weeks from the date of arrival of goods at carrier’s go-down at additional premium at the request of the insured’s.THESE CLAUSES DO NOT PROVIDE COVER AGAINST STRIKES and other related perils. All the same, COVER CAN BE OBTAINED FOR THESE RISKS ON PAYMENT OF ADDITIONAL PREMIUM subject to the appropriate strikes clauses.

AIR TRANSIT:
The only standard clauses available, namely the institute cargo clauses (AIR) grants cover against All Risks of loss or damage other than the specifically excluded losses. The scope of cover and exclusion are the same as the institute cargo clauses ‘A’ detailed earlier. The duration of the cover is also same as in institute cargo clauses ‘A’ ‘B’ & ‘C’ except that THE PERIOD OF 60 DAYS ALLOWED UNDER ICC ‘A’ OR ‘B’ OR ‘C’ IS REDUCED TO 30 DAYS UNDER AIR CARGO CLAUSES. COVER AGAINST WAR/SRCC RISKS IS AVAILABLE AS IN THE CASE OF OCEAN TRANSIT, AT ADDITIONAL PREMIUM.

REGISTERED POST:
Though there is no standard clause dealing with this type of sendings, over is granted subject to certain is granted subject to certain printed clauses known as ‘REGISTERED POST WARRANTIES’ according to which cover is given for all risks and the duration of the cover is from the time the goods are handed over to the postal Authorities on obtaining the Receipt till delivery to the consignee. Insurances of Registered post parcel sendings coming up for insurances are very rare and few. Only when precious commodities small in size but high in value like diamond, Jewelery, etc are insured.

INSURANCE OF DUTY:
Custom Duty on imports can be insured in addition to the CIF value. This insurance is governed by the Tariff policies should be taken before arrival of vessel/aircraft, that too for actual amount involved. If the exact quantum of duty is not known, the insured’s can insure for a reasonable amount of duty and seek downward adjustment of sum insured in the light of actual duty. The tariff does not permit upward adjustment and hence the need for realistic estimate of duty.EITHER A SEPARATE POLICY CAN BE TAKEN OR IT CAN BE INCLUDED IN THE SUM INSURED WITH CIF VALUE.

SPECIAL FEATURES OF MARINE INSURANCE:
  • The Marine policy is freely assignable. It traces ownership and changes hands with other documents of title to the goods.
  • The sum insured mentioned in the policy is the blue agreed between the insured’s and insurers and will not be re-opened except under extenuation circumstances.
  • Unlike other classes of insurance is sufficient if the insured has insurable interest at the time of loss.


DUTIES OF INSURED ON UNDERWRITING:
  • Under the principle of good faith, insurers have to disclose all material facts concerning the risk. They should have insurable interesting the subject matter or bonafide expectation of acquiring such interest They should have insurable interest at least at the time of loss.
  • When Open policies/covers are issued, the insured should ENSURE THAT ALL DESPATCHES FALLING WITHIN THE SCOPE OF OPEN/COVER ARE DECLARED WITHOUT EXCEPTION and declaration should be made well before risk attachment so that insurer may arrange Reinsurance if necessary.
  • PACKING OF GOODS SHOULD BE ADEQUATE to withstand the normal transit hazards such as jerks and jolts experienced en-route, and also handling by workmen at time of loading, transshipment and unloading. IF THE PACKING IS VERY POOR, ITS TANTAMOUNTS TO INHERENT VICE, AND UNDER SUCH CIRCUMSTANCES, LOSS MAY NOT BE RECOVERABLE UNDER THE POLICY. Many of the losses safe to some extent attributed to inadequate packing and goods may be lost or goods than claim and therefore the importance of adequate packing cannot be over emphasized. There are professional bodies like Indian Institute of Packaging who are giving expert advice on suitable methods of packing consistent with economy in cost.
  • Timely extension of Transit cover must be sought if transit is not over within duration allowed under the policy.

Accident/Health Policies:






  • Personal Accident Policy
  • Group Personal Accident Policy
  • Mediclaim Policy
  • Group Mediclaim Policy
  • Nagarik Suraksha Policy
  • Overseas Mediclaim Policy








PERSONAL ACCIDENT POLICY:


APPLICABILITY OF INSURANCE:

The purpose of this insurance is to pay fixed compensation for death or disablement resulting from accidental bodily injury.

CLASSIFICATION OF RISKS: NORMAL/HEAVY
NORMAL RISKS: Accountants/Doctors/Lawyers/Architects/Teachers/Bankers, person engaged in administrative functions, Builders, Drivers and persons engaged in occupations of similar hazards and not engaged in manual labor.

HEAVY RISKS: Persons working in mines, explosives, magazines, electrical installations with high tension supply, jockeys, circus personnel, persons engaged in activities like racing, hunting, mountaineering winter sports, skiing, ice-hockey, ballooning and similar hazards.

BENEFITS OFFERED UNDER THE POLICY:
Benefit is paid if during the period of insurance the insured shall sustain and bodily injury solely and directly form accident caused by external violent and visible means as follows:

TABLEBENEFITSINDEMNITY
% age if sum insured
I1. Death cover100% of S.I.
II2. Death Cover.Loss of 2 limbs or 2
eyes or 1 eye and 1 limb.
3. Loss of 1 limb or 1 eye.
4. Permanent total Disablement.
5. Permanent Partial Disablement.
100% of S.I.

50% of S.I.
100% of S.I.
10% of S.I.
III6. In addition to % benefits offered
under table II+Temporary Total
Disablement.
1% of S.I. per week.







GROUP PERSONAL ACCIDENT POLICY:



APPLICABILITY OF INSURANCE:
Group policies can be issued where there is some common relationship among the persons to be insured and a central point for the administration of insurance scheme.

TYPE A:
Covering employees of a firm/ company/ association/ club (employer-employee relationship)- on named and unnamed basis.

TYPE B:
Covering members of an institution/ society association/ club(no employer-employee relationship)- on named and unnamed basis.
  • No cumulative bonus and educational fund
  • On duty cover 75% of premium
  • Off duty cover 50% of premium

GROUP DISCOUNT:

NO. OF PERSONSDISCOUNT (%)
101-10005.0
1001-100007.5
10001-5000010.0
50001-10000012.5
100001-20000015.0
200001-50000020.0
500001-100000025.0
Above 100000130.0






MEDICLAIM POLICY:



APPLICABILITY OF INSURANCE:
The policy covers reimbursement of hospitalization/domiciliary hospitalization expenses for illness / diseases or injury sustained.

INDEMNIFICATION UNDER THE POLICY:
In the event of any claim becoming admissible under this scheme, the amount of such expenses reasonably and necessarily incurred under the heads given here below are payable. However, this should not exceed the sum insured in any one period of insurance.
  • Room, Boarding expenses in the hospital / nursing home.
  • Nursing expenses.
  • Surgeon, anesthetist, medical practitioner, consultants, specialists’ fee appliances, medicines and drugs, diagnostic materials and x-rays, dialysis, chemotherapy, radio therapy, cost of pace-maker, artificial limbs and cost of organs and similar expenses.


N.B.: All claims admitted during the period of insurance shall not exceed the sum-insured person mentioned in the policy schedule.

ADDITIONAL BENEFITS:
This scheme also provides the following benefits:
  • Family package discount in premium.
  • Cumulative bonus.
  • Cost of health check-up.


ESSENTIAL REQUIREMEMTS FOR HOSPITAL/NURSING HOME:
  • It should have atleast 15 in-patient beds.
  • Fully qualified nursing staff under its employment round the clock.
  • Fully qualified doctors should be in charge round the clock.
  • Availability of fully equipped operation theater.


DOMICILIARY HOSPITALIZATION BENEFIT:
This means medical treatment for a period exceeding 3 days for such illness / disease / injury which in the normal course will require care and treatment at a hospital / nursing home but actually taken whilst confined at home in India under any of the following situations:
  • The condition of the patient is such that he/she cannot be removed to the hospital/ nursing home or
  • The patient cannot be removed to hospital / nursing home for lack of accommodation therein.


EXCLUSIONS UNDER DOMICILIARY HOSPITALIZATION BENEFITS:
  • Any treatment not exceeding 3 days.
  • Expenses incurred for pre & post hospitalization treatment.
  • Expenses incurred for treatment of any of the following diseases.
    • Asthma
    • Bronchitis
    • Chronic Nephritis
    • Diarrhea and all type of Dysenteries including Gastro enteritis.
    • Diabetes Mellitus and Insipidus.
    • Epilepsy
    • Hypertension
    • Influenza, Cough and cold
    • All psychiatric or Psychosomatic Disorders
    • Pyrexia of unknown origin for less than 10 days
    • Tonsillitis and upper respiratory Tract Infection including Laryngitis.
    • Arthritis, Gout and Rheumatism.


EXCLUSIONS UNDER THE POLICY:

PRE-EXISTING ILLNESS:
All diseases / injuries which are preexisting when the cover incept for the first time are excluded.

FIRST 30 DAYS EXCLUSIONS:
Any disease other then “diseases coming under First year exclusions” contracted by the insured person during the first 30 days from the commencement of the insurance are excluded.

FIRST YEAR EXCLUSIONS:
During the first year of operation of the cover, the expenses incurred on treatment such as Cataract, Benign Prostatic Hypertrophy, Hysterectomy Menorrhagia or Fibromyoma, Hernia, Hydrocele. Congenital Internal Diseases. Fistula in anus, piles. Sinusitis and related disorders are not payable.

GENERAL EXCLUSIONS APPLICABLE IN ALL SITUATIONS:
  • War or warlike operations
  • Circumcision unless it is necessary for a treatment of a disease not excluded under the scheme or necessitated due to an accident.
  • Cost of spectacles and contact lenses, hearing aids.
  • Dental treatment or surgery of any kind unless warranting hospitalization.
  • Convalescence, general debility, “Run-down” condition or rest cure, congenital external disease or defects or anomalies, sterility, venereal disease, intentional self-injury and use of intoxicating drugs / alcohol.
  • Charges incurred at the hospital primarily for diagnostic, x-ray or laboratory examinations not connected with the positive existence of any ailment is excluded.
  • Expenses on vitamins and tonics unless forms part of treatment.
  • Nuclear weapons, materials.
  • Treatment pertaining to pregnancy (including voluntary termination of pregnancy), child birth including ceasarian operation.
  • Naturopathy treatment.


AGE-LIMIT:
  • 5 TO 75 YEARS
  • Children between the age group of 3 months and 5 years of age can also be covered so long as one or both parents and covered.


FAMILY DISCOUNT:
A discount of 10% in the total premium will be allowed comprising the insured and any one or more of the following:
  • Spouse.
  • Dependent Children i.e., Legitimate or legally adopted children.
  • Dependent parents/ parents-in.law.






GROUP MEDICLAIM SCHEME:


  • GROUP MEDICLAIM SCHEME is available for named persons only.
  • GROUP MEDICLAIM SCHEME applicable as per the following table
    No. of personsDiscounts %
    101-5002.5
    501-10005.0
    1001-20007.5
    2001-1000010.0
    10001-1500012.5
    15001-2500015.0
    25001-5000020.0
    Above 50000 persons30.0

  • MATERNITY BENEFIT EXTENSION is available with 10% loading on Total Basic premium. Maximum benefit allowable is Rs. 50,000/- or sum insured which ever is lower.
  • COST OF HEALTH CHECK-UP is not payable under Group Mediclaim policy.
  • CUMULATIVE BONUS is not available under Group Mediclaim policy
  • Group Mediclaim policy is subject to BONUS CLAUSE i.e., Low Claims Ratio discount or High Claims Ratio loading will be applicable on the premium at renewal depending on the incurred claims ratio for the entire group insured.





NAGRIK SURAKSHA POLICY:



COVERAGE:
Personal accident cover (Death, Loss of Limbs, PTD and PPD more than 40%) upto a maximum of 80% of the Total Sum Insured opted and reimbursement of accidental hospitalization expenses upto 20% of the opted Sum insured.

TYPES:
Individual / Family Package and Group Policy.

SUM INSURED:
  • Minimum Rs. 1 Lac.
  • Increase in multiples of Rs. 25,000/-
  • Six times the annual salary of the proposer
  • Maximum Rs. 5 Lacs.


POLICY PERIOD:
Individual - 1 to 4 years
Group - 1 year.

ELIGIBILITY:
Indian citizens 5 to 70 years in case of family cover. 18 to 70 years for group/ individual cover.

GEOGRAPHICAL SCOPE: Worldwide.

Payment of claims: Indian Currency only.

Hospital/ Nursing Home means:
Medical establishments with:
  • Inpatient bed facilities
  • Fully equipped operation theatre
  • Fully qualified nursing staff on duty round the clock
  • Full-fledged modern X-ray facilities
  • Fully qualified Registered Medical Practitioners in-charge round the clock.


SUM INSURED LIMITATION:

Individual: Maximum 6 times annual income.

Family Cover: Maximum 6 times annual income of proposer for non-earning members also.

ALTERATION OF SUM INSURED:
It is not permissible to alter the sum insured during the currency of policy.

FAMILY PACKAGE DISCOUNT:
10% for one or more additional members.

OTHER BENEFITS (Only for Individual Nagrik Suraksha Policy)

Cumulative Bonus:
5% for each completed claim free year for PA section. Maximum 20% if renewed within 30 days of expiry.

Carriage of Dead Body and Funeral Charges (Available for Group Policy also)
@2% of the Sum Insured under P.A. section or Rs. 2,500/- whichever is less.

Education Fund:
In the event of death or PTD by accident to the Insured, 10% Sum Insured under PA subject to maximum of Rs. 5,000/- in cases of one dependent child below the age of 23 years or Rs. 10,000 in case of more than one dependent child below the age of 23 years.

Loss of Employment:
In case of loss of employment of the insured due to PTD, 1% of Sum Insured under PA Section is payable in addition to the Sum Insured The following points are to be applied strictly whilst issuing a Nagrik Suraksha Policy.
  • The policy is available only to Indian Citizens.
  • No short period policy will be issued.
  • No alteration in sum insured during the currency of the policy is allowed.
  • No income tax benefit is available under this policy.
  • No reimbursement of expenses towards pre and post hospitalization under section II of the policy is available.
  • No third party cheque should be accepted against premium under the policy.


GROUP POLICY:
  • Group of persons comprising of more than 100 persons.
  • It is not permissible to issue unnamed group policy.
  • Add-on benefits viz., Education Fund, cumulative bonus, family discount, loss of employment are not available under group policy.






OVERSEAS MEDICLAIM POLICY:



This policy provides indemnity for expenses incurred for medical treatment for illness, diseases contracted or injury sustained during overseas travel which is primarily in the nature of an emergency and without which insured would not be able to leave the overseas country. It also provides travelers with in flight Personal Accident, Loss of passport, Loss of checked baggage, Delay of checked baggage, Personal liability benefits.

This policy is not designed to provide any indemnity in respect of medical services, the need for which arises out of pre-existing conditions.

PERIOD OF COVER:
  • Under plans A-1, A-2, B-1 and B-2 policy can be issued for upto 180 days any one trip. However, cover can be considered for extension beyond 180 days subject to prior approval form Regional Office by issuing fresh policy and exclusion of treatment for any illness/ accident declared or not occurring during the previous policy period or before inception of this policy.
  • Under plans E-1 and E-2 annual policies can be issued to corporate Frequent Travelers with a maximum limit of 60 days per trip but unlimited number of trips per year. It subject to the total days outside India during the policy period is limited to 180 days.
  • For CFT policies, medical reports are required to be submitted for persons above 60 years of age to have full cover for illness.


AGE LIMIT:
FOR PLANS ‘B’ AND ‘H’:
  • Proposers between 5 years to 70 years of age.
  • Accompanying child between 6 months and 5 years of age can also be covered under B and H cover subject to exclusion of childhood diseases
  • Children under 6 months of age are not insurable at all.
  • Proposals received from persons over 70 years (completed years 71 and above) have to be referred to for approval.
  • For proposals received from persons over 84 years of age reference should be made to Head Office at least 15 days prior to date of departure along with all medical reports, completed proposal forms including the doctor’s report and a general health certificate from the usual physician which is a must.
  • CFT cover would be available for persons in the age group of 18 to 70 years only.


AGE BAND:
To determine the applicable age band only consider the proposer’s age in “Completed years”. For example for a proposer who has completed 40 years, the age band ‘5 to 40’ would apply. When the proposer’s declared age is 41 and above the age band of ’41 to 60’ should be applied.

ISSUANCE OF OVERSEAS MEDICLAIN POLICY BEYOND 70 YEARS:
Loading:
AGE IN COMPLETED YEARSLOADING
71 and 72 years25%
73 and 74 years50%
75 to 79 years100%
80 to 84 years150%


Note:
Proposals for 80 Years of age and above should be accommodated under Plan A-1/ B-1 only. It is reiterated that Plan A-2/ B-2 should not be granted such persons.

IMPORTANT REQUIREMENTS ALONG WITH PROPOSAL FORMS:
  • Passport details such as citizenship and its validity.
  • Visa details and its validity.
  • Country of visits.
  • Name and address of the Indian Sponsor along with certificate showing details of employment/ study and its duration.
  • Period of Insurance required.
  • Medical examination as per medical procedure prescribed in the guidelines(ECG, Blood Test, Sugar Test, BP reading)
  • Income Certificate of sponsor(in case of student)