Need a second doctor's opinion? Or, have you lost your car keys? Don't worry. Insurance companies have interesting products, either through riders or standalone products, to ensure you get cover.
Bail bond: It is offered either as a benefit with a student's travel policy or as a rider. ICICI Lombard and Bajaj Allianz offer this cover in-built in the student's travel policy. The cover is useful for those who travel abroad for higher studies.
It pays for the bail of a detained or an arrested student breaking the law during foreign travel. The insurance company will pay the bail amount in such cases, but only if the offence is bailable.
The premium for a general student travel policy would range between Rs 10,000 and Rs 15,000 per annum for a sum assured of up to $5,000.
"This product is almost one-third cheaper than what is sold abroad. We have a good travel portfolio, and close to 500 overseas universities demanded this with the basic travel policy. Hence, we wanted to give a comprehensive cover to our customers," says Amit Bhandari, vice-president, Health Underwriting and Products, ICICI Lombard.
E-opinion: Also called doctor's second opinion cover, it comes as an add-on with a personal accident policy. Usually, a standard health insurance policy covers only the medical bills and refund doctor's consultation fees, but this will cover the expenses of second e-consultation services. The cover is mainly given in case of opinions taken in cases of serious illnesses only.
"We provide this facility as an in-built feature with their individual health insurance plan that allows for an expert second opinion from doctors in some of the most reputed hospitals in the United States without even visiting them," says T A Ramalingam, head, underwriting, Bajaj Allianz General Insurance.
More From This Section
It's important for the hospital to have a good network, as well as qualified physicians, on its panel. Bajaj Allianz offers this cover free of cost to only those individuals who have a health plan with a sum assured of Rs 5 lakh and above.
Price protection: A standalone policy offered by Tata AIG covers the loss incurred by the buyer because of paying a higher price for an item. In other words, it covers the difference between the price charged to your card and a lower price advertised within a month of purchase of the same item.
| A LOOK AT THE FRILLS Insurers are coming up with add-ons to their covers, in order to attract clients | ||||
| General Insurer | Cover | Benefit | Premium Range | Sum assured (SA) |
| ICICI Lombard | Bail Bond | In-built | Rs 10k to 15k | $5,000 |
| Bajaj Allianz | Bail Bond | In-built | Rs 600 to 16,500 | $500 |
| Bajaj Allianz | E-opinion | Rider | Customised | Customised |
| Tata AIG | Price protection | In-built | Free | For SA > 5lakh |
| Tata AIG | Key Replacement | Rider | Rs 550 to Rs 2,000 | Rs 25k to Rs 65k |
| Source: Apnapaisa.com | ||||
If the claim is made for a particular product after 30 days, it won't be considered valid. The insurer covers consumer durables and furniture. However, items like precious stones, traveller's cheques, gold, shares, fuel, motor vehicles, tickets, art and other collectibles are not covered under this umbrella.
Covers are customised for golfers, car keys and television channels, too. The 'Unique cover for golfers' covers all risks related to the sport, ranging from fire and allied perils to personal accident. Key replacement cover pays for the cost of replacing lost or stolen keys only for a primary residence or an owned private car or motorbike. Tata AIG gives a higher sum assured for high-end cars.