Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Comprehensive health, home, motor policies can save you from vagaries of weather that may singe your pocket
Monsoon can certainly be a delightful season. But, though the rains bring respite from the intense heat, they quite often leave behind a trail of losses. Common problems include water-borne or viral diseases breaking out, engine seizure of vehicles due to their getting stuck in floods and excessive damage to property and its contents in the event of flooding.
Right combination needed
To truly enjoy the rainy season without thinking about financial setbacks, you should protect your health, vehicle and home by availing the right combination of insurance covers. With the onset of the rainy season, it becomes imperative to protect self and family against diseases such as diarrhoea, dengue, viral fever, typhoid, malaria and chikungunya, which are among the most common ailments reported in hospitals. The cost of treatment for dengue is huge as most private hospitals in India charge anywhere between Rs. 10,000 and Rs. 15,000 for platelet separation. If a patient undergoes transfusion up to four times, the patient has to spend at least Rs. 40,000 towards procurement of platelets. There have also been cases where people have spent up to Rs. 2 lakh for treatment of dengue that included more than four platelet transfusions. Treatment for the disease takes approximately 8-10 days and the room rent at a decent hospital often goes beyond Rs. 1 lakh. To handle these expenses, buy a comprehensive health insurance plan which covers you against vector-borne and other diseases. If you already have a health insurance plan, you can look to further guard yourself by buying dengue-specific cover. These are fixed benefit plans that will cover medical costs as well as loss of income due to hospitalisation. To avail the most comprehensive coverage, you must invest in disease-specific plans. The average premium of Zero Depreciation add-on for a car with Insured Declared Value (IDV) ranging between Rs. 7.1 lakh and Rs. 7.8 lakh comes to Rs. 2,600-Rs. 3,600. However, the premium for Engine Protection add-on for a car for the same IDV range comes to Rs. 600-Rs. 1,300. Excessive rainfall destroys personal property, including homes and offices. As per industry insiders, it is important to see home and property insurance as very valuable products. Under a comprehensive home insurance policy, the insurer provides coverage against any damage caused by a natural calamity, including floods. With weather patterns becoming significantly unpredictable, getting adequate cover for your house is a smart thing to do. While buying a home insurance policy, you must remember to invest in a plan that not only protects the structure of your property but also offers adequate coverage to its contents. Many insurers have introduced products that insure jewellery and important valuables, personal electronic appliances and domestic appliances under the policy. The average premium for insuring a house worth Rs. 50 lakh comes to around Rs. 2,200 to Rs. 2,600 annually. However, a detailed home insurance policy, covering your home worth Rs. 50 lakh along with its added contents (furniture, home appliances, etc.) worth Rs. 5 lakh, would cost you an annual premium of Rs. 6,500-Rs. 7,500.
Source : https://www.thehindu.com/todays-paper/tp-business/what-you-need-when-it-pours/article28631051.ece
