22 January, 2021

Are You Exposed?

It's an accident-prone life. A primer on cutting your losses, be it assets or health.

Sanjoy Ghosh
Are You Exposed?
The old saying, 'Insurance is not bought but sold', is changing—slowly but definitely. "There has been a significant increase in the population that is serious about asset insurance. That is encouraging," says Antony Jacob, deputy MD, Royal Sundaram Alliance, India's first private non-life insurance company. The entry of private insurers is changing the perception of non-life insurance—awareness about protecting assets is increasing.

What is general insurance? While life insurance is intended principally to protect your family financially after your death, general insurance protects you from financial shocks in your own lifetime. It covers you against illness or accidents, and covers your worldly possessions—from home theatres to jewellery to cars— against damage or loss. General insurance products are mostly of four types: health, asset, motor and accident insurance. Each comes with variants that you can fine-tune to suit your needs. For a small annual premium, you can indemnify yourself against all these risks.

Take H.C. Khurana, whose trip to a...


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