Page 36 - Insurance Times April 2019

arise. A third party insurance policy solely covers damages entitles you to claim the full cost of replacing car parts
to others in case the policy holder meets with a car damaged in accidents without having to pay from your
accident. pocket. Next comes engine protect which is considered
particularly relevant for owners of brand new high-end
On the other side, a car insurance policy may not only cars and is normally available for cars that are up to
provide cover to the victim in case of an accident, but also three years of age. Essentially, Engine Protect or
provide cover for the owner of the vehicle. Such policies, Machinery Breakdown cover compensates for even
known as comprehensive policies, provide more protection those engine-related repairs that are not related to
- to the policy holder as well as others involved in the accidents. It is useful and worth purchasing because the
accident - and therefore cost more. cost of repairs in case of damage to engine can be
significantly high. Buying a Return to invoice cover will
Car or motor insurance policies may also be distinguished ensure that in case of total loss or theft of your car, you
on the idea of features such as liability coverage, collision will get the original invoice value, including registration
coverage, medical payment coverage and personal injury charges and road tax paid, of the car and not just the
coverage. insured declared value (IDV).
Y Deductible is the portion of damages payable by the car
Y Insured value, also known as insured declared value
insurance policy holder. A higher deductible means the
(IDV), is the total value insured which a customer can insurer will pay the remainder amount of damages in
claim. Insurance consultants advise on selecting a car case of an accident. This also leads to a lower premium.
insurance policy that is both appropriate as per one's
Y No Claim Bonus is the benefit that a car insurance
needs and nevertheless cheap. Making a quick decision
policy holder gets, generally in the form of discount in
based on what the no depository financial institution
the annual premium payable, for not filing any claims
is providing, without assessing your own needs should
be avoided, they say. during a year. Before buying a automobile insurance
policy, one must learn about the NCB in order to be
IDV or insured value is the total sum that the insurer is
able to make the best decision should the need for a
liable to pay in case of eligible claims. For example, a claim arise in a year. For example, a damage that would
car insurance policy may offer low premium but, at the cost less than the no claim bonus can be paid by the
same time, a low insured value. You should do a firm
insurance policy holder out of his or her own pocket,
assessment of your automobile insurance desires - therefore making most of this feature.
think about various riders and types of covers enclosed
within the policy - along with the premium payable and
Many insurers now a day's provide car insurance policies
the insured worth to search out best fit, before buying
through on-line as well as offline modes. Meanwhile, before
a policy, say experts. buying or renewing a automobile insurance policy on-line,
Y Many insurers now a day's provide special facilities one should perceive of these aspects and compare them
called add on covers. Probably the most commonly with together with his or her own needs to require a
recommended add-on is zero depreciation, this cover decision. T
IndusInd plans insurance foray

IndusInd Bank plans to enter para-banking segments such as insurance, asset management and stockbroking. "We
have a massive client base that is using these products. If you want total and complete client centricity, you need to
give the full range of products. We believe that we now have the domain knowledge to manufacture these products.
If there is regulatory blessing, we are definitely very interested," said Romesh Sobti, managing director and chief
executive officer. The expansion would allow the bank to cash in on the huge amount of business that it is generat-
ing for partners. It plans to get into life, general, and health insurance. It will also have an asset management com-
pany and a brokerage firm under its fold. The private lender has partnered with Tata AIA for life insurance,
Cholamandalam MS for general insurance and has an open architecture model for asset management. Para-banking,
or offering products and services beyond conventional banking, has become an important strategy for most banks,
and contributes 15-30 per cent of the bank's profits.

36 The Insurance Times, April 2019