Page 54 - Insurance Times February 2016
P. 54
Buy insurance against terror
strikes now
R ecent incidents have put Datta, Chief, Underwriting and Claims, cies across the world, and not just In-
the spotlight on insurance ICICI Lombard General Insurance. Your dia.
against terrorism-related accommodation expenses will also be
incidents. "Recognise the reimbursed if you have to extend your Personal accident insur-
importance of travel insurance, even stay due to an emergency. Depending ance
when you are going to countries where on the variant chosen, the company will
it is not mandatory," says Nikhil Apte, also pay for your journey back home. Such covers compensate the policyhold-
Chief Product Officer, Product Factory ers for disabilities suffered due to acci-
(Health Insurance), Royal Sundaram Al- However, you need to go through the dent or the nominees in case of the
liance Insurance. policy documents in detail before sign- former's death. "Domestic personal ac-
ing up, as some companies may not pay cident policies will cover death due to
"Travel insurance provides you financial for risks emanating from terrorism. Be- accidents, including terror attacks," says
cover and peace of mind if you get sides, even in policies that provide in- Apte. However, medical expenses linked
caught in volatile situations," says Na- surance against terror, insurers will not to biological, chemical or nuclear ter-
val Goel, CEO and Founder, PolicyX.com, admit claims if policyholders visit desti- ror attacks may not be covered.
an insurance aggregation portal. Insur- nations that are known to be facing such
ers distinguish between war, riots and risks or knowingly violate safety regula- Home insurance
terrorism. The latter is defined as an act tions. You also need to figure out
of violence that causes loss of life and whether the coverage applies only to a While some home insurance policies like
property where perpetrators belong to city, or extends to the country as a New India's product come with an in-
groups that seek to weaken control of whole. built terror cover, several others offer it
governments. as an addon cover requiring a minimum
Health insurance extra premium of Rs 80-100. This terror
When you seek insurance against ter- insurance component covers damage
ror strikes, you need to read the fine Terrorism-related medical emergencies directly caused by attackers and loss in-
print to understand the scope of cover- fall under the ambit of health insurance curred during counter terror action.
age and the items the company will not coverage. "Hospitalisation expenses of "Home insurance does not cover for loss
pay for. victims of terrorist attacks are covered. arising out of burglary, housebreaking,
The insured would also be covered for looting or theft that occurs after an act
Travel insurance pre and post-hospitalisation and ambu- of terrorism," says Adidamu.
lance expenses as well as other expenses
"All risks like trip cancellation, loss of as per the policy coverage," says Life insurance
passport, medical expenses, repatria- Sasikumar Adidamu, Chief Technical Of-
tion of remains etc. are covered as part ficer, Non-Motor, Bajaj Allianz General The policyholder's dependents will be
of the regular travel policy even if they Insurance. Several high-end health entitled to life insurance proceeds upon
result from terrorism," says Sanjay covers today cover medical emergen- his or her death in a terror attack.
(Source: Times of India)
54 The Insurance Times, February 2016
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