Non-Life Insurance Products

Non-Life Insurance
Products
Classification of Non-life Ins.
Products
 As per IRDA’s Classification
◦ Fire
◦ Marine
◦ Miscellaneous
 Other popular Classification
◦ Personal (or Retail)
◦ Commercial
Personal or Retail Products
 Insurance of Assets
◦ Fire Insurance against properties of the Household.
◦ Motor Insurance for the Vehicles. (2-wheeler or car)
◦ Travel Insurance
 Insurance of Liability
◦ Motor third party liability
◦ Liability under public liability act
◦ Liability for professional Negligence
 Insurance of Person
◦ Life Insurance
◦ Personal Accident Insurance
◦ Health Insurance & Critical Illness Insurance
◦ Travel Insurance
◦ Motor Insurance
Commercial Products
 Fire Insurance
 Marine Insurance
 Motor Insurance
 Engineering Insurance
 Agriculture Insurance
 Credit Risk Insurance
 Liability Insurance
 Security, Bonding Insurance
 Workmen’s Compensation Insurance
 Aviation Insurance
 Miscellaneous
Fire Insurance
 Protection for Building, Properties.
 Perils Covered- Fire, lightening, Explosion,
implosion, Air-Craft damage, Riots, Strike,

malicious and terrorism damage, storm,
cyclone, typhoon,tempest, hurricane, flood
and inundation, impact damage, land sliding,
rock sliding, etc.
 Exclusion- war, invasion, act of foreign
enemy hostility, war like situation.

Marine Insurance
 covers three risk: hull, cargo and freight
(collectively known as "Perils of the Sea“)
These perils include theft, fire, collision etc.
 Marine Cargo: Protection to the goods loaded
on a ship against all perils between the

departure and arrival warehouse. Covers
transportation of goods by sea as well as
land.
 Marine Hull: protection against damage to
ship caused due to the perils of the sea.

Miscellaneous
 all types of general insurance other than fire
and marine insurance like:-
◦ Motor insurance
◦ Theft insurance
◦ Health insurance
◦ Personal accident insurance
◦ Money insurance
◦ Engineering insurance etc.
Motor Insurance
 Private cars
 Motorized two wheelers
 Commercial Vehicles
Type of Policies-
◦ Third Party Liability only
◦ Comprehensive Policy
◦ Comprehensive policy with Add-ons
Motor Comprehensive Policy
1.Covers Loss or damage to the insured vehicle, Personal
Accident and Third Party Liability due to the following:
◦ Natural calamities -- Fire, explosion, self-ignition, lightning,
earthquake, flood, typhoon, hurricane, storm, tempest, inundation,
cyclone, hailstorm, frost, landslide, rockslide.
◦ Man made: Burglary, Theft, Riot & strike, Malicious act, Accident by
external means, Any damage in transit by road, rail, inland waterway,
lift, elevator or air.
2. Liability to third Parties
- Bodily injury liability coverage-Unlimited
- Property damage liability coverage- Rs.7.5 Lacs per accident
3. Personnel accident cover
- Personnel accident cover for owner driver - max of 2 Lacs
- Passengers Personal accident coverage(Optional)-max 2
Lacs/passenger
 Optional Add-ons:- Towing facility, hospitalization charges etc

Depreciation schedule
AGE OF VEHICLE % of DEPRECIATION
Not exceeding 6 months Nil
Exceeding 6 months but less than 5%

1 yr.
Exceeding 1 yr months but less 10%
than 2 yr.
Exceeding 2 yr but less than 3 yr. 15%
Exceeding 10 yr. 50%

Compensation Schedule for PA Cover
Name of Injury Scale of Compensation
Death 100%
Loss of 2 limbs or sight of 2 eyes 100%
or 1 limb or sight of 1 eye
Permanent partial disablement 50%
Loss of 1 limbs or sight of 1 eyes
Permanent total disablement from 100%
injuries other than named above
Health Insurance
 Any form of insurance whose payment is
contingent on the insured incurring
additional expenses or losing income because
of incapacity or loss of good health.
◦ Medical Expenses Cover
◦ Major Medical Expenses Cover (Critical Illness)
◦ Disability Income Cover
Individual Medishield-Basic Cover
 Room, boarding & nursing expenses
 Hospital Registration & service Charges
 Nursing expenses during pre & post hospital periods
 Surgeon, Anesthetist, Medical Practitioner,
consultants and specialists fees.
 Cost of anesthesia, blood, oxygen, operation
theatre, surgical appliances, medicines and drugs,
dialysis etc.
 Daily allowances for duration of hospitalization
 Ambulance charges
 Cost of health checkup once in a block of 4 claim
free underwriting years.
Critical Illness(Optional) Cover
Diseases-
◦ Cerebral Paralytic stroke
◦ Cancer-Invasive malignancy
◦ End stage renal failure requiring dialysis.
◦ Coronary artery disease requiring open chest bypass
surgery or angioplasty.
◦ Transplantation of kidney, lung, pancreas or bone
marrow.
◦ Major injuries resulting in permanent separation/loss
of hand, foot, eye.
◦ End stage of lever disease.
◦ Major burns touching 1/3 rd or more of body area.
◦ Coma arising out of any reason except specified
policy exclusions
◦ Multiple sclerosis resulting in destruction of central
nervous system.
Engineering Insurance
 Construction or Project Phase
◦ Contractors, all risk Insurance
◦ Erection all risks insurance
◦ Marine cum erection insurance
◦ Advance loss of profits insurance
 Operational Phase
◦ Machinery Insurance
◦ Contractors plant & machinery Insurance
◦ Boiler & Pressure Plant insurance
◦ Electronic Equipment Insurance
◦ Machinery, loss of profit insurance
◦ Deterioration of stocks insurance
Liability Insurance
 Public Industrial Liability
 Public non Industrial Liability
 Product liability
 Professional liability
 Employers liability
 Directors and Officers liability
Aviation Insurance
 Insures losses arises out of manufacturing,
ownership, maintenance or use of aircraft.
◦ Aircraft hull and liability insurance policies
 Loss or damage to aircrafts
 Legal liabilities to third parties
 Legal liabilities to passengers
◦ Aviation products liability.
 Legal liability of the product manufacturers against
fault of design or the supply of defective manufactured
materials.
Agriculture Insurance
 Crop Insurance: To help farmers recover their
losses due to the destruction of crops.
◦ Agricultural Insurance Company of India(AIC)
(National agricultural insurance scheme)
◦ Crop insurance can be categorised based on Risks
covered, Crops covered & whether it is mandatory or
optional
 Cattle Insurance
 Poultry Insurance
 Sericulture Insurance
 AquaCulture Insurance
 Honeybee Insurance etc etc……
Credit Risk Insurance
 Insured (business Concern) is guaranteed
indemnification against abnormal credit
losses arising from the default of the
business debtors.
 Two types:-
◦ The whole turnover Policy: Insured is protected

against the default of any of its customer.
◦ The specific account Policy: Insured is protected
against the default Only specific customers.
 Credit Insurance- by ECGC
Workmen’s Compensation Insurance
 Indemnify Employer against his liability to any
of his employee arising out of
◦ Injury of employee by accident at the workplace
◦ Disease of employee; if such injury or disease
should arise in the course of employment
 Benefits
◦ Full payment of Medical expenses
◦ Disability Income
◦ Payment for Rehabilitation services
◦ Death Benefits
All Risk Insurance
 Comprehensive protection against loss of or
damage to valuable property due to:
- Fire, Riot fire, Riot & Strike, Terrorist

Activity.
- Burglary, Housebreaking
- Accidental loss or Damage
Retail Lines Commercial Line Speciality Lines
Motor Private Car Standard Fire & Special Perils Credit Insurance
Motor Cycle/Scooter Consequential Loss Multi Modal transport (MTO)
Home & Family Protector Contractors All Risk Marine Hull & Machinery
Contractors Plant &
Trade Protector Machinery Jeweller's Block
Barish Bima Yojna (Weather
Industry Protector Boiler & Pressure Plant Insurance)
Office Professional Establishment Erection All Risks Sagar Bandhu Bima Policy
Home Suvidha Industrial All Risks Aviation Insurance Policy
Errors and Omissions (Technology)
Trade Suvidha Machinery Breakdown Policy
Individual Medishield Machinery Loss of Profit Fine Art Insurance – Private Collectors
Fine Art Insurance – Art Dealers &
Individual Personal Accident Product Liability Gallery Owners
Group Personal Accident Public Liability Industrial
Critical Illness Policy Public Lia Non-Industrial
Travel Protector Marine Cargo
All Risk Insurance Electronic Equipment
Bankers Blanket
Burglary Insurance
Thank You

Non-Life Insurance Products

Uploaded by

Copyright:

Available Formats

Non-Life Insurance Products

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Non-Life Insurance Products

Uploaded by

Copyright:

Available Formats

Non-Life Insurance

implosion, Air-Craft damage, Riots, Strike,

enemy hostility, war like situation.

on a ship against all perils between the

ship caused due to the perils of the sea.

 Optional Add-ons:- Towing facility, hospitalization charges etc

Not exceeding 6 months Nil

Exceeding 6 months but less than 5%

Exceeding 3 yr but less than 4 yr. 25%

Exceeding 4 yr but less than 5 yr. 35%

Exceeding 5 yr but less than 10 yr. 40%

Exceeding 10 yr. 50%

◦ The whole turnover Policy: Insured is protected

- Fire, Riot fire, Riot & Strike, Terrorist

You might also like