You buy different insurance covers to protect against various risks. But are you aware of the free insurance covers that you get with your LPG cylinder or an air ticket that you buy? Here are some of the insurance covers that you get for free:
Insurance cover for LPG users: All registered LPG (liquefied petroleum gas) or piped cooking gas consumers are covered for any mishap caused due to LPG cylinders at their registered address. According to the website of Bharatgas, the distributor of LPG for Bharat Petroleum, a personal accident cover of Rs 5 lakh per person in case of death is provided. In case of an accident, medical expenses of Rs 15 lakh per event, with a maximum of Rs 1 lakh per person are covered.
The policy also covers the damage caused to the registered premises of consumers for a maximum sum of Rs 1 lakh per event. Piped gas consumers are also insured under this policy.
Insurance with bank deposits: Your money deposited in a bank account - both principal and interest - is insured up to Rs 1 lakh for any default by the bank. It covers all deposits such as savings, fixed and recurring.
However, for claim purpose, all the deposits made under these accounts will be added and a maximum of Rs 1 lakh cover will be given to each depositor. Even if you have deposited in different branch of the same bank, you will get a maximum cover of Rs 1 lakh.
However, banks accounts with different banks are insured separately with a maximum cover of Rs 1 lakh each.
Corporate Deposit Insurance: As per the new Companies Act, any company raising money via deposits will have to provide an insurance cover of up to Rs 20,000 to every investor against default of payment.
Both the principal and interest earned on a company deposit are insured under this cover. "But currently there is no product available in the market which provides corporate deposit insurance. There are no regulations from Insurance Regulator and Development Authority of India (IRDA) which allow insurance companies to provide insurance products for corporate deposit," says Sanjay Datta, chief underwriting and claims, ICICI Lombard General Insurance Company.
Baggage insurance with air ticket: In case of domestic travel, airlines provide an insurance cover of Rs 20 lakh each person in case of death and bodily injury while Rs 20,000 in case of loss of baggage.
Insurance cover for LPG users: All registered LPG (liquefied petroleum gas) or piped cooking gas consumers are covered for any mishap caused due to LPG cylinders at their registered address. According to the website of Bharatgas, the distributor of LPG for Bharat Petroleum, a personal accident cover of Rs 5 lakh per person in case of death is provided. In case of an accident, medical expenses of Rs 15 lakh per event, with a maximum of Rs 1 lakh per person are covered.
The policy also covers the damage caused to the registered premises of consumers for a maximum sum of Rs 1 lakh per event. Piped gas consumers are also insured under this policy.
Insurance with bank deposits: Your money deposited in a bank account - both principal and interest - is insured up to Rs 1 lakh for any default by the bank. It covers all deposits such as savings, fixed and recurring.
However, for claim purpose, all the deposits made under these accounts will be added and a maximum of Rs 1 lakh cover will be given to each depositor. Even if you have deposited in different branch of the same bank, you will get a maximum cover of Rs 1 lakh.
However, banks accounts with different banks are insured separately with a maximum cover of Rs 1 lakh each.
Corporate Deposit Insurance: As per the new Companies Act, any company raising money via deposits will have to provide an insurance cover of up to Rs 20,000 to every investor against default of payment.
Both the principal and interest earned on a company deposit are insured under this cover. "But currently there is no product available in the market which provides corporate deposit insurance. There are no regulations from Insurance Regulator and Development Authority of India (IRDA) which allow insurance companies to provide insurance products for corporate deposit," says Sanjay Datta, chief underwriting and claims, ICICI Lombard General Insurance Company.
Baggage insurance with air ticket: In case of domestic travel, airlines provide an insurance cover of Rs 20 lakh each person in case of death and bodily injury while Rs 20,000 in case of loss of baggage.
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