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Why do we need to insure belongings other than life

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The most important aspect of life that man concentrates more is safeguarding himself, his family and all
his belongings and of course it is mandatory. Many people believe and insure their life that helps them
when they are in emergency needs and also take care of their families even after their lifetime.

Insured life will be happy and successful only if our valuable belongings that are earned out of complete hard work are also safe. An insurance made for belongings/health is generally termed as general insurance. A general insurance does not cover risk of life. Why do we need to insure belongings other than life?

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Safety is the prime reason where it is necessary to insure our things other than life. Calamities are
unpredictable and it may occur to anyone in any form and at any time. This also increases our
responsibility in savings for future that in turn allows us to live a happy life with peace of mind.
Let us have a look at few insurance schemes that are important to insure other than life.

Car /Two-wheeler Insurance:
Car is always a dream for many where some can afford it and some cannot, whereas two-wheeler is a
common mode of transport and affordable even by a common man. When the dream comes true it is
essential to know the importance of insuring it to enjoy the ride lifelong.
Why it becomes mandatory to insure the car/two-wheeler?

1) Insuring the car/two-wheeler is essential and also compulsory according to the laws of
government (Road Act 1988).
2) It is impossible to tackle uncertain conditions that we all face in our day to day life like theft,
accidents and so on.
3) In case of any such calamities, it becomes the toughest part of life to handle legal issues and
penalties.
4) In case of damage to other people or other vehicles, the liability cost will be paid by the
company in which the person has insured (called as third party insurance).
Under what conditions can one claim for the insurance benefit?

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> Accidents
> Fire accidents
> Explosion of the vehicle due to car defects or by external forces
> Damage caused by other vehicles.
> Physical injury
> Death
> Vandalizing activities
All the above conditions can be stated to claim for insurance benefit under law.

What are the chances for cancellation of insurance claim?
There are many reasons that affects insurance claim. Possibilities are as follows
1. When the policy under which the insurance taken is out of date (even one day after the date
expiration is not considered).
2. Accidents caused by illegal drivers (without license/license cancelled) are not claimable.
3. Damage caused by drunken drivers/drug addicts.
4. Improper maintenance of the vehicle for eg: Driving the vehicle without changing the
engine/parts of the vehicle whenever it becomes essential may cause severe damage to the
person as well as to the vehicle.

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5. Accidents/damage occurred during illegal commercial purposes (giving the vehicle for rent/using
the vehicle as taxi).
6. In case of failure to insure legally, it is impossible to claim anywhere for any loss.
7. In cases of failure to renew the insurance policy/policies taken (usually general insurance
policies are supposed to renew every year and in some policies it may differ).

Medical/Health Insurance:
The rapid changes in the technology and life style, takes us to the new level of modern age that has
positives and negatives equally. The negative aspects of this life style pull us to the world of unexpected
health related problems. Here stands the positive change that supports us to recover from these health
issues. Technological advancements in the field of medicine intakes the vast intelligence power and
mechanisms used for diagnosis and treatments that are more expensive. So every disease cannot be
treated from the savings.

In case of emergencies and other diseases that require costly treatments, one
has to spend money apart from his savings and income. Here comes the situation to take health/medical
insurance policies to handle such conditions. Nowadays most of the companies understand the
importance of health/medical insurance and provide the same to its employees as group insurance.
Which diseases can be claimed and which cannot be?

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The diseases that can be claimed for insurance benefit form a big list that cannot be detailed in one
article. Generally treatments for all emergencies, injuries due to accidents, acute and chronic diseases
and so on that are treated under allopathy have health insurance benefits. Let us have a look for which
diseases the health insurance benefit claims may be rejected?

1. Medical insurance benefits cannot be claimed if the treatment is taken under a practitioner who
is not legally registered/unqualified.
2. Conditions/diseases caused out of addiction to drugs, alcohol and smoking.
3. Some genetic disorders that may require huge amount of compensation.
4. Usually STD’s and AIDS type of conditions cannot be claimed.
5. Benefits cannot be claimed for maternity expenses.

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6. Even though cancer comes under some policies, rejection occurs when the person is in the
advanced stages of cancer as high amount will be claimed for the treatment which is not
possible.
7. Some medical insurance companies do not offer benefits for the treatments taken under non-
allopathic practitioners.
8. It is not possible to claim for the treatments that are taken out of the country except when
covered under overseas medical insurance.
9. Some other conditions like dental treatments, issues in vision, infertility, plastic surgeries etc
cannot be claimed for health insurance benefit.

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Online Insurance:
The other type of insurance is the online insurance. Even though online insurance has it’s own benefits,
taking an insurance without any manual help is a risk. During any lose, it is always better to have an
agent do all the work for you because, you would be really depressed due to the loss. So, online
insurance is always an option but it is better not to take one unless it is really required.

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