Due to massive earthquake in Nepal, cases of damages and house collapse to property abound as the casualty toll is increasing. Damages occurred in natural calamities cannot be measured in terms of money. But, people who protect their financial future by owning the relevant coverage may feel little better. Below are three types of insurance policies which can help policyholders against natural disasters:
1. Home Insurance
Natural calamities like flood, storm, earthquake damages the house, property. Generally, people protect their houses as well as business establishments by covering it with basic fire insurance. Its cover your home and its stuff against fire and other allied perils like storm, flood and lightening. Usually, coverage against earthquake is considered as add-on cover and its premium is based on the geographical areas the home falls in. In fact, some plans include additional options to the basic fire insurance policy. It means it would protect the home and its belongings against damage and electrical or mechanical breakdowns, burglary etc.
2. Personal Accident Insurance
In natural disasters, the chances of being injured or disabled seriously are high. Personal accident insurance gives financial compensation in case insured meet with an accident which leaves him or her temporarily or permanently disabled. It has four coverages such as permanent disability, temporarily total disability, permanent partial disability and death. Policyholders get lump sum compensation which is around 100 percent of the sum insured in case of permanent disability or death. On the other hand, the policy pays some part of the sum insured for permanent partial disability. For temporary disability, this insurance offers a weekly compensation nearly up to 104 weeks.
3. Term Insurance
Sudden natural disasters can easily change the financial contours of a family. What if breadwinner of a family becomes a victim of such disaster? Online life insurance India gives strong financial support to the insured’s family in breadwinner’s absence. Person can avail maximum coverage at really affordable premiums. But, customers should know that insured doesn’t receive any returns if he or she survives the policy period.