Rain's Havoc Highlights Insurance's Role In Protecting Lives, Properties

The rain has wreaked havoc, destroying properties, cars, and claiming lives. This situation emphasizes the importance of insurance. While not directly related to natural calamities, insurance has been instrumental in securing homes and cars, preventing significant financial losses.

Insurance plays a crucial role as a safeguard during the monsoon season, protecting individuals and businesses from the financial burdens caused by heavy rainfall and floods. Avinash Gaikwad, Chief Strategy Officer (CSO) at Bimaplan, explains that property insurance covers water intrusion, flooding, and roof leaks, ensuring repair and restoration costs are taken care of. Vehicle insurance safeguards against water damage to the engine, providing support for necessary repairs or replacement.

Insurance is not limited to urban areas; it extends to the agricultural sector as well. Gaikwad highlights that farmers and agricultural businesses benefit from crop insurance, which covers losses resulting from crop damage or yield reduction. In addition, insurance can also provide coverage for post-rain waterborne diseases if individuals pay attention. Gaikwad suggests investing in comprehensive insurance tailored for the monsoon season to protect against vector-borne diseases like dengue and malaria, effectively managing the financial strain brought by unpredictable weather events.

Sharad Mathur, MD & CEO of Universal Sompo General Insurance Company, emphasizes the importance of insurance in protecting assets such as homes, offices, factories, and vehicles during frequent flood occurrences. Insurance offers financial protection and peace of mind to homeowners and business owners.

Universal Sompo offers various property and health covers, including householder's policy, designed to address the contingencies common households face. This policy allows home contents to be insured on a first-loss basis, with various percentage options (25 per cent, 50 per cent, 75 per cent, and 100 per cent). The aim is to provide necessary insurance at a lower premium under a single policy.

Insurance serves as a valuable tool, instilling financial security, resilience, and reassurance that unexpected losses and damages can be managed without significant financial burden. Companies strive to simplify the claim process for such cases.

In summary, here are insurance plans that can provide relief to individuals:

HDFC Life Click 2 Protect Life: This term plan adjusts to your needs, protecting your family against uncertainties.

ICICI Pru iProtect Smart: It offers extra protection for your life and family, including special rates for women.

Comprehensive Crop Insurance Scheme (CCIS): Introduced since Kharif 1985, this scheme provides financial support to farmers in the event of crop failure due to natural calamities. Additionally, car insurance and property insurance can help mitigate losses.