There are various financial products that come loaded with an insurance cover but most of the buyers don’t know about them. The best part about these covers is that most of them are free or affordable.
Let’s go in deep to know the insurance covers you did not know about:-
1. Bank Deposits:-
Fixed deposits of all banks, including foreign banks in India, regional banks and co-operative banks, are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under this coverage, each account holder is entitled to get up to Rs 1 lakh coverage, inclusive of principal amount and interest, if the bank is unable to pay the amount due on the FD to the customer due to cancellation of license or merger. However, if the account holder owes any dues to the bank, the amount will be first deducted by DICGC from the payout. The premium cost of the insurance will be borne by banks. The types of deposits covered by DICGC are savings and current accounts and fixed and recurring deposits.
2. Home Appliances Cover:-
Manufacturers of home appliances, such as refrigerator, TV and washing machine, offer insurance coverage to buyers against electrical or mechanical breakdown. But do not confuse this with warranty of appliances. These insurance covers which you did not know aboutare commonly offered during festive season. Though it seems you do not have to pay for them, a percentage of the insurance cost is included in the cost of appliance.
3. Mobile Phone Cover:-
Mobile phone manufacturers offer group covers to their smartphone buyers. It covers mobile phones lost or damaged due to burglary, theft and riots. For instance, Nokia has partnered with New India Assurance to cover Nokia mobile handsets against theft and accidental damage. Recently, Telenor India Communication, a mobile network operator, launched an insurance coveryou did not know about of up to Rs 50,000 for its customers. (Also read: Telenor India to Offer Free Life Insurance Coverage.
4. LPG Insurance Cover:-
All registered gas consumers and their families are covered against accidents from LPG cylinders. To file for a claim, the accident should be first reported at the local police station. The distributor should also be informed in writing within a few days of the accident. Note that you should always use ISI marked accessories such as gas pipe and lighter. Also, the gas connection should be used at the address registered with the dealer. That is, if your registered address is Building A, you will not get coverage if the accidents happen in Building B.
5. Train Journey:-
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) offers insurance coverage you did not know about, for baggage while booking e-tickets. Under the offer, passengers can claim the money in case of loss or theft of the baggage. Also goods such as mobile phones, laptops and other valuable articles are covered as part of the insurance coverage.
6. Zero Liability Cards:-
Various banks offer zero liability cover to protect VISA and MasterCard cardholders against any unauthorized transaction on their credit or debit card. Banks bear an additional cost of the insurance to cover the liability in case of loss of card. Once the card is reported lost or stolen, the cardholder is not liable to pay for any transaction made on it. In case of a debit card, the transacted amount will be refunded to the customer.
7. Pradhan Mantri Jan DhanYojana:-
Under Pradhan Mantri Jan DhanYojana, accountholders are given RuPay Debit card along with zero balance bank account. This debit card offers free personal accident insurance and life insurance coverage of up to Rs 1 lakh and Rs 30,000 respectively.
8. RuPay Card:-
RuPay is an Indian version of Visa and MasterCard credit and debit cards. It can be used at ATMs, merchant outlets and ecommerce websites. The card offers free personal accidental death and permanent disability insurance of up to Rs 2 lakhs. In all probabilities it is an insurance cover you did not know about.
9. Employees Deposit Linked Insurance (EDLI):-
The Employee Provident Fund (EPF) has an inbuilt insurance cover of Rs 6 lakh. The insurance clause offers financial protection to the family after the death of an employee. All members of EPF are automatically eligible for EDLI. Of the total employer’s contribution, 0.5% goes towards EDLI as the premium amount.
10. Mutual Funds Cover:-
Nowadays, fund houses such as Birla Sun Life, ICICI Prudential and Reliance Capital, offer free life insurance you did not know about, to cover SIP investors. Under this cover, if something untoward happens to you, the fund house will continue paying premium on your behalf. On maturity of the investment, the nominee receives the proceedings.
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