Individual Insurance

Individual insurance products refer to insurance policies that provide coverage for a single person or individual, rather than a group or organization. These products are designed to provide protection and financial security to individuals against specific risks such as illness, disability, and death or for specific assets owned by them such as motor, bike, home, etc.

Examples of individual insurance products include health insurance, life insurance, motor insurance, home insurance, travel insurance, personal accident insurance, cyber insurance etc.

Overall, individual insurance products are designed to provide financial protection to individuals and their families in the event of unexpected events and help individuals manage risk and maintain financial stability.

img Private Car Insurance

Private Car Insurance is also known as Motor Insurance. The primary objective of Private Car Insurance is to provide financial protection to the vehicle owner against:

  1. a) Physical damage to his/her own vehicle or bodily injury resulting from traffic collisions of vehicles, and
  2. b) Payment for any Third-Party Liability that could arise from incidents in/through the vehicle

Vehicle insurance may additionally offer financial protection against

  1. a) Theft of the vehicle
  2. b) Damage to the vehicle sustained from events other than traffic collisions, such as

(i) Deliberate destruction or damage of the vehicle,

(ii) Weather or natural disasters, and

(iii) Damage sustained by colliding with stationary objects

Types of Private Car Motor Insurance Coverages

  1. Third-Party Insurance / Liability Only Insurance
  2. Own Damage Insurance
  3. Comprehensive Insurance

As per the Motor Vehicles Act, of 1988, it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties because of accidental death, bodily injury, or damage to property.

Package or Comprehensive Policy: Some Add-On Products with Private Car Insurance

1. Depreciation Reimbursement

In this coverage, the amount of deprecation deducted on the value of parts replaced is covered under its own damages claim. Depreciation Reimbursement offers a full claim without any deduction for depreciation, on the value of replaced parts which otherwise have to be borne by you.

2. Daily Allowance

Daily Allowance offers to pay a fixed sum towards a hired transport which you may need to take while your vehicle is under repair for a valid claim and repair time for a few days. Exclusions: Arising out of only windscreen or any other glass damage.

3. Return to Invoice (RTI)

In this coverage, the financial shortfall between the amount you receive for loss or damage to the vehicle and the purchase price of the vehicle as confirmed in the invoice of sale OR the current replacement price of a new vehicle in case the same make/model is available, whichever is less, is covered under total loss. The insurance company will also pay the first-time registration charges and road tax which was incurred by you on this vehicle.

4. No Claim Bonus Protection Cover

If you file for a claim, then you forego your ‘No Claim Bonus’. But with no claim bonus protection cover you get the benefits from certain claims even while retaining a ‘No Claim Bonus’ if such a bonus is accumulated by you.

5. Repair of Glass, Fibre, Plastic & Rubber Parts

A claim for only glass/plastic/rubber/fibre parts where you opt for repairs rather than replacement, at the authorized workshops/authorized dealers/authorized service stations will not be affected, if this add-on is purchased.

6. Loss of personal belongings

Loss of personal belonging covers the loss or damage to you and your family member’s personal belongings in the vehicle at the time of loss or damage to the vehicle.

7. Emergency Transport & Hotel Expenses

If your insured vehicle is immobilized after an accident then the ‘Emergency Transport & Medical Expenses’ add-on offers to pay for the cost of overnight stay and taxi charges for returning back to the place of residence or the nearest city you were travelling to. The cover is available for all vehicle ages.

8. Key Replacement

It will cover the cost of replacing your vehicle keys which are lost or stolen.

9. Courtesy / Hire Car

If the estimated time taken to repair your car is more than 24 hrs. or it is a claim for total loss/theft of an entire vehicle, then with a courtesy/hire car, you will not have to worry about your daily commute.

10. Engine Secure

This covers repair and replacement expenses for the loss or damage to internal parts of the engine and gearbox, transmission or differential assembly provided loss or damage is due to ingress of water in the engine or leakage of lubricating oil from engine /respective assembly i.e., material, which is used up and needs continuous replenishment such as engine oil, gearbox oil etc. but excluding fuel.

11. Tyres Secure

This covers the repair & replacement expenses arising out of accidental loss or damage to tyres & tubes only, without any damage to the insured vehicle, resulting in the bulge, puncture, burst, cut, or damage as specified below. Unused tread depth will be the basis of indemnity under this coverage as specified in the policy.

12. Consumable Expenses

This add-on covers the cost of consumables required to be replaced/replenished arising from the accident to the insured vehicle. Consumable for the purpose of this cover shall include engine oil, gearbox oil, lubricants, nut & bolt, screws, distilled water grease, oil filter, bearings, washers, clips, break oil, air conditioner gas and items of similar nature excluding fuel.

13. Roadside Assistance

This addon will cover the repair & towing assistance like service for flat tyres, flat batteries, repair on the spot, spare key, key retrieval / Service for Keys Locked Inside, Fuel Support (Emergency Fuel Delivery), arrangement of alternate vehicles and emergency towing assistance.

img Two–Wheeler Insurance

Two-Wheeler Insurance is also known as Motor Insurance (Two-Wheeler). The primary objective of Two-Wheeler Insurance is to provide financial protection to the vehicle owner against:

  1. a) Physical damage to his/her own vehicle or bodily injury resulting from traffic collisions of vehicles, and
  2. b) Payment for any Third-Party Liability that could arise from incidents in/through the vehicle

Vehicle insurance may additionally offer financial protection against

  1. a) Theft of the vehicle
  2. b) Damage to the vehicle sustained from events other than traffic collisions, such as

(i) Deliberate destruction or damage of the vehicle,

(ii) Weather or natural disasters, and

(iii) Damage sustained by colliding with stationary objects

Types of Two-wheeler Motor Insurance Coverages

  1. Third-Party Insurance / Liability Only Insurance
  2. Own Damage Insurance
  3. Comprehensive Insurance

This policy covers all types of vehicles plying on public roads such as: –

  • Scooters & Motorcycles

Package or Comprehensive Policy: Some Add On Products which you can opt for with Two -Wheeler Insurance:

1. Return to Invoice (RTI):

In this coverage, the financial shortfall between the amount you receive for loss or damage to the vehicle and the purchase price of the vehicle as confirmed in the invoice of sale OR the current replacement price of the new vehicle (in case the same make/model is available), whichever is less is covered under total loss. The company will also pay the first-time registration charges and road tax which was incurred on this two-wheeler.

2. Depreciation Allowance:

In this coverage, the amount of deprecation deducted on the value of parts replaced is covered under the own damages claim, under section 1 (own damage) of the policy. However, claims under depreciation cover will be limited to a maximum of the first 8 claims during the entire period of insurance. This cover is also available with deductible options of Rs.250, Rs.350 & Rs.450 with a suitable reduction of premium rate.

3. Additional Third-Party Property Damage Cover:

It provides additional protection against third-party property damage which is over and above what is covered under the policy. The maximum limit of one claim or series of claims arising out of one event /occurrence will be Rs.16 lacs. The additional limit offered to any insured for this add-on cover will be over and above standard coverage of Rs. 1 Lac and will go up to Rs. 16 Lacs in multiples of Rs.50,000.

4. Emergency Medical Expenses:

In the unfortunate event of an accident, the insurance company will reimburse emergency medical expenses incurred for the treatment of bodily injury/injuries sustained by the insured (policyholder)/driver/occupant in a hospital/nursing Home and reasonable ambulance charges for shifting the injured from the site of the accident to the hospital/ nursing home along with the cost of supporting items such as crutches, wheelchair, artificial limbs, etc. up to a maximum amount of Rs. 5,000 or 5% of the Sum Insured opted, whichever is less.

5. Additional Personal Accident Cover to Owner Driver:

In the unfortunate event of an accident resulting in death and injury to the owner-driver, this cover provides additional Personal Accident cover, in addition, to the coverage provided under the policy. The additional limit offered to any insured for this add-on cover will be over and above the standard coverage of Rs.15 Lacs.

6. Additional Personal Accident Cover to Unnamed Persons:

In the unfortunate event of an accident resulting in death and injury to any person driving the insured vehicle or travelling as an occupant, they will get protection for an additional amount in addition to the coverage provided under the policy. The additional limit offered to any insured for this add-on cover will be over and above standard coverage of Rs.1 Lac and will go up to Rs.15 Lacs.

7. Roadside Assistance:

This add-on will cover the repair & towing assistance like service for flat tyres, flat batteries, repair on the spot, spare key retrieval, fuel support (emergency fuel delivery), arrangement of alternate vehicle and emergency towing assistance.

img Commercial Vehicle Insurance

Commercial Vehicle Insurance is also known as Motor Insurance (Commercial Vehicles). The primary objective of Commercial Vehicle Insurance is to provide financial protection to the vehicle owner against:

  1. a) Physical damage to his/her own vehicle or bodily injury resulting from traffic collisions of vehicles, and
  2. b) Payment for any Third-Party Liability that could arise from incidents in/through the vehicle

Vehicle insurance may additionally offer financial protection against

  1. a) Theft of the vehicle
  2. b) Damage to the vehicle sustained from events other than traffic collisions, such as

(i) Deliberate destruction or damage of the vehicle,

(ii) Weather or natural disasters, and

(iii) Damage sustained by colliding with stationary objects

Types of Commercial Vehicle Insurance Coverages

  1. Third-Party Insurance / Liability Only Insurance
  2. Own Damage Insurance
  3. Comprehensive Insurance

As per the Motor Vehicles Act, of 1988, it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties because of accidental death, bodily injury, or damage to property.

This policy covers all types of vehicles plying on public roads such as: –

  • All types of commercial vehicles: Trucks, Tippers, Trailers, buses, 3 Wheelers, JCBs, Ambulances, etc.

Package or Comprehensive Policy: Some Add on Products which you can opt for with Commercial Vehicle Insurance:

1. Personal Accident Cover

If you don’t already have a PA cover, you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury or death of the owner-driver in case of an unfortunate accident.

2. Legal Liability

This cover has you protected against any legal liability that arises against you due to an injury caused to your employees/someone who works for you.

3. IMT 23

This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.

4. Electrical Accessories

This cover is for those who have fitted any electrical accessory in their vehicle, which is not a part of the manufacturer’s model, this will cover those accessories.

5. Non-Electrical Accessories

If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover those accessories during damages and losses.

6. Special Exclusions & Compulsory Deductibles

Upon every loss, there will be a certain amount which you will have to pay as your share of the loss called the compulsory deductible. This will also in turn help reduce your premium. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnets, side part bumpers, headlights, and paintwork if your vehicle is completely damaged.

img Personal Accident

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.

Personal Accident insurance provides financial coverage against unforeseen events arising due to accidents which may result into:

  • Accidental death
  • Permanent total/ partial disability
  • Accidental dismemberment
  • Medical expenses/ hospitalization charges, ambulance charges
  • Daily Expenses related to treatment.

Benefits

  • Family security
  • No requirement for medical tests and documentation
  • Substantial coverage at a lower premium
  • Worldwide coverage
  • Both individual and family plans are available
  • The easy and certified claim process
  • 24×7 support service
  • Legal and funeral expenses are covered.
  • Child education benefit
  • Double indemnity for demise/ impairment while travelling on public transport.
  • Availability of customizable plans

Exclusions

However, a personal accident insurance plan does not cover injuries or death arising due to the below reasons.

  • Natural death
  • Pre-existing disability or injury
  • Childbirth or pregnancy
  • Suicide or self-injuries
  • Non-allopathic treatments
  • Influence of intoxicants
  • Committing a criminal act or being involved in war activities, suffering from a mental disorder.
  • Participating in the naval, military, air force, adventurous or sports activities
  • Childbirth or pregnancy

Types of Personal Accident Insurance:

  1. Individual Accident Insurance
  2. Group Accident Insurance

img Travel Insurance

Travel Insurance is a type of insurance that covers different risks while travelling.

Travel Insurance is usually taken for international travel, and the cover starts from the day of travel till the time the traveller reaches back to India. Taking Travel Insurance ensures comprehensive coverage in case of any emergency in another country. It is also available for trips taken in the home country of the traveller, but it is a more popular option for travel abroad.

Types of Travel Insurance:

  • Travel Insurance including USA & Canada
  • Travel Insurance Rest of the World
  • Corporate Travel Insurance
  • Student Travel Insurance
  • Individual (other than students) Travel Insurance

Regular Coverages:

  • Baggage loss/Loss of personal belongings
  • Theft/burglary of bags or personal belongings
  • Loss of passport
  • Trip cancellation or delays
  • Medical urgencies/Accidents
  • Death of the insured person
  • Disability of the insured person
  • Hijack
  • Emergency evacuation
  • Missed connection/departure.
  • Bounced airline/hotel booking.

Exclusions:

  • Pre-Existing Conditions- a Major Exclusion
  • Dental Treatment
  • Mental or emotional disorders
  • If travelling to avail medical procedure abroad
  • Pregnancy and childbirth
  • Exploring an accident-Prone Area Willingly
  • Adventurous Sports
  • Some of your Personal Items in the Bag
  • Bad weather
  • Rush Minute Changes

War, Commotion, War-like Situation

img Home Insurance

Home insurance is known by several names – house insurance, property insurance, building insurance, or homeowners’ insurance.

A home insurance policy offers protection to the structure and its contents of the house in the event of any physical destruction or damage incurred to the house or its contents. The damage or loss may either be caused by humans (theft, burglary, strike, riot, terrorism, etc.) or/and because of natural calamities (flood, storm, landslide, earthquake etc.).

  • Building/Structure: In home insurance, building refers to the physical aspect of your house.
  • Content: Content refers to the articles and things in your house. (e.g. Home belongings like appliances, furnishings, furniture, gadgets, or jewellery).

Home insurance is an insurance policy that covers the costs and damage to your home or any insured property. It is a form of property insurance and one of the several types of general insurance products.

Benefits & Features of Home Insurance:

  • You can get comprehensive coverage for both content and structure of your house.
  • Purchase the right home insurance plan and stay tension free from any unforeseen damage.
  • Purchasing home insurance can help the insured go through the rebuilding process quickly.
  • People who do not want to buy a comprehensive home insurance policy can buy a Fire Insurance Plan that will offer cover against perils like fire, flood, earthquakes, lightning, storms, etc. Nevertheless, it would help if you did not forget that a comprehensive house insurance plan offers much more coverage.
  • A home insurance policy provides coverage for valuable items such as jewellery, paintings, etc.

Home Insurance Policy Tenure:

Coverage Policy Tenure
Building Structure only 1 to 10 Years
Home Contents Only 1 to 5 Years
Building Structure and Home Contents 1 to 10 Years

Types of Home Insurance:

  1. Standard Fire and Specials Perils Policy
  2. Household Structure Insurance
  3. Public Liability Coverage
  4. Personal Accident
  5. Thefts and Burglary Insurance
  6. Contents Insurance
  7. Tenants Insurance
  8. Landlord’s Insurance

Exclusions:

  • Regular Wear & Tear
  • Depreciation
  • Loss of Cash
  • Damage caused by War, invasion, or Act of a foreign country.
  • Damage caused by Nuclear War
  • Damage due to Electronic Equipment due to Over-running
  • Damage due to volcanic eruption
  • Any pre-existing damage
  • Breach of law with criminal intent
  • Any kind of wilful negligence or misconduct
  • Radioactive substances, toxic, explosives

img Cyber Fraud Insurance

Cyber fraud Insurance, in the given context, is insurance cover which protects the insured person (Insured Beneficiary) against any direct financial loss caused due to unauthorized digital financial transactions.

An unauthorized digital financial transaction means any electronic transaction/transfer from the Insured Beneficiary’s account done fraudulently to a Third Party’s account.

Various Important Terms

  • Unauthorized Digital Financial Transaction shall mean electronic transaction/transfer from the Insured Beneficiary’s account to a Third-Party account consequent upon Identity Theft, arising out of the below perils (as opted by the Insured/ Insured Beneficiary).
  1. a) Cyber Attack(s)
  2. b) Phishing/Spoofing E-Mail and/or Messages and/or Links and/or telephonic calls
  3. c) SIM Jacking
  • Identity Theft

Identity Theft means any fraudulent or dishonest access to, usage, deletion, or alteration of the Insured Beneficiary’s Personal Data by a Third Party.

  • Cyber Attack

Cyber Attack means a targeted intrusion into the Insured Beneficiary’s Computer System:

  1. which results in the transmission of unauthorised Data to the Insured Beneficiary’s Computer System or from the Insured Beneficiary’s Computer System to a Third Party’s Computer System that is designed to modify, alter, damage, destroy, delete, record or transmit information without authorisation, including Data that is self-replicating or self-propagating, or is designed to contaminate other computer programmes or legitimate computer Data, consume computer resources or in some fashion usurp the normal operation of a Computer System.
  2. To obtain unauthorized access or use of the Insured Beneficiary’s Computer System. A targeted intrusion is an intrusion, or a series of intrusions specifically directed against the Insured Beneficiary. A series of intrusions are intrusions using the same weakness of Computer Systems or using the same malicious programmes or codes.
  • Phishing/Spoofing:

Phishing/Spoofing is the attempt to obtain, inter alia, sensitive information of Insured Beneficiaries such as usernames, passwords, and card details, (and sometimes, money), often for malicious reasons, by masquerading as a trustworthy entity in an electronic communication.

  • SIM Jacking:

SIM Jacking happens when a third party replaces a sim card issued to the Insured Beneficiary by a registered telecom service provider, without his/her knowledge and consent.

  • Direct Financial Loss shall mean unrecoverable loss of funds.
  1. Belonging to the Insured Beneficiary held in his/her Bank account/accounts of the Payment System Operator and/or
  2. Lien created on the Insured Beneficiary in his/her Bank account/account of Payment System Operator.

Exclusions:

  • Any transactions involving physical money/cash/currency or currency equivalent, including withdrawal of money from ATM.
  • Direct financial loss because of physical loss/theft of the card, phone, laptop or any other device
  • Gross negligence in taking precautions to safeguard the Insured Beneficiary’s, Personal Data
  • Cyber extortion loss
  • Direct financial loss as a result of fraudulent or dishonest conduct of the Insured Beneficiary

Other

Types of Individual Insurance
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