Multiple coverages in one policy - quite convenient.

Many a times, I have wished that there was one insurance policy which offers me multiple coverage like mediclaim, personal accident, personal liability, critical illness and so on instead of taking multiple policies and keeping track of it. Every time I take any one of these protection covers, I end up paying a bare minimum premium of 3 to 4 thousand.

Mediclaim as we all know and own is a must in the present time of sky rocketing health care cost and a case of critical illness can wipe away our entire lifetime savings. Like wise, personal accident policy with disablement cover is also become a must with improved safety features and options of today's motor vehicles. Third party liability was  unknown  in the 80's and 90's, but with increasing legal awareness among the general public, this has started becoming a nightmarish reality.

All of us wants to safeguard our lives, the comfort and security of our family. We know there are insurance covers which offer us  ways to do the same. And may a times, we would have made inquiries into the details of these insurance covers only to back out at the last moment hearing the premium that we have to pay.

Imagine having all the above mentioned covers and more combined into one policy! Yes, now there are products in the market which have multiple covers like mediclaim, personal accident, liability, critical illness, education grant, household contents, travelling baggage covers and so on.

One of the leading private general insurance company offers a multiple package policy which has 8 sections from which the insured can choose. Depending upon the nature of the cover that an individual prefers, he can choose any three or more of these covers. These 8 sections include,

1. Health Guard(Mediclaim) which protects the policy holder and family family in case of serious accident or major illness, by providing cashless benefit and medical reimbursement for hospital expenses.
2. Hospital Cash section which provides daily cash allowances during the period of hospitalisation.
3. Critical illness section pays a lump-sum amount  to the insured once he/she is diagnosed with a critical illness.
4. Personal Accident section provides coverage against accidental death, Permanent Total Disability (PTD), Permanent Partial Disability (PPD) and Temporary Total Disability (TTD) to the insured person.
5. Education Grant section pays the sum insured towards continuing the education of the deceased's surviving child/children  in case of an accidental death or PTD of the insured person.
6. Public Liability section protects you against legal liability for bodily injury or damage to property of a third party.
7. Household contents section covers the losses incurred due to an actual or attempted burglary or housebreaking.
8. Travelling Baggage section covers your personal baggage while travelling anywhere in India, with respect to accidental loss, destruction of, and damage to the same.

If you are a 35 year old, and you are opting for Mediclaim of Rs. 1.5 lakhs, critical illness cover of Rs. 2 lakhs, Personal accident cover of Rs. 5 lakhs and an education grant of Rs. 5 lakhs, the total premium payable would only come up to Rs. 4620 plus taxes. There are different sum insured options under each section and can be chosen as per your requirement. This product allows each individual to vary the covers and benefits based on their priorities and the premium payable is comparatively low if you were to take these covers separately.      

Individuals between the age of 18 and 65 years can be insured with children between the age of 6 and 25 years as dependants. There are certain policy conditions similar to the individual policies.

Don't you think it is time to take  a second look at all those individual policies you hold? Club the covers together and enjoy the benefits of lower premium and lesser paper work.