Get complete information on Package Insurance
Package insurance includes a number of risks under one policy. There are certain insurances which are included under package in the beginning of the policy or during the currency of policy. The householders’ insurance, shopkeepers’ insurance all risks cover and social security scheme.
(i) Householders’ Insurance:
The householders’ insurance policy is designed to cater to the requirements of the householder by combining under a single policy a number of contingencies which are otherwise covered separately.
The policy covers are building of class ‘A’ construction; burglary, housebreaking, larceny or theft; all risks; plate glass; breakdown of domestic appliances; T.V. set; pedal cycles; baggage insurance, personal accident and public liability.
The policy does not cover inter-alia loss or damage by war, civil war and the like, depreciation, wear and tear, consequential loss etc.
The damage to building against fire, lightning explosion of gas in domestic appliances, bursting and overflowing of water tanks, apparatus or pipes, aircraft or articles dropped there from, riot and strike, earthquake, malicious act, flood, inundation, storm, cyclone, subsidence and landslide damage and impact damage are covered by this policy.
Jewellery and valuables against loss or damage by accident or misfortune. Legal liability upto Rs. 25,000 and damage to insured’s own property due to collapse of antenna upto Rs. 3000 under T.V. set insurance.
Public liability is pertaining to insured’s legal liability for bodily injury or loss of or damage to property of third party limited to amount specified in the schedule and workmen’s compensation liability to domestic servants.
(ii) Shopkeeper s Insurance:
The shopkeeper’s insurance policy includes fire and allied perils, burglary and housebreaking, money, insurance, pedal cycle, plate glass neon and glow sign, baggage insurance, personal accident, fidelity guarantee, public, liability and workmen’s compensation liability.
The premium rate per thousand varies from the minimum of Rs. 0.50 for public liability to Rs. 20.00 per thousand for pedal cycle. The Premium rate varies content wise.
(iii) All Risks Cover Insurance:
Personal jewellery and valuable articles are insured against loss, damage or destruction by accident or misfortune. The premium rate varies from 1.00 per cent to 1.5 per cent of sum assured.
(iv) Social Security Scheme:
A composite policy specifically designed for tribal’s had been introduced in 1985 to provide insurance cover in respect of huts, cottage industry, dwellings sheds, contents including belongings personal accident and hospitalisation.
Composite package insurance policy was also introduced for beneficiaries under District Rural Development Agency Scheme.
This policy is designed to provide all round protection to weaker sections of the society covering their residences and personal belongings from various hazards. Among the items covered by the policy are pedal cycles, electrical mechanical appliances, carts, mulch cows and working animals, fishing boats, agricultural implements etc.
Comprehensive insurance for artisans, village and cottage industries, tiny industries etc., against the fire and other perils for the plants and equipment not exceeding Rs. 10 lakhs.
From 15th August 1985, the Government of India introduced a scheme for providing social security through an insurance cover in the event of accidental death of earning members of poor families.
The scheme covers all earning members at the age group of 18 to 60 years and provides compensation of Rs. 3,000 to the dependents in the event of accidental death of any of the earning members.