Diwali is one of the biggest and most widely celebrated festivals in India. It is a festival celebrated with lights, sweets, gifts, crackers, and merriment. The festival is a week-long affair where every day has a special significance.
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Dhanteras, Choti Diwali, Diwali, and Bhai Dooj are celebrated with family and close friends. There is merriment, fun, food, and celebration all around.
Insurance on your money may sound conceited, but big businessmen often have large sums of money either in their house safes or in transit. You may be carrying huge sums of money to the bank, post office, office or any other place where the money is needed. There is always a fear of robbery or theft during such a conveyance and burglary at homes, as you may have read in the local newspaper several times. It is at such times that you might want to buy money insurance or cash insurance to protect your hard-earned money.
Benefits Of Money Insurance:
You may need to insure your cash in the following circumstances:
Suppose you are carrying cash from your bank to the factory to distribute wages to the workers. If your vehicle is waylaid and you are robbed of the money, you will have no way to get back your earnings except through an insurance payment. The police may or may not find the culprits and get your money back, but insurance is a surer way to retrieve at least a part of your money.
You may be robbed when you are carrying cash from your home or office to the bank or any financial institution for safe depositing. Money insurance ensures that you get your money back through an insurance claims.
If you have money stored in your home safe overnight or over a bank holiday, and your house is burgled, then money insurance will be helpful in getting back the amount.
If you are a banking institution and you are carrying cash to deposit in an ATM, you could be robbed. Cash insurance protects you against this loss.
The premium amounts are affordable and justifiable as protection for your cash.
The sum assured will depend on 3 main points:
The maximum liability of a company for a loss (single carrying limit)
Approximate amount that may be in transit during a year
The actual amount in transit/safe
The cash amount insured should, of course, be legitimate and declared with the Income Tax Department for you to avail of money insurance. The insurance policy has to be renewed at least once a year.
Money Insurance Covers:
Money insurance protects your cash equivalents such as:
Cash
Bank Drafts
Currency Notes
Treasury Notes
Cheques
Postal Orders
Current Postage Stamps
The money is protected in the following circumstances, against events such as robbery, burglary, theft, hold-up, kidnapping, or other unexpected circumstances:
Cash or cash equivalent in transit
Money in safe deposits in banks or on your home premises
The policy can be extended at a higher premium to include risks from fraud, infidelity of employees, terrorism, disbursement risks, and foreign currency coverage. You can also get extra protection for assault on the authorized cash-carrying person during the theft or robbery, leading to the death or disability of the person.
Money Insurance Exclusions:
The following reasons for loss of cash are usually not considered for payout claims by most insurance companies in India unless any specific event is covered under the terms of the policy:
Shortage in cash due to error or omission
Losses due to the fraud/dishonesty of the employee entrusted with the money
Losses covered by other policies
Loss or damage due to riot, strike, civil commotion
Loss or damage due to flood, cyclone, earthquake and other natural disasters, and wars and terrorism
Loss or damage due to misplaced or duplicated keys to a safe that held the cash, unless it is a case of robbery where the keys were forcefully taken
Loss because the money was given to an unauthorized person or a carrier/courier
Loss when the person insured or an employee is either the principal or accessory unless the dishonesty is discovered within 2 days
Loss when the money was being carried under a contract of affreightment
If the money was kept at home or office premises 48 hours after being withdrawn from a bank
Loss when the money was not kept in a safe or strong-room
Loss due to legal liability
The inexplicable disappearance of money
Theft from an unsecured vehicle
List Of Companies Providing Money Insurance:
The following insurance companies are among those that offer money insurance in India:
The New India Assurance Co. Ltd
Bharati AXA
L&T Insurance
United India Insurance Company Ltd.
SBI General Insurance
HDFC Ergo
ICICI Lombard
Oriental Insurance Company Ltd.
Reliance General Insurance
Feel safe in the warmth of Diwali
While a lot of traditions have undergone transformations, the season of Diwali has traditionally been an auspicious time to begin big projects. Each big dream begins with tiny steps.
How Do WE help you?
And many more benefits waiting for you.
We at CKP assist you in providing Money Insurance adhering to your needs and requirements. We do understand the importance of a swift response and also assist you in getting your claims approved in a brisk too.
Book an appointment with us to understand more about the benefits .You can reach out to us at info@ckpinsurance.in or +91 9920099273.
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