top of page
CKP

Why Money Insurance is must!

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.


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:

  1. The maximum liability of a company for a loss (single carrying limit)

  2. Approximate amount that may be in transit during a year

  3. 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:

  1. Cash or cash equivalent in transit

  2. 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:

  1. The New India Assurance Co. Ltd

  2. Bharati AXA

  3. L&T Insurance

  4. United India Insurance Company Ltd.

  5. SBI General Insurance

  6. HDFC Ergo

  7. ICICI Lombard

  8. Oriental Insurance Company Ltd.

  9. 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.

1 рджреГрд╢реНрдп0 рдЯрд┐рдкреНрдкрдгреА

рд╣рд╛рд▓ рд╣реА рдХреЗ рдкреЛрд╕реНрдЯреНрд╕

рд╕рднреА рджреЗрдЦреЗрдВ

Holi and the Importance of Insurance

Festive Tales: How Insurance Brokers Safeguard Diwali Celebrations

The Tale of Ganesha's Insurance Blessing

уВ│уГбуГ│уГИ


bottom of page