When we hear the word insurance, we often think about the common ones that we have all encountered, like health insurance, vehicle insurance or life insurance. But, there are a few lesser known insurances like critical illness insurance and keyman insurance that could be extremely significant for you. In this piece we will discuss a few types of insurance that you don’t hear about often, but could help you as an investor, ensure that you, your family and your finances are secure in the time of any contingency. 

• Personal accident insurance:

Personal Accident (PA) insurance provides compensation to the insured party in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is taken out as an annual policy. Having personal accident insurance can provide you with an added layer of financial protection in the event of an unforeseeable accident. Your family is paid either in Lumpsum or on a monthly basis to supplement missed income.

• Cancer care insurance:

According to the National Institute of Cancer Prevention and Research, since 2012 there has been a 15.7% rise in the number of cancer cases in India. Cancer can affect anyone at any point of time, and treatment can be very expensive. It has a domino effect on the family physically, emotionally and financially. So if you have a family history of cancer, or your work conditions put you at risk, or you just want to feel more secure, purchasing a cancer care insurance plan could be a saving grace.

• Critical illness insurance:

A critical illness plan acts as a second financial buffer to health insurance. A normal health insurance policy just reimburses your hospital expenses. But Critical Illness pays a lump sum amount to the policyholder if they are diagnosed with a serious ailment such as cancer, a stroke, heart attack, renal failure or other similar conditions. So, you should take a critical illness plan in addition to an existing health insurance plan 

• Home insurance:

Home insurance provides financial reimbursement to the owner or renter of a house, in the event of damage or theft to the structure and its contents. It also provides coverage in the case of injury to a person other than the owner or renter if that person is injured on the property. 

• Keyman insurance:

If you are a business owner, then it is extremely important that you consider taking a keyman insurance policy to cover your significant personnel. A keyman insurance policy is taken out by a business for compensation of financial losses that would arise from the death or extended incapacity of an important member of that business. Losing an essential part of your workforce can take a serious toll; purchasing a keyman policy can help you secure your business while you tend to such a matter. 

• Super top-up insurance:

Your general health insurance will cover your hospitalisation and other medical expenses only up to a certain limit. Purchasing a super top-up plan will give you an enhanced coverage, beyond the threshold of your existing health insurance plan. Additionally, a super top-up plan will be your saving grace when a single claim does not cross the threshold of your existing health insurance policy, but the cumulative of all your claims crosses the limit. Furthermore, you can purchase this plan from a company apart from your current insurance provider as well.

• Dengue care insurance:

According to data from National Vector Borne Disease Control Programme (NVBDCP), the number of dengue cases in India has been steadily growing. The detection and treatment of dengue comes with several costs, which may also include hospitalisation. Dengue insurance helps you cover costs if you get diagnosed with the disease. The policy covers both inpatient and outpatient expenses, and you usually pay a single low premium annually. Since most dengue patients need only outpatient treatment, and regular health insurance usually doesn’t cover this, buying a dengue care policy can help you protect your finances, especially since the disease is becoming more prevalent. 

• Diabetes health insurance

The Indian Council of Medical Research–India Diabetes study estimated that there are 72.96 million cases of diabetes in the adult population of India. Diabetes insurance plans are specialised insurance policies that focus on providing coverage on treatments or expenses for people who suffer from diabetes. While premiums can be expensive, a diabetes specific insurance plan or rider will exceed the benefits of your base plan if you should get the disease. You should definitely consider it if you have a family history of diabetes.

• Cardiac care insurance

An estimated one in four deaths is caused by some kind of cardiovascular disease. Furthermore, work induced stress is also leading to heart related issues in younger people as well. Cardiac care policies give you a lump sum benefit for any of the covered conditions. Some plans may also cover hospitalisation and other expenses. 

Since insurance premiums can add up, you should purchase policies only per your need. As this can become an extremely complex task, you should always work with a certified financial planner while trying to identify the right types and quanta of insurance you should buy.