4 Insurance Covers to Protect you During a Terrorist Activity


The recent terror attacks in Paris have shaken the entire world. And once again the attacks have shown how unpredictable life is. Disasters — be it natural or man-made — can strike anyone, anywhere.

And while governments worldwide decide how to protect citizens from such incidents; there are measures that you can take to protect yourself and your family.

Though it is difficult to say when and where terrorists will attack next, you can certainly secure the lives of those who depend on you.

Here, we have outlined the four important insurance covers that you should buy to take care of the financial losses in case you are a victim of any such attacks.

Life Insurance:

It offers financial protection to your family after your demise to ensure that they continue to have a financially secured life.

Financial planners recommend that your sum assured should be at least 10 times of your annual income. If you have any other liabilities such as home loan and car loan, factor in them too and bump up your insurance cover.

At the time of taking the policy, check with the insurer whether they cover death caused due to a terrorist activity. At present, life insurance companies such as ICICI Prudential and Max New York Life Insurance cover death due to terrorism.

How to file for a claim:

Keep your nominee in the loop when you buy a life insurance policy so that they know from where to retrieve the policy documents, or the policy number.

Along with the policy certificate, insurers insist on KYC (Know Your Customer) documents and death certificate to settle the claim.

Personal Accident Insurance:

It covers all kind of losses or damages inflicted, such as death, temporary and permanent disability and bodily injuries, due to accidents, including cover terrorist activities.

To be on a safer side, buy a standalone policy rather than a life insurance rider as the premium turns out to be cheaper.

The benefit is that a standalone policy doesn’t cease with life insurance claim unlike the personal accident rider claim.

Further, standalone policies offer coverage to older people also, which is not available in a personal accident rider.

How to file for a claim:

In case of death, the insurer may ask you to submit the policy certificate, KYC and death certificate. In case of permanent or temporary disability, a doctor will have to certify the nature of disability as the compensation is paid as per their observation.

Home Insurance:

A basic home insurance policy covers your house and its contents against fire and other perils such as lightning, earthquake and flood.

It can also cover for damages to property caused by terrorist activities for an additional premium amount.

For example, Bharti AXA’s home insurance policy covers your house and its contents against any damages or losses incurred on account of terrorist activities.

How to file for a claim:

You need to submit a duly-filled form along with such details as policy number, contact details, date and time of loss, and nature and extent of loss. The insurer settles the claim after the surveyor has assessed the damages and submitted the report.

Car Insurance:

Apart from buying a mandatory third-party cover, you should buy a comprehensive cover to shield your vehicle against any damage.

Comprehensive car insurance not only covers you and your vehicle but also covers loss or damage to your vehicle against terrorist activities.

How to file for a claim:

Contact the insurance company and submit a duly-filled claim form citing your policy number and nature of loss.

Apart from covering acts of terror, a right insurance coverage can protect you against various unforeseen circumstances. So, carefully analyze your varied requirements before buying the one for yourself.

Curated from 4 Insurance Covers to Protect you During a Terrorist Activity

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