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What is Corporate Insurance?
Corporate insurance in different forms is a must for most companies. Whether it is fire insurance, group insurance policies for employees or insuring the machinery in your office, it plays a vital role in the smooth functioning of any business. Be it a large corporate entity or a small business-man, it is crucial that one identifies the insurance solutions that protects the business from slowing down or coming to a halt.
What is Corporate Insurance Premium Calculator?
Corporate Insurance means insuring the financial risk involved while operating the Corporate. The Corporate might meet with any damages, accident or may be lost or stolen. In such a situation the losses borne by the owner may be compensated by the insurance company if the same is covered under auto insurance policy. Under the provisions of Auto Vehicles Act all the vehicles, which are operating in public places should have a Corporate insurance policy at least to cover third party liability as specified under the Act. It means that the Corporate insurance must cover the third party in case of any accident. It may or may not cover the damages of the owner of the Corporate.
Who Should BuyCorporate insurance?
Corporate insurance is a must-buy for a person
- who is the bread earner of the family
- who has major financial responsibilities such asCorporateren's education or wedding expenses to be incurred in the future
- who doesn't have sufficient savings or investments but wants to safeguard financial sustenance of his family
- who has debts such as a home loan
Eligibility Criteria to buy Corporate Insurance Plan
General eligibility criteria for buying Corporate Insurance are -
| Parameter | Remarks |
|---|---|
| Citizenship | Indian (NRIs & PIOs can also purchaseCorporate Insurance plans from various Indian insurers) |
| Medical Tests | Most insurers require you to undergo certain medical tests. |
| Tobacco consumption | Both smokers & non-smokers are eligible to buy. |
| Documents | Buyer must possess basic KYC documents. |
Best Corporate Insurance Plan In India in 2023
These are a few of the best Corporate insurance plans available in India. You can get various Corporate insurance comparisons on MyInsuranceClub.
Max Life Smart Corporate Plan
HDFC Life Click 2 Protect
ICICI Prudential iProtect Smart
Sampoorna Raksha Supreme Instaprotect
Smart Protect Goal
Mera Term Plan Plus
Kotak e-Term Plan
DigiShield Plan
What are the types of Corporate insurance plans in India?
Types of Corporate Insurance Policies
Liability policies
This covers the cost arising due to the damage caused by your vehicle to a third party. It could another vehicle or another person and this insurance component is mandatory by law. You are not supposed to ride a bike on the roads if it does not have third party insurance cover.
Commercial and Industrial
This cover provides cover against damage to other vehicles, people and the damage caused to your vehicle also. The cost of repairs of your motorbike will also be taken care of. It is recommended that you purchase a comprehensive Corporate insurance policy.
Group policies
Decreasing term insurance is a type of term life insurance with the cover decreasing over the life of the policy at a predetermined rate. If you want your life insurance to cover a temporary financial liability, you can purchase a decreasing term plan.
TROP - Term with Return of Premium
TROP pays back the total annualized premium excluding taxes at the end of the policy tenure if the insured survives.