HNIs get exclusive bouquet of insurance in life, general segments

A customer wanted to cover accidental damages caused by his pet as it was as close as his child to him. Tata AIG General Insurance then customised the policy and endorsed it for the damage caused by the pet excluding scratching and chewing.

Similarly, they faced an incident where an antique chandelier fell and was a total loss. Even after trying hard they still could not find and replace the same piece, so they settled the complete claim in cheque Share Market Astrology

High net-worth individuals (HNIs) are no longer required to buy regular insurance from companies. Beginning from health insurance, life insurance to several general insurance products, an array of specialised products are now being made available for the customers.

Insurers have also begun to have separate categories of products only for meeting the needs of HNI clients. Tata AIG General Insurance through its Private Client Group offers specialised and all round lifestyle insurance protection to affluent personalities.

Last month, Bajaj Allianz launched 'Elite Assure', which is a participating plan that comes with a Guaranteed Maturity Benefit (GMB) chosen at the inception of the policy and the premium amount is calculated based on that amount. Here, the minimum GMB is set at Rs 5 lakh and the minimum premium is Rs 50,000 Indian stock market astrology prediction

Insurers say that HNI customers usually include policies that have a much higher sum assured and comprehensive coverage. In health, for instance, they also look for high sum insured policies covering critical illness & accidental injuries or providing unique cover for instance cost incurred for Air Ambulance.

Gunjan Ghai, SVP & Head Marketing & Product Development. SBI General said that while in motor, they cover all high-end cars including Rolls Royce, health has specific covers for HNIs which have no sub-limits and additional features with few conditions at time of claims.

SBI General has Arogya Premier Policy, which is exclusively designed to meet special healthcare requirements of HNIs. With wider medical coverage option Personal Numerology

HNIs can avail the best medical treatment from top medical experts. This policy does not require any pre-policy medical test up to the age of 55 years for people with no medical history. It also covers ambulance charges including air ambulance up to Rs 1 lakh.

Similarly, to meet the needs of the HNI segment, Bajaj Allianz in its home insurance segment also insures gym equipment for HNI customers who have bought their policy. Baja Allianz also has Healthcare Supreme for HNIs and it has also covers air ambulance. The insurer has seen highest demand for covers for jewellery, works of art, curios among others.

Sasi Kumar Adidamu, Chief Technical Officer- Non Motor Insurance, Bajaj Allianz General Insurance said that they have in the past sold covers for private jets, high-end bicycles to cover for curios and famous works of art to its HNI customers Stock Market Trading Tips

"We have observed that this segment of customers are better informed about insurance and the coverages that they are seeking. For instance, when it comes to home insurance policies they look for comprehensive covers which encompasses not only electrical gadgets or furniture but also for each and every item in the house," he said.

Life insurers are not behind. Niraj Shah, Director - Marketing, Strategy and Products, PNB MetLife said that they have a portfolio of products like MetLife Smart Platinum (ULIP), MetLife Dhan Samriddhi (Single Premium) which offer high sum assured along with investment options based on HNI requirements. "We are shortly introducing an innovative term plan to also meet the requirements of our HNI clients," he explained Himanshu Tiwari Astrologer

MetLife Smart Platinum is a market linked product, is bundled with an investment strategy that incorporates an 'event-based auto-rebalancing' feature to ensure better risk management besides optimizing returns. The flexibility offered to the customers by Met Smart Platinum allows them to make top-up investments apart from allowing partial withdrawals in case the customer needs emergency liquidity of funds. Similarly, they also have MetLife Dhan Samriddhi, which is a single premium, unit-linked plan with premium starting from Rs 2 lakhs.

All HNI-related product are offered in a separate bouquet by insurers like Tata AIG. HNIs and their families are the exclusive focus of Tata AIG Private Client Group (PCG). This includes providing protection to complex homes, collection of Fine Arts & Valuables (Paintings, Sculptures, Antiques, Artifacts, Jewelry & other Collectibles) and High end cars Share Market Astrology