Business continuity
Keyman Insurance
Help your business manage the financial impact of losing a person whose skills, leadership or relationships are essential to its success. The business takes life cover on a key person and receives the benefit after a covered death.
Who it can help: Businesses that depend on key employees, directors or partners.
Cover at a glance
- The business arranges the cover, pays the premium and receives the insured benefit.
- Helps offset financial disruption following the death of the insured key person.
- Claim proceeds can support recruitment, training and business continuity.
What to check: Keyman cover is life insurance. Eligibility and the cover amount depend on the insurer’s assessment.
Sources: Tata AIA — Keyman insurance ↗ (opens in a new tab) · HDFC Life — business insurance ↗ (opens in a new tab)
Loan & family protection
Mortgage Redemption Insurance
Loan-linked life insurance can help reduce the repayment burden on your family if the insured borrower dies during the cover period. Mortgage redemption cover usually reduces according to an agreed schedule as the loan is repaid.
Who it can help: Home-loan borrowers who want to protect their family against an insured loan liability.
Cover at a glance
- Benefits help meet the insured loan liability after a covered death.
- Reducing cover follows a benefit schedule; some loan-protection plans also offer level cover.
- The cover period can be selected to align with the loan, subject to the plan’s terms.
What to check: This is life-based loan protection, not cover for damage to the building. Compare the benefit schedule with your loan balance, especially after interest-rate or repayment changes.
Sources: HDFC Life — Group Loan Suraksha ↗ (opens in a new tab) · LIC — mortgage redemption scheme (PDF) ↗ (opens in a new tab)
Third-party claims
Liability Insurance
Help protect your business against covered claims from third parties for injury, property damage or professional errors. The appropriate type of liability policy depends on your activities, the advice you provide and the products you supply.
Who it can help: Businesses, professionals, manufacturers and service providers exposed to third-party claims.
Cover at a glance
- Public liability can address covered third-party injury or property damage.
- Product liability can address covered claims arising from products supplied.
- Professional indemnity can address covered professional errors or omissions.
- Legal defence costs and compensation may be covered within policy limits.
What to check: Different liability risks require different policies. Public liability does not insure damage to your own property.
Sources: ICICI Lombard — liability insurance ↗ (opens in a new tab) · ICICI Lombard — public liability ↗ (opens in a new tab)
Projects & equipment
Engineering Insurance
Protect construction projects, installations and operational equipment against covered sudden or accidental damage. Engineering policies address different stages, from civil works and plant installation to machinery already in use.
Who it can help: Contractors, project owners and businesses that rely on machinery or equipment.
Cover at a glance
- Contractors’ All Risks insurance for civil construction projects.
- Erection All Risks insurance for plant and machinery installation.
- Machinery Breakdown insurance for eligible damage to operational equipment.
- Contractors’ Plant and Machinery insurance for covered construction equipment.
What to check: Wear and tear and gradual deterioration are generally excluded. Check the specific policy for design or workmanship exclusions and any separate delay cover.
Sources: ICICI Lombard — engineering insurance ↗ (opens in a new tab) · ICICI Lombard — Contractors’ All Risks ↗ (opens in a new tab)
Individual & family support
Personal Accident Insurance
Receive financial support when a covered accident results in death or disability. Depending on the policy and options selected, additional benefits may help with accident-related medical expenses.
Who it can help: Individuals seeking financial protection for themselves and their dependants against accidental injury.
Cover at a glance
- An accidental death benefit for the nominee or eligible beneficiary.
- A benefit for permanent total disability caused by a covered accident.
- Accidental hospitalisation expenses may be available as an optional cover.
- A hospital daily allowance may be available, subject to the chosen policy.
What to check: Accident-only protection does not cover illness-related death or disability. Check the disability definitions and optional benefits in the policy wording.
Sources: ICICI Lombard — personal accident insurance ↗ (opens in a new tab)
Digital risks
Cyber Insurance
Get financial support for covered cyber incidents. Personal plans can address online fraud and identity theft, while business policies can address data breaches, incident-response costs and third-party liability.
Who it can help: Individuals using digital services and businesses handling customer data or operating online.
Cover at a glance
- Personal plans may cover eligible unauthorised online transactions and identity theft.
- Business policies may cover liability arising from security or privacy breaches.
- Forensic investigation and data restoration costs may be covered.
- Eligible business interruption losses may be included in business cover.
What to check: Personal and business policies provide different protection. Selected sections, claim reporting deadlines, limits and exclusions apply.
Sources: HDFC ERGO — personal cyber insurance ↗ (opens in a new tab) · ICICI Lombard — business cyber insurance ↗ (opens in a new tab)
Goods on the move
Transit Insurance
Protect goods against covered loss or damage while they travel between locations. Marine cargo insurance can cover inland and overseas journeys by road, rail, air or sea, according to the agreed transit.
Who it can help: Traders, manufacturers, importers, exporters and others responsible for goods in transit.
Cover at a glance
- Single-transit cover for an individual consignment.
- Open policies for recurring shipments, subject to declarations and policy terms.
- Options for domestic shipments, imports and exports.
- Protection against selected transport risks such as fire, collision or overturning.
What to check: Delay, unsuitable packing, ordinary leakage and inherent deterioration are common exclusions. Confirm the insured route, goods and transit conditions.
Sources: ICICI Lombard — transit insurance ↗ (opens in a new tab) · ICICI Lombard — marine insurance ↗ (opens in a new tab)
