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About Lifestyle Insurance

A person’s lifestyle is not only defined by their way of life but also by how they have integrated certain luxury items into their lives. Hence, to ensure financial as well as lifestyle security, lifestyle insurance can be a way to secure someone’s way of living. When you buy a luxury item like a phone or a laptop, you are provided with a basic warranty for a certain period. Post that period, if that item is damaged or lost, it may incur a huge loss to the owner. This is where lifestyle insurance comes in handy. Lifestyle insurance protects a person's possessions and way of life, ensuring that unforeseen events like theft or accidents cause as little inconvenience and financial loss as possible. 

Why Do You Need Lifestyle Insurance

  • Increased Theft

Some items prone to get stolen easily are certain luxury items like eyewear, handbags, sanitary fittings, and baggage among others

 

  • Financial Loss

When items like purses or premium handbags get damaged or lost, it can be very costly to repair or replace them. With the help of lifestyle insurance plans, you can get coverage for these financial losses. In case of cancellation of an event, the lifestyle insurance plan can help you get coverage for a set premium. 

 

  • Additional Benefits

With Lifestyle Insurance Plans, you can get several add-on benefits like coverage for accidental damage of items or damage due to natural disasters. 

Types of Lifestyle Insurance at Bajaj Markets

On the website of Bajaj Markets, you will find several types of lifestyle insurance like -

 

What Are The Different Types Of Lifestyle Insurance Policies?

  • Event 

  • Luxury Items 

  • Generic Items

  • Wallet/Card

Several types of Lifestyle Insurance Plans are provided at Bajaj Markets. You may apply for a policy based on your needs. Before your final application, you must check all the benefits, features, inclusions, and exclusions of the plan. 

Key Features of Lifestyle Insurance

  • Affordable Premium

The insurance policies given under lifestyle insurance provide extensive coverage at reasonable costs. For instance, for a premium of just Rs. 599, you can get a baggage insurance plan that would provide coverage of up to Rs. 50,000 in the event that your baggage is stolen.

  • Wide Range of Products

These insurance plans are designed to provide additional coverage that is typically not offered by conventional policies. This covers a wide range of insurance products in the areas of wellness, travel, lifestyle, and health, among others.

  • Repair or Replacement

Bajaj Markets provides repair or replacement as a part of some of their plans, like Eyewear Assure Insurance. They also provide complimentary coverage on such plans. 

  • Card Blocking Facility

Different plans have the facility to block all card payments at once in case of wallet/card theft or misplacement. You can simply dial the toll-free number 1800-419-4000 and claim the insurance. 

  • Unlimited Entertainment

Certain Insurance Plans like Wallet Insurance provide additional benefits like premium subscriptions to OTT platforms at a set premium. 

How to Compare and Choose the Right Lifestyle Insurance Plan?

There are certain things that you should think about before choosing the correct lifestyle insurance plans - 

 

  • Understand your goals - Individuals may have different goals. With the aid of a proper life insurance policy, you must make plans for your lifestyle insurance objectives.

  • Calculate the amount of insurance coverage you may require - According to financial advisors, you should have lifestyle insurance coverage that is suitable for your needs. 

  • Determine the cost - The amount of premium you must pay for the necessary quantity of lifestyle insurance must be calculated before the final purchase. Find a policy that delivers the best coverage at a price that fits your budget by comparing several policies. You can find some best policies on the Bajaj Finserv website.

  • Select a comprehensive plan - Choosing a comprehensive plan with acceptable terms and conditions is crucial as several different lifestyle goods policies are available. 

Why Choose Bajaj Markets for Lifestyle Insurance Plan?

Bajaj Markets offers the best prices for lifestyle product insurance plans. It offers different insurance plans like wallet care, eyewear insurance, shoe insurance, purse insurance, watch insurance, luxury sanitary fittings insurance, handbag insurance, and much more. 

  • Trusted Partners

A variety of goods are available on  Bajaj Markets, a comprehensive online market, to meet all of your financial needs. We have teamed with prominent insurance providers to provide a one-stop shop for various lifestyle insurance plans and products.

  • Various Choices

You may look at various insurance products with Bajaj Markets that fall under the Lifestyle Insurance category.

  • Comfortable and Convenient 

Depending on your financial needs, the Bajaj Markets platform provides a simple option to buy insurance plans with flexible payment options.

  • 24/7 Service Provider

Our customer care team and experts provide 24/7 service for any kind of disruptions that you may experience. You may reach out via e-mail or call 020-71634200 for further assistance. 

Inclusion and Exclusion of Lifestyle Insurance Plan

            1.Lifestyle Insurance - Inclusions

The following list consists of all the inclusions of the Lifestyle Insurance Plans - 

 

  • Cancellation of an event due to official mourning or any kind of damages caused due to prop, set, or wardrobe malfunctions. 

  • Accidental damage of an item

  • Damage of an item due to a natural disaster. 

  • Loss of an item due to theft. 

  • PAN card replacement

  • Easy card/SIM blocking

  • Emergency travel assistance

    2.Lifestyle Insurance - Exclusions

The following list consists of the exclusions or what’s not covered under the Lifestyle Insurance Plans - 

 

  • Damage due to personal reasons/intentions

  • Wear and tear damage

  • Damage due to mechanical or electrical failure

  • Damage caused under intoxications

  • Damage due to act of terrorism

  • Damage due to pollution

  • Damage of an item that is older than the required timeline of the insurance plane.

  • Damage or cancellation of an event due to personal reasons, political disturbances, weather conditions, or government interference. 

How to Buy the Lifestyle Insurance Plan?

You can easily buy a Lifestyle Insurance Plan via the simple steps mentioned below - 

  • Click on Buy Now

Visit the product page of the insurance you wish to buy, and click on ‘Buy Now’.

  • Fill out the application form

You need to fill in the application form with the necessary details that will be required to approve the application. 

  • Pay the Premium

Once your application is complete, you can make an online payment for the premium with the flexible payment options available. 

Things to Consider Before Buying Lifestyle Insurance

There are certain factors that you must keep in mind before you buy your insurance policy –

1.     Sum Assured

The amount for which you will be insured is the most important factor to consider. The sum guaranteed must be selected prior to the start of the policy.

2.     Time of the policy

Your policy will be in force throughout this period. Different terminology can be found in lifestyle insurance plans. Your premium may be reduced the longer the insurance is in effect.

3.     Benefits

Make sure to pay attention to the policy's perks. These might be extras, conditions, etc. Before purchasing, be sure your coverage includes these advantages.

4.     Flexible

The life insurance plan needs to be adaptable. These can include giving customers a variety of payment alternatives, giving them the freedom to select their preferred payment method and time frame, etc. A policy is easier for you to modify to fit your needs the more flexible it is.

5.     Inclusions and Exclusions of the Plan

The inclusions and exclusions you are entitled to and those you cannot use are specified in a policy's inclusion and exclusion clauses. Therefore, before selecting an insurance plan, one should be clear on both of these issues.

How to Make a Claim on Your Lifestyle Insurance Plan?

When a product or service for which the lifestyle insurance policy has been bought is damaged, a claim can be made with the insurance company via - 

  • Contact Bajaj Markets via the toll-free number 1800-209-5858.

  • E-mail at bagichelp@bajajallianz.co.in

  • Visit the website and submit the necessary documents. 

Documents Required to Process the Claim

Some important documents are required to claim the insurance policy - 

 

  • Appropriate claim form that is duly signed. 

  • FIR copy if any.

  • Original bill or Invoice copy or purchased item.

Lifestyle Insurance FAQs

  • ✔️ Why should you buy a lifestyle insurance policy?

    Certain high-end products can be collector’s items for many people; since they’re expensive products, it is difficult to get them repaired if they are damaged or lost. This is why you should get a lifestyle insurance policy which will help you get a payout in case of these circumstances.

  • ✔️How do you know what the policy covers?

    Once you understand which lifestyle insurance policy suture requirements the most, you may go on the ‘know more’ button and understand what they cover and their prices.

  • ✔️Can you buy and claim lifestyle policies online?

    Yes, you can buy and claim policies online. You must fill in all the required details to buy policies and make an online payment. And if you want to claim an insurance policy, you must contact your insurance company within the first 24 hours of the accident and make an online claim.