Question

Study the following case/situation and express your opinion:

Mr. Sanjay is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with his wife and 2 daughters aged 5 and 8 years:

1. Can Mr. Sanjay take a life insurance policy for his wife and children?
2. Can Mr. Sanjay take a marine insurance policy for his factories?
3. Which type of insurance should Mr. Sanjay take for protecting his factories from loss due to fire?

Answer 1

1. Mr. Sanjay can get a term or whole life insurance policy for his wife and a money-back or child insurance policy for his daughters.
2. Mr. Sanjay's industries are not eligible for maritime insurance.
3. To safeguard his plants in Pune and Nashik, Mr. Sanjay may purchase a floating fire insurance policy.