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Introduction
 
Ques. I bought a term insurance plan of Rs. 50 Lakh in 2010. My salary has increased and I want the amount to be Rs. 90 Lakh. Should I buy another term plan of Rs. 40 Lakh or is there a way to increase the amount in the existing plan? Which will be cheaper?
Ans. You have no options but to buy a new policy. As there is good competition among Life Insurance Companies you can contact good Insurance Brokerage Firm and you can get a good economical product. Other terms remaining equal 2 policies is a better bet as consolidating into a new policy of Rs. 90 Lakhs may have negative point. In the event of lodging of claim for Rs. 90 Lakhs in first 3 years of new policy your nominee may face difficulty in claim settlement.
Ques. I bought four endowment plans four years ago and the total premium outgo is Rs. 60,000. I recently realized that term policies are cheaper? Should I stop the four plans and go for a term plan?
Ans. Do not do it – take long term perspective and go on paying.

If possible you can buy term insurance policy with premium of Rs. 20,000.
Ques. I paid premiums for my policy for 17 years and then stopped paying since January 2007. I would now like to pay the premium and make my policy active. How do I do that?
Ans. Approach your insurance company. They are desperate for premium. I am sure they will do something which will be in your interest.
Ques. My father gifted me a painting by M.F. Hussain 20 years ago and it must be very valuable now. How can I insure it?
Ans. Get the painting valued by a valuer (on the approved list of Insurance Company and get it insured. Contact good Insurance Brokerage Firm (Ria Insurance Brokers Pvt. Ltd – ria@surekhae.com) and they can advice you. A word of caution – you have to put in effort to get this policy. It is not easy to buy.
Ques. I have a health insurance policy that also reimburses outpatient (OPD) charges and medicines. I want to know if it will also cover homeopathy or ayurveda treatment. If not, can a special rider be taken for these covers?
Ans. Star Health covers homeopathy in post operative treatment (after returning from hospital) HDFC Ergo covers 20% of Sum Insured provided you are treated in approved Ayurveda hospital.

No you cannot take it as a special rider.
Ques. I am buying a new car. What are the types of vehicle insurance available? This is my first car and I am new to driving.
Ans. My personal suggestion is do not learn driving on a new car. Buy a second hand car, use it for 4 months and then go in for new car.
Ques. I pay an annual premium of Rs. 3.5 Lakhs for my LIC policies. Can I get these policies converted into online plans to save on the commission being paid to the agent?
Ans. Now you can not do it. For existing policies charges will be same whether you pay online/ cheque/ cheque through advisor, who sold the policy to you.
Ques. I plan to go abroad for eight months. My travel insurance policy has some mistakes in spellings and passport number, what should I do?
Ans. You must get the name/ passport number corrected as it will be used for claim settlement. You can have serious problem due to this mistake. Generally overseas Travel policy is issued for maximum period of 6 months. You should check that it is for 8 months.
Ques. I recently bought an apartment. Does it make sense to go for home insurance individually? If the whole building comes down, will the insurance company pay me individually? Or is it only the association that can go in for insuring the entire apartment?
Ans. Yes it is sensible to have home insurance which should cover

• Structure
• Contents – furniture/ clothing/ electrical appliances/ refrigerator/ Air conditioner etc.

Yes – you will be paid for sum insured by you. Your association can go in for the insurance of the structure/ common area, boundary wall, DG set, Lift etc. There can be difference of opinion among members of association as due to value addition/ renovation different flat owners may perceive different value for the flat.
Ques. My aunt (52) had taken a health policy, after getting all the required tests done. She had paid the premium regularly for the last two years. The payment falls due in mid March every year and this year, it just slipped her mind. The company also did not send any premium notice. In April, she remembered and sent the premium- while the branch manager has accepted the cheque for continuation of the old policy; the central office is adamant and wants to treat it as a new policy?
Ans. The Insurance Company is right. You have to be careful in paying premium on time. It is suggested - you should use an insurance broker firm. So that this type of problem does not occur.
Ques. My age is 38 years. I want to have Life Insurance for Rs. 25 Lakhs but I am scared of Medical examination. What is the option?
Ans. You can go in for Aviva Life Shield Advantage, which has benefit of

a) Term Insurance
b) Return of Premium on expiry of the policy

In this policy no medical examination is required for those who are in age group of 36 to 45 years provided sum assured is Rs 25 Lakhs or less.

As you are looking for sum assured of Rs 25 lakhs –your wish can e fulfilled.
  Mis- selling of policy
Ques. HDFC Standard sold me a savings assurance policy in January 2010. The monthly premium was Rs 10000 and tenure was 10 years. The premia was remitted for 16 months. Only later did I realize the information given by the company’s executive when selling the policy was false and misleading. The company has also not accepted my request for adding my daughter’s name to the list of nominees saying I already have my mother named as the nominee. The grievance cell said I should have returned the policy within 15 days of receiving the documents if I had not wanted to continue with it. Now, if I stop servicing the policy, I will lose all the money I have invested. What should I do now?
Ans. You should write to Chairman HDFC Standard and if no solution comes out then submit your grievance to Insurance Ombudsman of your state. Do not be disheartened ultimately. You will succeed.
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ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai
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