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Introduction
 
Ques. I am 33 years old and have a medical insurance. I plan to go to the US for higher studies. I am not sure if I will come back to India. However, if I discontinue my policy now and happen to come back to India after two years, I will lose the benefits accrued on my current policy. What should I do?
Ans. You are right. Choice is yours.

It is better to retain policy as you may need hospitalization when you are in India for holidays during this 2 years period.
Ques. My father and I are going to visit the US. Our travel insurance covers medical expenses too but it is from a company in India. If something were to happen to us in the US, how would we invoke the policy? Do Indian firms have offices in countries where they provide a cover?
Ans. Indian Insurance Companies have arrangements with companies in US as well as in other countries. You should not worry- you will get service everywhere in the world. Keep your policy handy during travel as it has helpline phone numbers. When you call helpline number you will need the policy number details to proceed further.
Ques. I bought a car in 2009. Now my car insurance renewal is due. My agent says that the insured declared value (IDV) of my car has not changed since last year. He is not able to explain what it is. Can you please explain what IDV is and how is it calculated. What impact will it have on my policy?
Ans. The relevance of IDV is realized in the event of total loss/ theft of the car. Various surveyors/ insurance companies come out with IDV list for every model/ make. Its IDV valve as mentioned by you should change – it should go down. By saying that value has not gone down may be that agent is trying to make some extra money. You may send details to Ria Insurance Brokers Pvt. Ltd. and they will tell you what is the correct IDV for you car.
Ques. I recently brought a 20-year-old independent house. Considering the age of building, the insurance company I approached has refused to insure my house. Can insurance companies do so? What should I do?
Ans. Insurance company should not refuse insurance of old building unless and until it is so old that it may collapse – anytime due to heavy rains/ floods or even minor earthquake. You can approach another insurance company and they will most probably insure it.
Ques. Can I port my home insurance policy to another insurer or will I have to wait till the term gets over? Will I get a refund from the old one?
Ans. It is better to wait till term gets over and there you should change the insurance company.
Ques. My motor insurance is due for renewal. My car is now almost eight years old and I am planning to sell it. Will there be any problem while selling a car if there is no insurance?
Ans. You must have valid 3rd party insurance. Otherwise there can be difficulty. If I am the buyer then I will not buy any car without 3rd party insurance because if it was involved in any accident in the past then I will be put to difficulty.
Ques. My uncle, who is 40 years old, recently went through an open heart CABG operation. We had assumed that his public health insurance policy would cover the entire cost. We were informed at the last minute that only hospitalization cost would be covered with some conditions. Is there a plan that covers all the cost involved in such a complex procedure?
Ans. Yes- large numbers of products are available which will cover the cost involved in such a complex procedure. Your uncle will not be covered for this disease/ ailment under the new policies as now CABG is a preexisting disease. It is always better to buy right health insurance when you are healthy. It is not possible to buy right health insurance when you have a disease/ ailment especially like CABG. Your uncle has to be prepared for spending a lot out of own pocket.
Ques. I have a health cover of Rs 3 lakh from Star Health. I want a top-up policy Rs 5 lakh. Please suggest some good options?
Ans. You have choice of United India Vs Star Vs Bajaj Allianz. This is subject to Star policy being in place for many years and that too without any claims.
Ques. I have heard that deafness is genetic and many private health insurance companies don’t cover children for several critical illnesses. I would like to know if there is a health plan that can provide medical relief to my child to cover doctor’s check-up expenses etc. Also is there a critical illness plan which can cover deafness if ever my child was to face it?
Ans. Children born with diseases are not covered. Policy is issued to a new born baby when he/she is 90 days old.

No insurance company will cover you child. Critical illness plan does not cover deafness. Under personal accident policy – deafness of 1 ear or 2 ears (due to accident) can be covered and under this the insured gets one time lump sum payment.
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ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai   more........
 
Upcoming Seminar
ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai
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