Published in Mint on 14th June 2018. Written by Kapil Mehta About seven years ago, a 65-year-old gentleman visited me. After paying premium for eight years, he had been informed that his medical insurance would not be renewed. Despite having read the contract, he missed noticing the clause that restricted the maximum age to 65. […]
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Public liability policy gets triggered only after insured person gets a legal notice
Published in Mint on 4th June 2018. Written by Abhishek Bondia. I live on the third floor of a DDA flat in New Delhi. Recently one of the pots that I keep on my terrace fell down on the second floor. Though no one was hurt, my neighbor on the second floor is alleging that […]
Policy nominee needs to show valid ID, address proof
Published in Mint on 28th May 2018. Written by Abhishek Bondia. We found a life insurance document among the papers of my grandmother who passed away recently. What documents will we need? —Parakram Verma To make a death claim, you will need to submit the death certificate issued by the municipal corporation, along with the […]
Q&A: Insurers are likely to decline life cover or increase premium for diabetes patients
Published in Mint on 14th May 2018. Written by Abhishek Bondia. I have type II diabetes and want to buy life insurance to protect my dependents. What are my options and what would be the premium? My family consists of my wife (40 years old) and son (10 years old). —Satish Bhowmick Insurers underwrite life […]
Q&A: It’s difficult to take cashless cover from two insurers for same claim
Published in Mint on 30th April 2018. Written by Abhishek Bondia Is it possible to get cashless coverage from two insurers simultaneously? —Ravi B. When the sum insured gets used up in one insurance policy, you can claim the balance amount from the second insurer. The second insurer will insist on the final claim settlement […]
Four reasons why Indians buy such little general insurance
Published in Mint on 16th April, 2018. Written by Kapil Mehta. Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International […]
Sum assured of riders and extent of cover tends to be less than in standalone policies
Published in Mint on 8th April 2018. Written by Abhishek Bondia. Should I buy a term plan with riders, or should I buy all the insurance separately? Buying a combined product is convenient. If I take different covers, it means more work. —Rahul Sethi A life insurance policy offers several riders such as critical illness, […]
It is easier to change payment frequency of a life insurance policy than annual date
Published in Mint on 26th March 2018. Written by Abhishek Bondia. I am 43 years old and have a pet African macaw (a parrot). They have a lifespan of over 50 years in the wild. It is currently 5 years old. Is it possible to make that parrot a beneficiary of my life insurance policy? […]
No-claim bonus is not applicable to third-party liability premium or add-on coverage
Published in Mint on 18th March 2018. Written by Abhishek Bondia. I have just bought a car, in which the dealer offered free insurance as a benefit. When I saw the insurance later, I saw that it had a few add-ons that are useful but that I may not want to buy when I renew […]
Standard term insurance covers only death, but some also provide terminal illness benefit
Published in Mint on 12th March 2018. Written by Abhishek Bondia My father is 58 years old. He had term insurance with a policy term till 60 years of age. Last year he suffered an accident and has been hospitalized since then. The doctors are now saying that he is brain dead. Can we file […]