Published in Mint on 25th Nov 2014, Written by Abhishek Bondia Are newborns covered under maternity policies? What all does the insurer pay for in such policies and what are the exclusions? —Methali Most individual medical insurance plans have a minimum enrolment age of 91 days. So, newborns are not automatically covered. However, most individual […]
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No-claim bonus is linked to the owner and not the vehicle
Published in Mint on 9th Dec 2014, Written by Abhishek Bondia I plan to buy a second hand car and the owner has not renewed the car insurance. When I buy the car, should I take a new insurance plan or continue with the existing one? —Kavitha You should buy a new car insurance policy. […]
Professional indemnity cover premium depends on speciality
Published in Mint on 23rd Dec 2014, Written by Abhishek Bondia I might need a joint replacement surgery soon. Can I take an insurance policy to meet my surgery related expenses? —Vaibhav Ghosh Insurers will consider your joint replacement as a pre-existing ailment and exclude it for a few years. Many insurers also explicitly include […]
Duration of travel insurance policy can be extended
Published in Mint on 20th Jan 2015, Written by Abhishek Bondia Why should my place of residence affect the premium amount of my motor vehicle insurance? —Karthika Several insurers now charge different rates for various cities as road quality and driving behaviour vary by city. If you see underwriting practices in developed countries, the pricing […]
Voluntary abortion is not covered under health insurance
What should I do if my health claim is rejected? —M. Chourasia An insurer has to clearly specify the reason for rejection and cite the specific clause under which the claim is rejected. In case you do not agree with the insurer’s interpretation, you can challenge it at multiple forums. Typically, my first port of […]
Don’t have to declare existing insurance when buying new one
Published in Mint on 17th Feb 2015, Written by Abhishek Bondia I suffered a fire-related accident at home and was hospitalized. I have two insurance policies. How can I claim from these companies as the hospital said it will provide only one discharge form? —Karen D’Silva Most medical insurance policies are indemnity policies. You are […]
Some policies have 9 months waiting time for maternity costs
Published in Mint on 10th March 2015, Written by Abhishek Bondia Is the no-claim bonus discount transferable if I decide to shift insurers? —Pradyuman Sahay Yes, it is possible to transfer the benefit of your no-claim bonus in a portability case. The receiving insurer will give you the continuity benefit on the entire sum assured, […]
Add-on plans are better than having two health policies
Published in Mint on 24th March 2015, Written by Abhishek Bondia My car was slightly damaged in an accident. Should I make a small claim or wait to avail the no-claim bonus? —Aakash Tripathi You should lodge a claim if the potential claim receivable is more than the no-claim bonus. Typically, if the car is […]
Disclose all facts accurately in mediclaim proposal form
Published in Mint on 24th June 2014, Written by Kapil Mehta I am a 50-year-old male. I was a smoker for about 20 years, till the age of 45. Do I need to disclose this while purchasing a health cover? What effect will this have on the premium? —Puneet Ishrat Be as precise as possible […]
Claim can be rejected if a material fact is misrepresented
Published in Mint on 1st July 2015, Written by Abhishek Bondia What is a return of premium term plan (ROP)? —Karthik Shankar Pure term plans pay a benefit if the insured person dies during the policy term. There is no maturity benefit. An ROP term plan has a maturity benefit. Typically, the total premium paid […]