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? […]
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Insurers generally issue limited coverage policy for used items
Published in Mint on 8 December, 2015, Written by Abhishek Bondia My family consists of me (32), my wife (30), my father (64) and my mother (60). I am looking for a health insurance plan for all of us. Should I go for family floater or separate policy for myself and my wife, and a […]
IRDAI bows before the Delhi High Court
Published in Mint on 21st March 2018. After being chided by the Delhi High Court for turning a blind eye to how insurance companies are misusing the exclusion clause of genetic disorders in health insurance policies, the Insurance Regulatory and Developing Authority of India (Irdai) has asked insurance companies to remove genetic disorders from the […]
Life insurance policies issued in India have worldwide coverage
Published in Mint on 15 December, 2015, Written by Abhishek Bondia Will my life insurance policy be in force when I travel abroad? —Kajal Sayal Yes, life insurance policies issued in India have worldwide coverage. So, if a policyholder dies while travelling abroad, the nominee will be eligible to get the benefits under the 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 […]
Health insurance premiums may increase with your age
Published in Mint on 22 December, 2015, Written by Abhishek Bondia My motor insurance policy expired three days ago. Will I get all the carry-on benefits of my old policy? —Ankit Gupta Once the motor insurance policy expires, a new one is generally offered by the insurer only after completion of satisfactory inspection. This involves […]
More Indian companies taking cyber insurance cover
Published in The Times Of India on 15th March 2018. BENGALURU: The ransomware attacks over the past two years has significantly increased Indian companies’ desire to take cyber insurance. Gurgaon-based Secure-Now, an insurance brokerage and risk advisory firm that works with companies in the e-commerce and mobile wallets space, said it saw a 200% increase […]
Keyman policy death benefit is treated as income and taxed
Published in Mint on 30 December, 2015, Written by Abhishek Bondia I am considering investing money in a start-up. I have been advised to buy a Keyman insurance. How does it work? —Anshuman Gulati In an early-stage company, success depends upon the founders. If they die, your investment can get wiped out. That’s why investors […]
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 […]
Save tax under section 80D on preventive health check ups
Published in Mint on 5 January, 2016, Written by Abhishek Bondia I was told that I can reduce my tax outgo if I were to do a preventive health check up. Is this correct? —T.P. Das The income tax rules allow for deduction under section 80D of Income-tax Act, 1961 for preventive health check-up. The […]