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Demystify Personal Insurance Hangout – Queries and Answers (I)


Our Google+ Hangout on Demystify personal insurance aimed to clear every doubt that viewers had about personal insurance, regardless of the company offering it. However, due to time constraint, not every query could be answered live. That’s why we decided to compile a list of every twitter query that was submitted to us during and before the Hangout, along with the answer to each.

Q. How important is accidental cover in Indian scenario apart from health insurance?

- Best Since Day One™
@PinkCitySaint

A. Accidental cover is very important as it ensures your and your family’s security in times of need. It is a benefit policy, and in case of death, permanent or temporary disability, insurance companies pay the lump sum pre-agreed amount. The best part is that it is very cost effective as you get a 1 lakh death-only cover at just Rs 45/- per year.

 

Q. I have heard that most of the international universities don’t accept Indian student travel insurance. Is that correct?

- Best Since Day One
@PinkCitySaint

A. International universities do not accept policies of a few travel insurance companies with too many sub-limits and a bad track record of paying cashless claims outside. The policies of good companies, such as ours, are accepted worldwide by all universities. It is always better to check the track record of the insurance companies before buying such covers.

 

Q. When I don’t claim my personal accident insurance policy, why can’t I get a discount on my renewal premium?

- Jayalaxmi Pawse
@jayalaxmipawse

A. There are a few policies which provide discount or cumulative bonus as per the structure of their policies filed with the regulator. These terms cannot change on a customer-to-customer basis.

 

Q. If an agent handled our claim unfairly, how can we file a complaint against him?

- Archit Srivastava
@architsrivas

A. You can always write to the insurer and complain. IRDA also has a grievance cell which you can write to.

 

Q. How can I know if my insurance policy is the best tailor-made policy for me?

- Best Since Day One™
@PinkCitySaint

A. That is something only you can decide. There are many options available in the market in terms of price and a few features may differ for different policies. But the importance should be given to the service standards and claim settlement ability of the insurance company. You can write to us about your insurance needs, and we will try to provide the best-suited solution for you.

 

Q. What are the tax benefits I get if I opt for a health insurance policy?

Ujwal
@UjwalAdiga

A. As per section 80D, one can claim a deduction upto Rs. 25000/- paid as premium for health insurance. In case your parents (senior citizens) are also covered, the limit is Rs. 35000/-.

 

Q. What if someone meets with an accident in some rural area? How does the policy help then?

- Best Since Day One™
@PinkCitySaint

A. We have a 24*7 call center. You can access it from anywhere. Our customer service is equipped to handle and guide the customer as per the situation.

 

Q. Can an insured claim any amount from his insurer, regardless of the extent of loss?

-Ujwal ‏
@UjwalAdiga

A. No, the sum insured or the claim amount, whichever is less, can be claimed in normal policies. However, in benefit policies such as Surgical Protection Plan, we pay a fixed amount per surgery, irrespective of the claim cost. Same is true in case of critical illness, PA, and other benefit policies.

 

Q. Is my visa status relevant to obtain overseas travel insurance?

- Ujwal ‏
@UjwalAdiga

A. No, you can buy a travel insurance policy without having visa, but the cover starts only when you start your journey with a proper visa.

 

Q. My company gives me health insurance benefits. Do I still need to buy a separate one outside?

- Ujwal ‏
@UjwalAdiga

A. Yes. We must take a personal health insurance policy to cover our risk in case we leave the company or start something on our own. It is always better to start early so that you get maximum cover within 4 years of continuity. You can also look at having top-up cover to begin with to have a larger sum insured.

 

Q. What is Umbrella insurance?

- Archit Srivastava
@architsrivas

A. Umbrella insurance is a health insurance term used for maximum coverage under one policy. We have the Health Care Supreme Policy which covers all health-related risks, and the Star Health Policy which is a mixture of Home, PA, health, liability, money and few other covers in a single cover.

 

Q. What do I need to know while buying health insurance if I have a pre-existing medical condition?

- Sahil Tiwari
@f3rmion

A. Please read and understand the exclusions very carefully. There are few diseases which may be permanently excluded, and few others which can be covered after few years of waiting period.

 

Q. What if my claims already exceed the amount insured? Can I still ask for the claim?

- Best Since Day One™
@PinkCitySaint

A. No, in case the claims exceed the amount insured, you cannot ask for a claim.

 

Q. How do we know if our insurance contract is legal?

- Archit Srivastava
@architsrivas

A. All insurance companies, operating in India, are registered with IRDA, and they are authorized to sell products which filled with the regulator. You can always check by reading the “Terms and Conditions” of your policy before buying it. You can approach ombudsman, consumer cell or IRDA in case of any dispute.

 

Q. What is better, buying insurance online or through an insurance agent? Why?

- Jayalaxmi Pawse
@jayalaxmipawse

A. It is based on your convenience. If products are available online and you are comfortable buying online, no harm in doing so.

 

Q. How does @Bajaj Allianz ensure that a customer gets the right policy?

- Best Since Day One™
@PinkCitySaint

A. We are very focused on the training of our intermediaries and employees. They are prepared to provide the best possible solutions to customers while keeping the customer interest at highest level.

 

Q. I have a property that is normally locked. Should it be insured? If yes, what type of cover will you recommend?

- Nilashis
@myselfnilashis

 A. You can take a home insurance cover such as a building insurance for fire and allied perils.

 

Q. Are terrorism attacks covered in personal accident plan?

- Archit Srivastava
‏@architsrivas

A. Yes. Terrorism attacks are covered in the personal accident plan.

 

Q. If someone dies in a riot/stampede/animal bite, then is it considered as a part of the accident insurance claim?

- Jayalaxmi Pawse
@jayalaxmipawse

 Yes. In case of death due to any of these circumstances, it is covered under accident insurance claim.

If you are interested in our health insurance policies, please click here.

Worried about how to get travel insurance? A quick visit to our travel insurance page can help take care of these worries.

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Published on:24 Jun, 2014

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