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Demystify Personal Insurance Hangout – Queries and Answers (II)


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 query that was submitted to us during and before the Hangout, along with the answer to each.

This is Part 2 of the list.

For Part 1, click here.

Q. When will motor policy wordings open up, cover all, look the same, and ensure unidimensional pricing?

- Nikhil Bharadwaj
@tweepolopus

A. Motor insurance policy is already detariffed. We have many add-on covers such as depreciation cover, engine protector, roadside assistance etc. apart from the normal cover.

 

Q. Does personal accident policy have worldwide coverage?

- Archit Srivastava
@architsrivas

A. Yes. The personal accident policy has worldwide coverage.

 

Q. Is there any option where I can restrict my premium payment for lesser number of years than the duration of policy?

- Ujwal ‏
@UjwalAdiga

A. Our policies are normally for 1 year. You can take short-period policies also as per the terms of the insurance company.

 

Q. Do any health insurance policies cover the treatment for existing disease also?

- Nilashis
@myselfnilashis

A. If your proposal is accepted after medical check up, few pre-existing diseases may be covered after 4 years of continuity of the policy with us.

 

Q. If I have two health insurance policies, can I make claims through both?

- Best Since Day One™
@PinkCitySaint

A. It will be subject to the contribution clause (both policies will pay in proportion of their sum insured), if the claim is less than the combined sum insured of both the health insurance policies.

 

Q. Are there any tax benefits with personal accident insurance?

- Archit Srivastava
@architsrivas

A. No. There are no tax benefits with personal accident insurance.

 

Q. If someone has health issues already, are they eligible for health insurance policies?

- Best Since Day One™
@PinkCitySaint

A. You can always fill the proposal form and undergo medical tests. The insurance company will provide you with their terms for coverage.

 

Q. Is the premium calculation fixed or is it fluctuating?

- Best Since Day One™ ‏
@PinkCitySaint

A. It depends upon different policy terms and coverages.

 

Q. My parents are residing at New Delhi, while I am here in Kolkata. Can I cover all of us in one heath policy?

- Nilashis
@myselfnilashis

A. Yes. One health policy can cover everyone.

 

Q. In case of personal accident insurance, do I need to undergo medical examination?

- Archit Srivastava
‏@architsrivas

A. No. You do not need to undergo medical examination for personal accident insurance.

 

Q. Does health insurance policies cover diagnostic charges like X- ray, MRI or ultrasound?

- Nilashis
@myselfnilashis

A. Yes, if these tests are part of the treatment for which you are hospitalized.

 

Q. I have rented out my property but I would like to insure it. What cover would you recommend?

- Nilashis
@myselfnilashis

A. You can go for building cover under my home or fire and allied perils policy. Long-term home insurance options are also available.

 

Q. Can we expect to see a Dual Cover Policy from @BajajAllianz which will cover me for Mediclaim and personal accident insurance?

- Jayalaxmi Pawse
‏@jayalaxmipawse

A. Yes. Our Health Care Supreme Policy covers both Mediclaim and personal accident insurance.

 

Q. What is meant by cashless hospitalization in case of my health insurance policy?

- Nilashis
@myselfnilashis

A. The insurance company pays directly to the hospital in case you are hospitalized for more than 24 hours and are admitted in a network hospital of the insurance company.

 

Q. Who can I name as beneficiaries/nominees in my insurance?

- Ujwal
@UjwalAdiga

A. It is your choice. You can name your legal heir or your parents, spouse, etc.

 

If one is referred to other hospital for better treatment, does the policy count it?

- Best Since Day One™
@PinkCitySaint

A. Yes. The policy will take it into consideration.

 

Q. What’s the difference between casualty insurance and disability insurance?

- Archit Srivastava
@architsrivas

A. Both terms are covered under personal accident policy.

 

Q. Can I claim income tax benefit for paying premium towards personal accident insurance?

- Jayalaxmi Pawse
@jayalaxmipawse

A. No. You cannot claim tax benefit for personal accident insurance.

 

Q. Does buying a policy through online medium have added advantage?

- Archit Srivastava
@architsrivas

A. Convenience, and in some cases, you may get better rate as well.

 

Q. Is the policy a cashless one? Are there any situations where cashless hospitalization can be rejected?

- Best Since Day One™
@PinkCitySaint

A. Our health insurance plans are cashless. Cashless request can be rejected if there is a doubt about the cause for which the hospitalization has happened or for some other technical reason.

 

Q. Can I get full refund of premium if I cancel my policy within the free-look period?

- Nilashis
@myselfnilashis

A. Yes. If you cancel the policy within the free-look period, you can get a full refund.

 

Q. What is the maximum amount of personal accident insurance anyone can opt for?

- Jayalaxmi Pawse
@jayalaxmipawse

A. Generally we provide maximum coverage of 100 times the monthly salary for death only, 60 times in case of rider and 24 times in case of comprehensive cover in a personal accident policy.

 

Q. How can we upgrade our existing insurance policy?

- Archit Srivastava
@architsrivas

A. It depends. You can get an upgrade of the sum insured in the same policy by portability in other company or by buying a new policy altogether.

 

Q. What is the difference between group or individual insurance?

- Archit Srivastava
@architsrivas

A. Group policies are taken by the employer to cover their employees and are generally tailor-made to their needs. Individual policies are those which are available for individuals on stand alone and standard terms basis.

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:25 Jun, 2014

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