General Insurance: Gaurav Garg

If an insured car is stolen and found in a damaged condition, can one still submit a claim? What is the process for claiming insurance in such cases?
The claim for such a vehicle has to be made in the same way as any other claim. The owner must ensure that the theft is intimated to the insurance company immediately. Post intimation, the insurance company will carry out a survey and accordingly allow repairs.

If one does not make any claim in a year, will heshe have to pay a lower premium in the subsequent year or does he get a no-claim bonus. How are the two calculated? How much difference will it make to the premium? In case of a bonus, how can I use it?
If a motor insurance policyholder does not make a claim in a year (365 days), heshe is entitled to a no-claim bonus that helps himher reduce the own damage premium paid next year during policy renewal. There are slabs for the percentage of no-claim bonus for each claim free year, which vary between 20-50 per cent. In a compact vehicle such as Santro, the impact on the premium reduction is Rs 1,200 in the first claim free year.

What does the term deductible mean in an overseas travel insurance policy? Will I have to pay the deductible each time I am hospitalised or visit a doctor?
The term deductible, unless specifically defined under the policy contract, means the amount of expenses to be paid by an insured person for each claim arising out of new events, before the policy benefit becomes payable. The deductible is applicable for each claim separately, arising out of new cause of incident/sickness. However, if the insured has to visit the doctor for the same ailment/claim several times, as a continuous treatment, only one deductible will be applicable.

I have a health insurance policy and a critical illness rider. If I am diagnosed with a critical illness, can I claim for the same illness from both covers provided under the policy?
A health insurance policy with a critical illness rider is a fixed benefit policy. Hence, the benefit is payable under both covers, according to the terms and conditions, and the coverage limit provided under the policy. However, health insurance cover will be triggered/payable only if you get hospitalised for minimum 24 hours with or without critical illness. The insured can claim for the critical illness benefit and hospitalisation benefit for the same illness, subject to the terms and conditions, under a policy.

I have a learner’s driving licence. If I drive a car and meet with an accident, will any damage to the car be covered under a comprehensive motor insurance policy?
The Motor Vehicle Act allows driving of the vehicle by an individual holding the learner’s license, provided heshe is accompanied by someone with a permanent driving license on the front seat. Also, the vehicle must display the ‘L’ mark in the front and rear of the vehicle in legible size and red ink. In case the vehicle meets with an accident whilst driven by a person holding the learner’s licence and the above two conditions are met, the same is covered by the insurance policy.

The writer is the managing director and CEO of Tata AIG General Insurance. Send your queries to yourmoney@bsmail.in