 "<b>Readers' Corner:</b> Rakesh Jain")
We had applied for a health insurance floater cover for my father-in-law and mother-in-law from a standalone insurer. However, the insurer denied my father-in-law, 54, a policy. If my mother-in-law is issued a policy, would my father-in-law be covered under a family floater plan?
The insurer might have denied your father-in-law a policy due to some adverse medical condition or parameters not adhering to the company's internal underwriting norms. If the insurer issues your mother-in-law a policy, she would be covered as an individual, not through a floater policy. For your father-in-law, you can approach other insurers, as underwriting guidelines may vary across companies. While applying for insurance, it is important you declare all the health details of your father-in-law.
My daughter would get married by the end of this year. The marriage would be held in a lawn/open ground. I am planning to buy a wedding insurance policy. What are the risks covered by such a policy? Are there add-on covers I should buy? Would the policy cover theft and burglary of the bride's jewellery?
Yes, there are companies that offer wedding insurance policies, including theft and burglary of jewellery. The primary risks covered by these policies are:
1) 'Event cancellation', which covers cancellation or postponement of the wedding ceremonies due to 'fire and allied perils', earthquake, burglary, theft, death of the named person(s) and an injury rendering the named person(s) incapable of appearing at the insured event. The objective of this is to pay for the expenses incurred on printing cards, advances for the venue, catering, decorations, music, hotel rooms and travel bookings, if the event is cancelled.
2) Physical loss or damage caused to shamiana or pandal and hired sets or decoration, including jewellery, precious metals & stones and appliances due to standard 'fire & allied perils', including earthquake, burglary and theft. One must ensure the 'sum insured' or the cover opted for and the costs declared are enough to cover the actual financial loss. These costs should be declared during the proposal and accepted by the insurer. In case of loss, you would have to produce the bills/valuation certificate for proper claim assessment.
The insurer might have denied your father-in-law a policy due to some adverse medical condition or parameters not adhering to the company's internal underwriting norms. If the insurer issues your mother-in-law a policy, she would be covered as an individual, not through a floater policy. For your father-in-law, you can approach other insurers, as underwriting guidelines may vary across companies. While applying for insurance, it is important you declare all the health details of your father-in-law.
My daughter would get married by the end of this year. The marriage would be held in a lawn/open ground. I am planning to buy a wedding insurance policy. What are the risks covered by such a policy? Are there add-on covers I should buy? Would the policy cover theft and burglary of the bride's jewellery?
Yes, there are companies that offer wedding insurance policies, including theft and burglary of jewellery. The primary risks covered by these policies are:
1) 'Event cancellation', which covers cancellation or postponement of the wedding ceremonies due to 'fire and allied perils', earthquake, burglary, theft, death of the named person(s) and an injury rendering the named person(s) incapable of appearing at the insured event. The objective of this is to pay for the expenses incurred on printing cards, advances for the venue, catering, decorations, music, hotel rooms and travel bookings, if the event is cancelled.
2) Physical loss or damage caused to shamiana or pandal and hired sets or decoration, including jewellery, precious metals & stones and appliances due to standard 'fire & allied perils', including earthquake, burglary and theft. One must ensure the 'sum insured' or the cover opted for and the costs declared are enough to cover the actual financial loss. These costs should be declared during the proposal and accepted by the insurer. In case of loss, you would have to produce the bills/valuation certificate for proper claim assessment.
Rakesh Jain
Chief Executive Officer of Reliance General Insurance
Chief Executive Officer of Reliance General Insurance
Views expressed are the expert's own. Send you queries to yourmoney@bsmail.in