Today, Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, answers your questions
I live in a building that is 20 years old. The society wants to buy an insurance policy for the building. What would be the cost of doing so and what all will be insured?
Your society can purchase a fire insurance policy which covers the structure of the building, including the plinth and foundation, as well as structures such as boundary wall, stair cases, parking area and so on. It will also provide cover against damage to common utilities, that is, lift, water pumps, diesel generator sets and so on. Your society can also opt for add-ons to cover natural calamities like earthquake or acts of terrorism. The quantum of premium would depend on the cover opted for. Do note that the contents of individual flats and their interiors will not be covered under this policy and a a separate insurance cover needs to be purchased by individual flat owners for this.
I have taken a 20-year home loan. I have a life insurance cover with it. Can I also buy a personal accident cover linked to the loan?
Yes, one can purchase a personal accident cover linked to the home loan and thus, ensure complete protection for the family in the event of untimely death. The life cover would provide financial compensation to the beneficiary in case of natural death of the insured whereas the personal accident cover would be applicable in case of accidental death.
The sum insured of the personal accident cover would be limited to the loan amount. In case of unfortunate death of the insured in an accident, the proceeds of the policy would be paid to the nominee to help pay off the outstanding home loan.
I have a car which I purchased three years ago and I have not claimed against it till this time. I am buying another car soon, and I would like to claim a discount on its insurance. I do not intent to sell my first car. Will I be able to claim a discount on the insurance of the new car?
You can transfer the No Claim Bonus (NCB) earned/accumulated on one car to avail a discount on insurance of the second car. However, such transfer of NCB is allowed only on sale of the old vehicle (on which NCB has been earned) or if the vehicle is laid up (that is, if it is no longer in use). In your case, I understand that you would continue to use your first car. As such, the transfer of NCB will not be applicable.
The views expressed are expert's own. Send your queries to yourmoney@bsmail.in
