When travelling abroad, what is more important — a health cover or a travel cover? How do I choose between the two when travelling in India?
Currently, all overseas Mediclaim policies have an in-built health cover, besides travel inconvenience benefits like baggage loss/ delay, passport loss, etc. Hence, there is really no choice that the customer needs to make, except which is the most comprehensive cover.
One should also check how strong and reliable are the insurance companies and assistance companies abroad, which need to be contacted when any assistance is needed.
Domestic travel policies do not have in-built sickness cover, hence a specific policy may be taken by the insured as per his/her requirement.
My daughter is getting married in November and I would like to buy a wedding insurance. What all does it cover? Will it also cover her jewellery? What documents will be required for both?
Some insurers offer wedding insurance, covering risks like cancellation and postponement, damage to the property at venue, personal accident to the bride or groom, burglary, public liability and so on.
As the coverage would differ from company to company, it would be prudent to check with various insurers before finalising policy.
Jewellery in the context of wedding insurance can be covered under burglary cover of such policies. Jewellery otherwise can also be covered under All Risk Policy and Householder Policy.
Generally, insurers ask for a list of jewellery to be covered with their respective values. It is advisable to get the jewellery valued by an approved valuer to avoid any dispute regarding the value.
Is it better to buy an individual health plan or a family floater policy? What are the disadvantages of a family floater policy?
It is ideal to cover all members in the family. There are two different types of family coverage.
a) A single sum assured is shared by all family members.
b) Individual sum is assured for each family member
It is preferable to buy a plan that offers individual sum assured for each family member as this helps to offer complete coverage amount to each member in the family in case of hospitalisation or diagnosis of a critical illness.
A family floater, on the other hand, makes the entire family share one sum assured. In case of an accident where all or many family members may be hospitalised, a family floater may be insufficient.
I bought LG's fully-automatic, front-loading washing machine for Rs 21,000. It comes with an annual maintenance warranty, covering the machine against mechanical breakdowns. Should I still include it in my householder's policy?
The cover in your householder’s policy is for fire, theft and burglary which is not covered under an extended warranty. Hence, you should cover your washing machine under your householders’ policy if you need coverage against the risks mentioned above.
The writer is the MD and CEO of Tata AIG General Insurance. The views expressed are his own. You can send your queries to yourmoney@bsmail.in
