I have learnt that international travel insurance policies are mainly health insurance. Isn’t that true for domestic travel covers? What is the difference between the two?
While international travel plans cover accident and sickness expenses as a major component, these also cover accidental death and accident expenses while travelling and provide travel inconvenience benefits in case of loss of passport, baggage delay/loss and trip delay. Domestic policies normally cover only accident expenses, along with accidental death. Thes also provide travel inconvenience benefits in case of missed departure, loss of ticket and family transportation.
Are there any policies that cover household goods when these are in transit due to transfer?
The coverage of household goods in transit can be availed from Marine Insurance. All general insurance companies in India offer this cover.
How important a factor is one’s age in determining the amount of his/her health insurance? Is there any rule of thumb one can follow?
Age and sum assured influence the premium amount for the health insurance cover. Your current lifestyle and health status, existing health insurance coverage and family medical history, current earnings and family size should help you determine the coverage required. We suggest you get in touch with a financial advisor or a health insurance expert for this. It is important to have an independent health insurance cover over and above your company cover.
I, 35, am married and have a two-year old daughter. My parents (aged 60 and 65) also stay with us. I am confused if I should buy a family floater plan or individual health covers?
It is ideal to have independent health covers for each member, which is not shared. Each should have his needs covered. However, this can be very expensive.
If choosing a family floater plan, its premium will be based on the eldest member’s age. As the cover is shared amongst all family members, the policy is relatively less expensive.
If your spouse is not working and the children are small, you can choose a family floater policy for yourself, your wife and kid. If parents are also covered under it, the premium will rise, as it will be based on your father’s age. So, buy separate plans for parents. This can get you additional tax benefits of up to Rs 20,000 under section 80D for paying health insurance premiums for parents.
The writer is the MD and CEO of Tata AIG General Insurance. The views expressed are his own. Send your queries to yourmoney@bsmail.in
