I have medical insurance from my company and will retire next year. Can I continue with it after retirement by paying the premium every year?
– Pradeep Tara
Yes, you can continue by converting your group health insurance into individual policy only with the same insurer. In case of retirement the employee cover shall be discontinued from the group cover along with his family if covered. Some insurers offer the coverage for such employees under their retail health policies, with all the continuity benefit accrued by insured under Group Mediclaim policy. In such scenario the insured continues to enjoy the benefits under health insurance cover without any break. You need to check with insurance company for the continuity benefits available, else you will have to serve the entire waiting period of the individual policy, this clause may vary from one insurer to the other.
I am buying an iPhone and the dealer is selling me an insurance for the phone. Is it advisable?
Yes, it is advisable to get your iPhone insured. Mobile insurance provides cover against damage to the internal workings of the phone due to water spillage, hardware failure, fire, damage due to malicious intent, loss of mobile due to burglary or theft, screen cracks, etc. It depends on your habits and hobbies how likely you are to lose or damage your phone. You can get the iPhone insured directly from insurance companies also. The insurance cover will provide compensation for loss of the gadget subject to depreciation. Make sure your iPhone gets insured within 15 days of purchase as some insurers may not insure your phone after that.
If I change my car insurance company, will the new insurer come and do a physical verification of the car and will I get the no claims bonus?
It is not necessary for new insurance company to conduct an inspection unless you are insuring your vehicle before the expiry date of current policy. Also, you are entitled to a No Claim Bonus (NCB) subject to no claim reported in the previous policy period and produce the proof in the form of renewal notice or previous policy copy and if there is a gap of not less than 90 days from the day on which your policy has expired to the date on which you are renewing your policy subject.
The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to email@example.com