Can I buy a 10-year home insurance policy for my newly constructed house over a plot of land?
— Saurabh Mishra
Yes, you can. The cover will insure the structure of the house and its contents, including furniture and fixtures, against fire and other perils. The cover for the structure can be for 10 years, while that for the content would need to be renewed every five years. You can avail of an additional burglary cover to insure the contents of the house.
Are gold ornaments kept inside bank locker insured by the banks? If not, then how can one go for such an insurance?
— Manish Agarwal
No, gold ornaments that you store in your bank’s locker are not insured. You can insure such jewellery by availing add-on covers available under certain home insurance policies, such as an ‘All Risk cover’. This cover provides coverage for gold ornaments and other valuable jewellery outside the residential premises, including that kept in the bank locker.
As I plan to buy a new car, can I transfer my existing car insurance to the new car and will there be any problem at the time of selling my old car?
— Bhuvesh Singh
Yes, you can transfer the insurance policy on your existing car to the new car for the balance period of the policy subject to adjustment of premium (refund or additional premium payable as applicable). You would need to ensure that the buyer of your old vehicle gets it insured immediately and that the registration card of the old vehicle is transferred to the new owner.
For a foreign travel insurance, do I have to take the cover separately or will it be factored in the air ticket and hotel bookings?
— Vijit Jain
Travel insurance cover is not a part of your air ticket or hotel bookings. You need to purchase the cover separately prior to the travel. You can purchase this cover through the website or mobile app of the travel insurance company, at anytime and anyplace as per your convenience. You can also buy it through the insurer’s branches or agents. Alternatively, you can buy travel insurance through the travel tour operator’s or airline’s website while buying flight tickets.
I stay in Mumbai and plan to travel to Rajasthan for two weeks in November. Should I take a family travel insurance cover?
— Arshad Perwez
Yes, you should purchase a travel insurance cover for the trip. Travel insurance covers not only medical contingencies but also various trip-related contingencies, such as personal accident, baggage loss, trip delay, trip cancellation and interruption.
You can purchase a travel insurance policy while booking your flight through the airline or travel portal or your travel agent. You can also purchase the cover through the website or branch of the insurance company.
How should I select a health insurance as there are so many of them in the market? Should I opt for a floater or individual covers for a family of four people (my wife and I and two kid below 10 years)?
— Balaji Shah
It is advisable that you opt for a comprehensive family floater health insurance policy for the entire family. This is because you can claim for medical expenses incurred on treatment of any of the family members insured under the policy. The premium should be lower compared to insuring each member separately through individual health insurance policies.
A family floater cover offers several benefits, including OPD cover (for treatments that do not require hospitalisation), wellness services, etc., apart from covering the regular hospitalisation expenses associated with a medical treatment. For choosing the right policy, you should evaluate factors like the features of the policy, claim track record of the company, network of hospitals empanelled, value added services provided, etc.
The writer is executive director, ICICI Lombard General Insurance
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