When I bought my health insurance cover three years ago, I was a non-smoker. Now I have started smoking. Do I have to disclose this to my insurance company?
– Anup Kumar
If you started smoking during the term of the policy or in your case after three years of health insurance coverage, you will have to inform the insurer and properly disclose it every time afterwards while renewing. It is a material fact which could affect the decision of the insurer and may lead to the revision of the premium. Never forget to divulge any information and disclose everything correctly to avoid dishonour of claims at a later stage.
Is it better to buy two health insurance policies so that I can claim from both the companies?
It is always better to buy a single comprehensive health insurance policy, as it offers convenience in terms of administration and ease of handling during the time of emergency hospitalisation. However, if limited coverages are offered by a single health insurance plan, it is better to buy multiple medical policies. It can be a great way to diversify across insurers and benefit from their coverages. Buying the two health insurance policy doesn’t qualify you to claim the same amount from both the insurers. Both the insurance companies will settle the claim proportionate to the sum insured of their respective policies.
As a new year gift, I want to buy personal accident cover for my maid and the driver. How do I do it for them, what should be the amount of insurance and the premium that I have to pay every year?
It is a very good decision to gift your maid and driver with personal accident insurance cover instead of giving them conventional material gifts which satisfies their temporary needs. The amount of insurance will depend on the annual income of the policyholders and the premium depends on the nature of occupation. There are some government schemes that could prove to be extremely beneficial to your domestic helpers at a very affordable rate like Pradhan Mantri Suraksha Bima Yojana available at a premium of just Rs 12 per annum.
The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to firstname.lastname@example.org