* I plan to take a second health insurance cover. Should I go for individual cover or a floater policy? I already have individual cover from a government insurer.
– D Kashyap
As a customer you should be clear at your end whether you want to buy an individual or a family floater health cover. Family floater policy covers your family, mostly self, spouse, dependent children and dependent parents under a single sum insured. Floater policies are very efficient in terms of price and handling for renewals and claims. It is a cost-effective option which offers a floater sum insured which can be utilised by anyone in the family and are suitable for younger families with members having low health risk. Individual health insurance policies are expensive as compared to floater policies and are suitable for older families or families where the health risk is high. Do make sure that the sum insured is adequate and does not require revision anytime soon.
* In a health plan, can I claim for doctor’s fees and medicine expenses?
All mediclaim policies offering coverages for pre and post hospitalisat-ion expenses, provide reimbursement of medicine expenses along with medical tests and doctor’s fees subject to terms and conditions of policy. Expenses incurred within 30 to 60 days before hospitaliSation and between 90 to 180 days post hospitaliSation are covered. Some mediclaim policies also offer coverage for OPD treatments.
* Can I port my car insurance as I am not satisfied with the current insurer?
As per Irdai norms, portability option is available only for health insurance policies. However, you can switch to another insurer at the time of renewal or cancel your existing policy and buy a new one. On producing an alternate car insurance policy, the current insurance company will refund premium on pro-rata basis for remaining policy period.
* Since I will be abroad for two years, can I take two-year motor insurance?
—Dilip K Gupta
Currently none of the insurers in India are offering long-term policies for cars. A few insurers are offering long-term cover for two-wheelers, which can be insured for two or three years.
The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to email@example.com