Personal Finance Queries For The Day (05-08-2019)

Mahesh, Vrindavan: I want to buy health insurance scheme (family floater plan) for my family and my current age is 32 years. Now, my question is what particular things, which I can measure before buying health insurance scheme? Does general health insurance cover accident, surgery, normal hospitalization or any specific disease?

You will need to check for coverages offered and the premium charged with respect to the coverage offered. You will also need to check for capping  if any (especially if there is any Sum Insured limit on any specific diseases), disease wise sub limits or any co-payment (sharing of the claim amount where a percentage of the claim has to be borne by the insured) in the policy, after a certain age. Also do not forget to check on the Waiting Period and what Pre Existing illnesses are covered by the product.

Yes, General Insurance policies cover accidents, surgeries, normal hospitalization and hospitalization for specific diseases, up to the extent of expenses incurred, subject to terms and conditions of the policy.

Prateek, Mumbai: I’m a  62 years old retired male, can I seek treatment at home and reimburse for it under health insurance?

Yes, treatment availed at home is covered under the Domiciliary hospitalisation cover in any policy, but the same should be advised by your treating physician/ doctor and subject to other terms and conditions in your policy.

Domiciliary hospitalization is allowed in situations where the patient can’t be admitted to the hospital,  due to certain reasons mentioned in the policy.

Vipin, Mysore: I have recently purchased a 4 wheeler, costing 10 lakh. I’m looking to buy a car insurance, what are the important things I should bear in mind ,while insuring my vehicle? Will the insurance cover damages due to water logging?

Since your vehicle will be used on road, it is at  risks of accidents, theft and natural calamities. You need an “Own-damage” cover to protect yourself and your vehicle against such risks. Besides, as per current laws, you need to ensure that Mandatory Third Party Liability is insured for the stipulated period of 3 years.

The Insured Declared Value (IDV) for the vehicle should be at least 95% of the invoice value. In case of claims arising due to any untoward incident, there are some mandatory deductions done like depreciation, consumables and policy excess.

Add-Ons that cover such deductions like Depreciation Protect, Return to Invoice, Consumable Protect, Engine Protect (to protect against loss due to water ingress in engines in water logged areas), Tyre Protect and Mandatory Excess Protect, are available on payment of an extra premium amount. You may also choose to take Roadside Assistance, for situations like vehicle stalling in water logged areas, flat tyres, dead batteries, mechanical breakdown or forgetting your key inside a locked vehicle. Covers are also available for theft of personal belongings from your locked vehicles and loss of keys.

The queries are responded by CEO Designate, Edelweiss General Insurance