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General Insurance: Gaurav Garg

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Now that we can port our health insurance plans, what could be the problems?
The process is customer-friendly and has time-bound action once a request for porting is received. Some factors that one needs to be aware of to avail a good experience of porting are:

  • One must request for porting their policy at least 45 days prior to their existing policy's renewal date. 
  • Portability applies to the waiver of pre-existing conditions and time-bound exclusions that are common to the old and the new plan being opted for. 
  • Any additional benefits or coverage in the new policy would follow its own waiting period. 
  • Portability can be denied if ones age is not covered by the new insurer's product or if the health/claim status of the policyholder has changed.

While a third-party cover is compulsory, why do insurers insist on a comprehensive cover? Won't it be more expensive?
Comprehensive the loss or damage to the vehicle, apart from the third party liability coverage. This loss or damage may occur due to perils listed in the policy such as theft, accidental damage, flood, earthquake and so on. The cost of comprehensive insurance is higher on account of additional cover provided to the vehicle, which is not there in the third party cover. The choice of going for a comprehensive cover instead of a third party one lies with the customer, based on their perception of exposure to risks mentioned above.

I am going abroad next year. I plan to carry a high-end camera, laptop and so on. Will the cover loss of these?
The mentioned gadgets are normally part of the exclusion under travel insurance. Most insurers would not cover loss of gadgets while on a trip abroad, as part of standard pre-underwritten policies. However, these can be covered in India for the risk you mentioned under an all risk policy.

This provides coverage worldwide and is usually a customised policy that can be created for HNIs and ultra-HNIs.

The writer is the MD and CEO of Tata AIG General Insurance. The views expressed are his own. Send your queries to yourmoney@bsmail.in

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