General Insurance: Bhargav Dasgupta

I have a personal loan of Rs 1 lakh and a car loan of Rs 3.2 lakh, which will continue till November 2013. I don't want my wife to repay if something happens to me. Will a personal accident cover help? What does it cover?
Yes, a personal accident cover will help in covering the loans to the extent of the sum insured. The policies primarily cover death or permanent total disability due to an accident. This cover is a minimum requirement when it comes to security against loans. In addition, a policy covering critical illness can also be considered for a rider, which insures against nine major medical illnesses on first diagnosis. Many insurance companies provide a packaged product where the sum insured is paid as a single lump sum. Such policies will enable you or your spouse to clear the loans and focus on treatment and recovery in case of an unforeseen event.

I want to take a health insurance policy for my family. What is the age limit for doing so? I want to get my eye operated. Will it be included? Also, is homeopathic treatment covered?
The maximum entry age for the senior-most member to be covered in a family policy is 60. You can get an eye operated after being continuously covered for two years. Many insurance companies offer policies that allow coverage for any medical expense (including homeopathic treatment) incurred on an out-patient basis.

The writer is MD & CEO, ICICI Lombard General Insurance Company. Views expressed are his own. Send your queries at yourmoney@bsmail.in