General Insurance: Bhargav Dasgupta

Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance answers your queries

I recently bought a flat in resale in Borivali and will be moving in it with my husband by year-end. Our jobs require a lot of travelling; hence, I am planning to buy a house-holder policy. How much should it be covered for and is covering the contents enough?

You should opt for a comprehensive home insurance policy that covers the structure of your flat, as also its contents. The policy would provide cover for your flat against fire, electric short-circuit, floods, earthquake, burglary, etc. The sum insured for the structure should be equivalent to the cost of reconstruction. You can choose a cover in line with the market value of your belongings. In case your husband and you tend to simultaneously travel for durations exceeding 30 days, you should check with the insurance company if the policy will continue to remain in force during these long trips. This is because home insurance policies generally don't cover perils in case the house is left unoccupied for more than 30 days.

Can a home-policy be extended? I might go abroad for three-four months to live with my son. Will the policy go waste in such a case or can it be extended for the period we are not here?

In case the house is self-owned, you should choose a comprehensive home insurance policy that will cover the structure of your house and its contents. While the policy cannot be extended beyond the expiry date, it is crucial that you have the home insurance policy during the period of your international travel, as that is when the house and contents are exposed to the maximum risk. At the same time, please intimate your insurance company about your travel schedule.

I am 36 and work with a private firm in Hyderabad. I have a four- year-old daughter. Should I buy a family floater or stick to individual health covers? My wife is a housewife and diabetic. My annual income is Rs 8 lakh.

You should opt for a family floater policy, as it will be more convenient for you to manage a single policy instead of multiple ones. In addition, the premium charged for a family floater is less compared to individual health covers. However, considering your wife is diabetic, the acceptance of the proposal for providing cover to her would depend on the underwriting guidelines of the company you approach.

The views expressed are the expert's own. Send your queries to yourmoney@bsmail.in