General Insurance: Bhargav Dasgupta

I am 29; my parents are 63 and 56. I want to buy health insurance plan(s) for my parents. Should I buy individual plans for both or a family floater that can cover all three of us? Also, what are the main features a health cover must have?
Family floater health policies are preferred, given the convenience of managing a single policy for multiple members. However, they generally calculate the premium amount based on the age of the seniormost member. Given the age difference between you and your parents, you should compare the premium charged by a family floater with the amount applicable in case of an individual plan for each member before deciding on one.

In terms of the features, you should select a comprehensive policy that covers outpatient expenses (OPD) in addition to the regular hospitalisation benefits, so as to take care of your regular health treatment needs. You should also understand the servicing capability of the insurer, especially in terms of speed of claim settlement and ensuring a hassle free experience.

How is student travel insurance different from foreign travel insurance?
A foreign travel insurance policy is applicable for any individual travelling abroad on a holiday, to visit relatives or for official purpose. A student travel insurance policy, on the other hand is specifically intended for students travelling abroad for higher studies and who need to comply with the specific requirements of international universities.

In addition to the medical and trip-related covers available in a foreign travel insurance policy, student travel insurance offer additional cover such as bail bond, study interruption, injuries during inter-collegiate sports and so on.

Additionally, a student travel insurance policy remains in force for a longer duration, that is, for the entire tenure of the course opted for and is offered specifically to students in the age band of 16 to 35 years. Foreign travel insurance, though, is available for a wider age group - from three months to 85 years.

I am 62 and I booked my first car last week. Will I get a car insurance cover? If yes, will it be priced higher than usual because of my age? I will be driving the car.
You can definitely purchase a car insurance policy irrespective of your age as long as you possess a valid driving license. Secondly, most insurers do not use age as a factor for pricing hence you should not be charged higher premium on this basis.

The views expressed are expert's own. Send your queries to yourmoney@bsmail.in
Bhargav Dasgupta, MD & CEO of ICICI Lombard General Insurance, answers your questions