General Insurance: K K Mishra
My father, 63, is a cardiac patient; he suffered his first heart attack three years ago. What things should I keep in mind when I buy health insurance for him?
It is ideal to buy a health insurance policy when one is young and healthy. This ensures any medical condition/disease diagnosed over a period of time is covered under the plan from the beginning. In this case, any heart-related ailment might be considered as an exclusion from the coverage or be covered only after a continuous claim, free coverage of four years.
Important aspects to be considered before buying a health insurance policy:
- Comprehensive coverage: As the customer is 63 years, his age should include hospitalisation, surgical, day care procedures, ambulance, organ donor expenses and so on.
- Critical illness: As he has already been diagnosed with a critical illness, complement the above base coverage with a critical illness policy/rider.
- Comparison of benefits: Co-pay may be applicable for senior citizens. However it is ideal to check and compare the co-pay applicable so as to transfer the maximum risk possible to the insurer.
- Pre-existing disease coverage: After a specific period of two or three or four years and transparent coverage norms.
- Whole life coverage: Coverage to be renewable for whole life, irrespective of health status or claims status. And, there should be no premium loading on claiming.
- Claims experience: Claim settlement process to be seamless and turnaround times in case of cashless or reimbursement claims fast.
- Renewal benefits: A plan with renewal benefits like health check-up regularly or cumulative bonus so that medical inflation can be taken care.
My daughter is getting married in June. It will be taking place outdoors, as we have rented a lawn. Do you think I should consider insuring the pandal and other items that will be available in the open. How necessary is it?
Yes, you should consider buying an event insurance policy, as it provides extensive coverage including personal accident, postponement or cancellation of an event, and damage to property at the venue.
The coverage offered varies from company to company and it is prudent to check various insurers before finalising a policy. One quality of this cover is that, it can be personalised to a customer’s need. Thus, the policy scope can be widened to include risks such as an ailing relative or food poisoning if the quality of food is suspect. The policy can also cover the bride and groom if either cannot make it on time due to an unforeseen event.
Today, K K Mishra, the CEO of Tata AIG General Insurance, answers your questions
The views expressed are writer’s own. Send your queries to yourmoney@bsmail.in