General Insurance: Rakesh Jain

I have been suffering from Parkinson's Disease for 18 years. Though I am ready for my existing disease to be covered after three-four years, my request for a health insurance policy has been rejected by virtually every general insurance company. Is there no way I can get covered?

The purpose of insurance is to help a person reduce his financial burden in case of any sudden and unforeseen incident that might result in huge financial liabilities such as hospitalisation expenses due to a sudden illness. Hence, insurance is to be taken by a person before an incident of this nature happens. In your case, unfortunately, this incident/ health problem (Parkinson's disease) has already taken place and, hence, insurance companies might not be comfortable issuing you a policy without evaluation. However, you may approach various insurance companies and ascertain whether they would be willing to cover you subject to some conditions in the policy relating to your pre-existing disease, sum insured and so on.

I have booked a two-wheeler and I want to insure it. Are there such policies available? For a motorcycle worth Rs 50,000, how much would the premium be?
All general insurance companies insure two-wheelers. There are two components in a comprehensive two-wheeler policy, one covering own damage (of the two-wheeler) and the other covering the third-party liability. The premium for own-damage cover will depend on your vehicle registration location, make and model, as well as the age of two-wheeler. And, it is usually about two per cent of the two-wheeler's value. The third-party premium is regulated by law and is between Rs 455 and Rs 884, depending on the two-wheeler's engine capacity. You can also opt for add-ons covers such as nil depreciation, accessories' cover and so on, offered by some insurance companies. You will need to pay additional premium for the same. You may buy a two-wheeler insurance policy from a company agent or directly from the company's office or even online from its website.

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

Today, Rakesh Jain, chief executive officer, Reliance General Insurance, answers your questions