NON-LIFE INSURANCE: Ajay Bhimbet

I have gold jewellery worth Rs 3,00,000 in my bank. Can I get it insured? Under which policy will it be covered and what documents will be required?
Gold or any other jewellery can be covered under the home insurance policy. The only document required is a valuation certificate from a jeweller.

My 30-year-old daughter is physically and mentally challenged. Can I take a health insurance plan for her? Are there special health plans for such individuals? Will I get a tax benefit on them?
Any treatment related to mental condition is excluded under standard health policies. Hence, a health policy will not provide complete protection to such individuals. Generally, such proposals are likely to be declined.

As on date, there are no special health plans for mentally and physically challenged individuals. Any proposal related to cover for a physically challenged person is subject to acceptance on a case-to-case basis.

I have two medical insurance policies from different insurers. My agent told me that there is no limit on the number of health policies an individual can have. Is that true? How much coverage can an individual claim?
There is no bar on having multiple policies. However, an insured will not be allowed to gain from multiple policies by claiming the same medical expense from more than one insurer. Health indemnity policies covering medical expenses have a ‘contribution clause’, under which each insurer pays in line with the proportionate share of sum insured.

Take a customer who holds a policy in which the sum insured is Rs 2,00,000 with insurance company A and another policy of Rs 1,00,000 with insurance company B. If there is a claim of, say Rs 2,25,000, A will pay Rs 1,50,000 and B Rs 75,000. Thus, the amount is shared in proportion to the sum insured in case of each of the insurance companies.

I have a family floater plan for Rs 10 lakh. In the second year, the company increased my premium to Rs 13,900, without citing any reason or giving any prior information. In the third year, the policy covers all exclusions. I am unable to decide if I should opt out as the plan is expensive for me. Please help.
It is advisable to continue with the same insurer as continuity benefits are lost if one switches at renewal. Insurance policies are annual contracts and so there could be an increase in premium during renewal in line with the experience of the insurer. However, the rise cannot be arbitrary, as premiums are approved by the regulator. One should look at the grievance redressal mechanism in such cases.

The writer is managing director of Royal Sundaram Alliance Insurance. Send your queries to yourmoney@bsmail.in