Reader's corner: Is the car insurance policy transferable to the new buyer?

The insurance company from which I plan to buy a health plan for myself uses wearables and other products to calculate the policy premium. How does this work? What is the duration for which these wearables have to be worn?
 
Currently, the market offers various products based on your current health condition. Information about your health or fitness sourced from wearables may result in a lower premium or may even increase the premium, depending on calculations done by algorithms using data received from these devices. Such plans advise you to wear the device for a specific period, which varies from one plan to another. However, note that wearables are generally not medically approved devices. Some customers may also have privacy concerns about their personal information being shared. I suggest you speak to your insurance company for further information.

 
My father had a health insurance policy for the past two years. Unfortunately, he passed away due to a lung ailment. We filed for insurance claim under the existing cover within a month of his demise, but the third-party administrator (TPA) denied the claim, saying the illness is not covered under the plan. What should I do now?
 

Any insurance company can reject a claim based only on the clauses specified in the policy document. I suggest you verify the rejection clause and the reason for rejection of claim. If the rejection is due to reasons outside the scope of the policy document, write to the insurance company seeking clarity on this issue.

 
I sold my car recently to an acquaintance. Is the car insurance policy transferable to the new buyer? If yes, which documents are required for transferring the policy? Also, given the good upkeep, we got no-claim bonus (NCB) in the past two years. Will these benefits transfer to the new car owner?
 
According to guidelines, your insurance can be transferred to the new owner after you submit the required documents, once a positive pre-inspection of the vehicle has been carried out. The documents required in case of “transfer of ownership” are: RC copy in new owner's name or duly filled Form 29/30 (along with NOC from financier, if applicable); fresh proposal form filled by the new owner; consent letter for transfer by existing insured; payment of Rs 50 towards transfer fee; additional premium for NCB difference (if applicable); and vehicle inspection report.

 
NCB benefits are not transferable to the new owner, since NCB is specific to the policyholder and not to the vehicle.
 
I am 38 years old and was divorced recently. My health insurance plan was bought in my husband and my names. With my marital status changing, what happens to my health insurance?
 
You may request the insurance company to endorse the policy for change in ‘proposer or payer’ name by writing to it. Also, you may port the policy to any other insurance company with the above change for continuous policy benefits.
 
Buying automobile insurance is mandatory under law, but is it compulsory to buy the product being offered to me by the auto dealer, or can I purchase it from an insurance company that I prefer?

 
According to prevailing law, you are, at the minimum, required to acquire third-party insurance for your vehicle to ply it in public. However, I would recommend that you take a comprehensive policy that covers own-damage risk along with third-party risk. You are free to buy motor insurance from any insurance company of your choice. Compare different policies online, check their features and premium costs, and take an informed decision.

The writer is CEO and whole-time director, Liberty General Insurance. The views expressed are his own. Send your queries to yourmoney@bsmail.in