Readers' Corner: Bhargav Dasgupta

I own a family floater plan (sum assured Rs 5 lakh) from a private general insurer. It covers my wife, two children and me. Can I port this policy to individual plans for my family? Kindly explain the procedure.

You can port the policy from floater to individual plan for each of your family members, though a family floater has advantages such as being cost-effective, cover for entire family and so on. If you do wish to port to individual plans, you need to check with the specific insurance company regarding the sum insured for each member and other policy terms. Specifically, you need to know the minimum entry age allowed for your children to avail individual policies. If one/both of your children do not meet the minimum entry age criteria, you will need to continue with your existing family floater plan covering the child(ren), with at least one adult being the primary policy member.

To avail of the portability option, you need to contact the insurance company to whom you wish to port the policy. According to regulatory guidelines, you should apply for portability at least 45 days before expiry of your existing policy. Do note that the acceptance of portability cases will depend on the underwriting policy of the insurance company that you want to port to.

The rupee has been appreciating. Will this lower travel insurance premium? I plan to travel to the US in August and wish to book my tickets soon.

There are several factors apart from currency exchange rate that determine the premium of your travel insurance policy. These include sum insured, region of travel, age of traveler, duration of travel, plan chosen and so on. The medical condition of the insured in terms of any pre-existing diseases is also an important factor. As such, though the Indian currency has appreciated, it may not necessarily result in change in the premium amount. It would be prudent on your part to ensure your insurance policy provides the essential covers to ensure a hassle-free travel experience.

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