Readers' Corner: General Insurance

K G Krishnamoorthy Rao, managing director and chief executive officer, Future Generali India Insurance, answers your questions

I have a health insurance policy and now am planning to buy a hospitalisation cash benefit policy. Should I buy it as an add-on or as a separate policy? Can I buy it from a different company?

A hospital cash benefit policy is available as an add-on with some health policies. It can also be taken as a separate policy. An add-on policy can be purchased only along with the basic health policy and from the same insurer, as it is a part of the main health policy. However, a standalone hospital cash policy can be purchased from any insurer even if you do not have a health policy.

The insurance company from which I had purchased my health insurance policy is being taken over by another one. What will happen to my policy? Will I get the same features as in my existing policy?

The regulator mandates that the existing policyholders' rights should be protected in such cases. The insurer which has taken over the company may decide to continue the product, in which case you will not have any problem. In case the insurer wants to discontinue the product, he has to give a choice to the customers whether they want to migrate to another product or wish to continue with the same product. In case the customer wishes to continue with the same product, the insurer will continue to renew the same cover.

Do I have to undergo a medical test before buying health insurance?

The requirement of a medical test varies from insurer to insurer and also depends on the product and sum insured. Generally most of the insurers do not ask for a medical test up to 40 years of age and Rs 25 lakh of sum insured.

Does household insurance give reimbursement in the case of burglary? What proof is required?

A household insurance policy is a package policy with many sections. Burglary insurance cover is one of the sections and if one has opted for that section, then in case of a loss due to burglary, the same can be claimed under the policy. Most policies exclude jewellery and valuables from burglary coverage. It has to be separately insured under the all risk section of the householder policy. So look at the exclusions in your policy carefully. FIR is mandatory to settle a claim under this section. FIR should include the items lost and their value, as this could form the basis for the claim.

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