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General Insurance: Rakesh Jain

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My parents are covered under a scheme from a for Rs 5 lakh. I want to add them to my family floater plan. Is this possible?
You can get your parents included, subject to fulfilment of the entry age criteria set for the product by the company. However, evaluate whether to make them part of your family floater or take a separate cover for them.

In a single policy, you may opt for increasing your sum insured, as there is generally a higher incidence of claims in the senior age band, which could consume your present floater sum insured and no/limited coverage might be available for the remaining members of family.

Floater premium is calculated on the age of the senior-most member (will move to eldest parent in your case), which will impact your own premium as well.

I am going on a holiday for five days. While booking the air tickets, I was given an option to buy travel but I did not, as I thought it was only an added expense. I now want to take one but the rates are more expensive. Will these plans offer me more benefits than the one I would have got with the tickets?
The policy the air ticketing company is offering could be through a group product, with bare-bones coverage for emergency hospitalisation.

You should evaluate the different retail travel plans in the market and start with choosing the appropriate sum insured, which could vary between $50,000 and $500,000. Also, evaluate other features such as trip cancellation, curtailment, emergency accommodation, etc, which become essential while travelling. This would mostly come with retail plans and, hence, possibly a little more premium.

What is most important is that you are adequately covered and have a good service provider in case you need any assistance abroad.

I recently purchased an expensive LCD TV. Can I buy only for the TV or should I buy insurance for all the electronic gadgets in my house? Since the other gadgets are not very new, I am not keen on insuring them. Please advise.

You could evaluate the extended warranty policy for your new TV, which basically extends the manufactures warranty by one or two years. In case you require coverage against fire or theft, you need to take comprehensive either on reinstatement value or market value basis, which would entail taking coverage for all items at your home without selection.

I recently quit my job as deputy CEO of a large firm since I got a job as the CEO of a smaller company in the same industry. Can I take insurance that covers any hazards that I am face in my professional role? I am particularly worried about fraud since it is a financial services company. Or can I ask the company to take one for me? What all will the policy cover?
The policies, which you or your enterprise should contemplate buying are:

1) Director and officer (D&O) policy: which would indemnify the directors and officers (key managerial personnel) of the company on account of any liability / damage with associated defence cost due to any wrongful act done by the directors / officers.

2) Crime policy would cover the entity for i) any loss arising out of fraud and dishonesty committed by an employee, and ii) fraudulent act committed by any other person as specified in the policy.

The above covers are complementary to each other and cover different spectrums of risk - one being inadvertent error and the other being intentional crime



Today, Rakesh Jain, CEO of Reliance General Insurance, answers your questions
The views expressed are expert's own. Send your queries to yourmoney@bsmail.in

First Published: Sun, December 28 2014. 22:42 IST
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