Anik Jain, founder and CEO at Symbo, will reply your questions on insurance coverage — life, well being, motor, journey, and so on — on a weekly foundation.
Please mail your inquiries to [email protected] with the topic line ‘Insurance coverage Question‘, alongside along with your title, and Anik will provide his useful recommendation.
Bhavna Bacha: I’m searching for a coverage, which may cowl all my medical payments, medical doctors’ consulting, and all form of experiences with out hospitalisation.
I’ve checked a few mediclaim insurance policies which provide virtually full medical health insurance, OPD wellness, and so on. However that is having protection restrict on an annual foundation of round few 1000’s and the identical shouldn’t be ample in present scenario of extremely polluted environment. Therefore searching for your suggestion if any such insurance policies can be found in India?
Anik Jain: Sure, you’re proper. All well being insurances insurance policies in India cowl medical payments, medical doctors’ charges and experiences prices as soon as the policyholder will get hospitalised.
Nonetheless, OPD bills depend upon sum insured of the coverage. Increased the SI, larger is the OPD expense cowl and OPD will at all times be coated as much as a sure restrict within the coverage — as much as 25 per cent of the associated fee / as much as 10 per cent of the SI / restrict of protection on sure illnesses corresponding to dental therapies, spectacles, and so on.
100 per cent OPD protection plan is but not made obtainable in India however listed below are few insurance coverage firms that cowl OPD bills inside sure limits: Manipal Cigna, Max Bupa, Bajaj Allianz, ICICI Lombard, amongst others.
Yashish Pahwa: Pure calamities have gotten routine and are inflicting immense harm to property and different belongings worldwide. What based on you’re the few non-life insurance coverage covers that an individual ought to have to guard in opposition to losses from pure disasters?
Anik Jain:
a. One can safe dwelling in opposition to calamities with dwelling insurance coverage (Construction and belongings inside the house together with legal responsibility cowl). One ought to rigorously test the coverage situations to make sure covers in opposition to earthquake, flooding, storm and so on.
b. A complete motor insurance coverage coverage to cowl your automobile in opposition to calamities corresponding to floods, twister, hails, hurricanes, animal hit and like.
Rahul Agasti: What are the issues coated beneath dwelling insurance coverage?
Anik Jain:
1. Customary Hearth and Peril coverage:
- Pure calamities like lightning, hearth, volcanic eruptions, bush hearth, forest hearth, earthquakes, storms, floods.
- Damages brought on as a consequence of explosion/implosion, man-made anti-social actions like strikes, riots, harm brought on with malicious intent.
2. Residence Construction
3. Public Legal responsibility Protection
4. Private Accident
5. Housebreaking and Theft
6. Content material insurance coverage
Munnawar Shaikh: How necessary it’s to have a medical health insurance cowl? How a lot cowl ought to one ideally take?
Anik Jain: Medical health insurance in India is the quickest rising business. Based on the newest report by NSSO (Nationwide Pattern Survey Organisation), solely 20 per cent Indians have medical health insurance protection.
It is extremely necessary to have medical health insurance as a consequence of many causes:
- Altering way of life
- Rising medical expenditures
- Earnings tax profit
- Covers greater than hospitalisation
- Protects financial savings
- Qualitative therapies
- Protection for household
Medical health insurance covers the next:
- Pays your medical payments/ hospitalisation bills
- Covers pre-existing ailments after a sure time frame
- Tax advantages
- Add-on one can choose: Private Accident (PA), Crucial Sickness (CI), High-up coverage
- Senior citizen plans are additionally obtainable
Protection in medical health insurance at all times is dependent upon your way of life, your present well being situation, how usually you go to the physician and like. Having stated that the early you purchase medical health insurance the higher it’s.
Alternative of sum insured varies foundation earnings ranges, metropolis of residence, household historical past of important sickness and so on. We advocate a minimal sum insured of Rs 5 lakh, which ought to be elevated often foundation change of above stated parameters. One ought to maintain inflation in thoughts to often assessment sum insured beneath the programme.
Mukund Chhajed: I wish to renew my automobile insurance coverage however am uncertain what I ought to look out for. What ought to a automobile insurance coverage ideally cowl? Do you have to go for complete cowl over third-party insurance coverage?
Anik Jain: Third celebration legal responsibility insurance coverage coverage covers loss/harm completed to the third celebration solely; third celebration property harm; third celebration bodily damage.
But when a buyer needs to guard herself/himself and their automobile, there is no such thing as a higher choice than a complete insurance coverage plan. Complete insurance policy cowl each third celebration in addition to personal harm of the car.
Personal harm consists of:
- Car theft
- Unintended harm to the car
- Harm as a consequence of artifical and pure disasters
Thus, it’s at all times advisable to purchase complete insurance coverage cowl to your car because it covers personal harm to the car in addition to third celebration legal responsibility cowl.
Illustration: Dominic Xavier/Rediff.com
