I am 32 years old and was suffering from cholesterol a few months back but now it is normal. I have decided to take a health policy. If I mention about the high cholesterol, what are the chances for the policy getting rejected. What all should I check when taking a policy?
—Nishant
It is best to disclose truthfully all facts asked by the insurer. However, it is not advisable to disclose more than what the company asks for. As I understand, health insurance proposal forms do not specifically ask for cholesterol levels.
You should check the following points:
l Number of years after which pre-existing diseases will be covered: Most insurers give a cover after four years of continuous cover. However, some insurance policies provide cover for pre-existing diseases after two or three years.
l The age till which the policy will cover the insured persons: With increasing life expectancy, it is important that your health insurance should cover you at least till 85 years of age. While some policies give life-long cover, others terminate it at various stages, starting from 80 years onwards.
l The deductibles mentioned in the policy: Some policies have very competitive premiums but make the insured share up to 20% of each and every claim depending upon the age of the insured. This sharing is called “co-payment”. Similarly, limitations on room rent, doctors’ fee and surgery charges, among others, should be checked. It is best to choose a policy without co-payment and many of these limitations.
Recently I drove from Mumbai to Delhi and my car got damaged. My car again got hit in the parking area. Can I claim insurance for both the damage?
—Rupesh
Car insurance covers any accidental damage but it does not cover wear and tear. Therefore, while the damage to your car resulting from getting hit in the parking lot will be covered by your policy, overhauling and repair due to having been driven from Mumbai to Delhi is not covered.
I want to insure my gold ornaments. What should I consider? Is keeping it in a locker better?
—Nimmy
Gold ornaments can be insured under your home insurance policy. If you do not have a home insurance policy, you will have to take one. Insurers do not cover jewellery separately. You should get your jewellery valued. The certificate of valuation should be a part of your policy as this will identify your jewellery and will also provide proof of its market value.
Jewellery insurance is a wide cover and it covers your jewellery while it is in the locker, kept in your office, carried as baggage or when it is worn by you. Hence it is better to insure it even if you want to keep it in the locker most of the time.
Rahul Aggarwal is director, Optima Insurance Brokers
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