I am 36 years old and my monthly income is Rs 1 lakh. Besides my wife and daughter, my parents are dependant on me. Should I opt for floater health insurance policy or individual policies? My father is 65 years old and my mother is 57.
The risk of hospitalization due to ailments and diseases is lower at your age. You can start with a floater cover of at least Rs 3 lakh for your wife, your daughter and yourself. This cover can be increased every two-three years to keep pace with medical inflation.
Your parents should be covered under a separate policy that has separate sums insured for both of them. You should try to take the maximum possible sum insured for your parents because insurers are hesitant to increase the sum insured in policies covering persons of higher age.
I am 24 years old and single. My monthly income is Rs 20,000. I want to take a health policy for my family which will cover all diseases and medication due to accidents. Please advise.
—Mohammad Aquib Siddiqui
Since you are single, I am assuming that you want to cover yourself and your parents under health insurance. In case your parents are not financially dependent on you at present, you will not be able to cover them along with you in a single policy. In such a case, you can take a health policy with a sum insured of up to Rs 2 lakh for yourself. Such a policy will cover medical expenses incurred in an hospital as an in-patient due to all diseases and accidents. However, most health policies do not cover outpatient department expenses currently.
You can get your parents covered under a separate health insurance policy for a value of at least Rs 3 lakh per person.
In case your parents are financially dependent on you, you can take a single policy to cover everybody, but I will recommend a separate sum insured for each person and not a floater policy. However, my recommendation would be to have separate policies for you and your parents because then you can convert your policy into a floater plan and get your wife and children covered under your policy in the future. This will save you money in the future without disturbing the cover for your parents.
My husband owns a car and has a third-party insurance. Even I drive the car often. If any accident happens while I am on the wheels, will the insurer pay to the third party?
Car insurance in India is not “registered owner” specific. At present, insurers do not restrict the persons who can drive the insured vehicle. Hence the insurer will pay a third-party claim even if it were to occur when you are driving the car.
Rahul Aggarwal, director, Optima Insurance Brokers
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