My husband and I are planning a trip to Europe. What travel insurance should we take?
All general insurers offer travel insurance. Choose a policy which provides at least $500,000 cover for hospitalization, at least $100,000 for personal accident, cover for loss of baggage, passport, trip cancellation due to an accident or trip delay. The policy also assists in issuance of passport in case of loss of passport while travelling. Make sure that the insurer has a local office or a representative in the country of travel and has a network of hospitals where you can take cashless treatment.
Rahul Aggarwal , Director, Optima Insurance Brokers
What all is covered under a householder’s policy?
A householder’s policy is a collection of 10-12 covers depending on the insurer. You can choose as per your requirement. However, taking fire insurance is mandatory. The important risks which can be covered are burglary, loss or damage to all kinds of electronic equipment, breakdown of electrical appliances, death or disability of family members in an accident, legal liability arising out of death or injury to domestic servants, loss or damage to bicycles, legal liability arising out of the insured’s act and which causes injury or damages the property of others.
I recently shifted from Kolkata to New Delhi. My car, registered in West Bengal, is due for its insurance renewal. Will renewing the policy bought in Kolkata serve the purpose?
You can continue to renew the policy from Kolkata if you have a dependable insurance agent who has been handling all your insurance needs for a long time. Car insurance policy is valid all over India and, hence, the city of purchase is not material. However, if you had taken insurance from a dealership in Kolkata, then you should renew it from a dealership or an agent in Delhi who can help you in case of a claim.
I am 66 years old and have a medical cover of Rs2 lakh. I am in good health, but I want to increase the cover to Rs5 lakh. How can I do that? I am worried about high premiums.
The best way is to increase the sum insured in the current policy. Your insurer will allow you to increase the sum insured by 25% on each renewal. You can also buy a top-up plan, which will increase your sum insured to Rs5 lakh. Don’t worry about high premiums because as you grow older, you will end up making higher claims than the premium you pay.
Rahul Aggarwal is Director, Optima Insurance Brokers
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