I took a policy for which I had to pay Rs1,500 per quarter. After paying the first instalment, I forgot about it. Should I renew the old one or go for a new one?
If there is a provision in your policy to renew the old plan and the charges for doing so are less than Rs1,500, you should renew the old plan instead of going for a new one.
Rahul Aggarwal, director, Optima Insurance Brokers
Is there any policy which covers job loss or maybe it can be taken as a rider?
Due to the absence of a central database of all citizens and their employment, insurers have not introduced any job loss policy.
I got married recently and my wife and I both have a health plan from different companies. Is there any way that these can be merged retaining the time frame for which the premium is paid?
Your personal health insurance plans are not portable. Hence you cannot merge the two policies and retain the benefits. One of you should get added in another policy as spouse. Choose the policy which has a higher sum insured. Luckily both of you are young. Restarting the policy for one of you will not make much difference.
Can I switch to another motor insurer from my current insurer? What is the procedure and is it advisable to do so or wait till the term of the current insurance is over?
You cannot change the insurer mid-term. However, you can change the insurance company at the time of renewal of the insurance. The new insurer will carry forward all the benefits extended by the existing insurer.
I am a shop owner and I have an insurance for my shop that covers theft and fire. At any point of time in a day, a lot of cash is available in the shop due to customer rush. How would the insurer ascertain how much cash was there in case of a mishap? How much should be the cover?
You should take a cover of an amount equal to the highest amount of cash that can ever be in your shop at any point of time during the year. This will cover your risk completely. In case of claim, if the amount of cash is more than that mentioned in the policy, the insurer will reduce the amount of claim proportionately. The cash generated during a day in the shop is deposited the next day in the bank. The insurer sees the cash deposit statement of the last three months to understand how much cash can be there in the shop. The claim is paid accordingly.
Rahul Aggarwal is the director of Optima Insurance Brokers
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