Money Matters

Money Matters

What is a motor package policy? Also, in the event of a claim being filed, can the payment be made directly to the repairer?

— Shikha Yadav

A motor package policy is a comprehensive motor insurance policy and covers all the risks under the motor liability policy, or owners’ liability towards third-party personal injury and property damage. It also covers loss or damage caused to the vehicle due to accident, fire, explosion, self-ignition, lightning, burglary, housebreaking, theft, riots and strikes, earthquakes, floods, typhoons, hurricanes, storms, cyclones, malicious acts, terrorism, transit by rail/road, air and waterways. It also includes towing charges.

I am living in rented accommodation. The building is already insured by my landlord. I want to insure my domestic appliances against breakdown. Which policy should I take and how will the value of the appliances be decided?

—Aparajita Mishra

For covering the entire contents of the house, including breakdown of domestic appliances, against unforeseen and sudden physical damage due to mechanical or electrical breakdown, you may go for a householder’s policy. You can get it from any general insurance company. In order to get full indemnity in the event of a partial loss, domestic appliances should be insured at their replacement cost. For insurance purposes, you just need to find the current cost of all the appliances you wish to insure.

I want to take a health insurance policy for my family. What is the age limit for such a policy? I want to get my eye operated by laser capsulotomy. Will it be included? Also, is homeopathic treatment covered by such plans?

—Sarkar Jha

Medical insurance is available to persons between the ages of five and 80. Children between the age of three months and five years can be covered, provided one or both parents is/are covered concurrently. You can also take a family floater plan instead of taking individual plans for every member separately. The advantage of a family floater plan is that all the members get blanket insurance cover, with a discount in the premium. Generally, a discount of 10% is offered.

Yes, operation of the eye by laser capsulotomy will be covered under the hospitalization benefits of the policy. But please remember that an existing medical condition or pre-existing disease at the time of taking a health insurance policy is excluded.

Generally, these policies are available only for allopathy, ayurvedic and unani systems of medicine. Homeopathy may also be covered by many insurance companies. The reason for its exclusion by some insurers is that homeopathic treatments usually do not require hospitalization and all kinds of diseases can’t be treated under it.

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