I have come to Germany for a 5-month vacation. On my way here, the airline misplaced my baggage. I had travel insurance that covered lost baggage. However, when I contacted the airline counter they offered to compensate me for the loss and paid me $700. Am I still eligible to file a claim for lost baggage from my insurer?

—Name withheld on request

You can make a claim in your travel insurance if you are able to demonstrate that your financial loss is more than the compensation paid. Also, the insurer would only reimburse expenses over and above what the airline has already compensated. To process your claim, insurers would ask for copies of correspondence with the airline authorities, a property irregularity report from the airline, and details of compensation received from the airline. Some insurers have a fixed benefit travel plan under which they pay a fixed amount if your baggage is lost, irrespective of the claim you have received from the airline.

My parents, wife and I are covered under a health insurance policy provided by my employer, but my two-year-old son is not. I am 47 and my wife is 40. I want a good scheme for my son. We have a bank account with a public sector bank. They provide a health insurance policy for their account holders. Should I go with that? What would be the best option for my son?

—Subir Basu

Health insurance for bank account holders is generally priced competitively but has two limitations. The policies are not renewable for life unlike individual health insurance and the insurance may have room rent restrictions. It may be better for you to buy a standalone health insurance for your son where you are not dependent on the bank for renewal of its group scheme. Choose one of the ‘A’ rated plans from Mint SecureNow Mediclaim Ratings.

You should also consider a top-up health insurance plan for yourself, wife and parents. Top-up plans help enhance the coverage multi-fold at a reasonable premium. In case you switch jobs, it ensures continuity of coverage for high-value claims. A top-up plan to cover you and your spouse for 10 lakh with a deductible of 3 lakh will cost about 8,500 per annum.

Is it important to consider the reputation of the insurer while purchasing a policy?

- Rama Sundar

Facts matter more than anecdotal evidence. Generally good claims and servicing track record converts into a good reputation and policyholder’s experience. An objective way to take your decision is by looking at the claims settlement and grievance rates of the insurer. Mint SecureNow Mediclaim rating publishes these claims settlement rates and claim grievance rates for all insurers that offer health insurance plans. This information can also be found in public disclosures on the insurer’s website.

Abhishek Bondia is principal officer and managing director, SecureNow.in.