Is it possible to cover foreign treatments via a medical insurance plan issued by an Indian insurer? Do I have to pay the premium in foreign currency?
Yes, now it is possible to cover foreign treatment using an Indian health insurance policy. A few insurers provide this facility for higher sum insured options. Generally, treatment outside India has some restrictions. For example, one of the plans specifies the illnesses for which treatment could be availed abroad. Another plan limits the number of days of travel outside India, when coverage will be valid. Premium for this cover is payable in Indian rupees only. You should check that you have opted for foreign treatment as a specific add-on or it is clearly specified in the policy. The standard mediclaim plan still restricts treatment only to India.
I have a mediclaim policy with a sum insured of ₹ 5 lakh with a co-payment of 10%. What will be my receivable?
For claims up to ₹ 5 lakh, you will receive the admissible claim amount less 10%. So, if the claim amount is ₹ 4 lakh, you will receive ₹ 3.6 lakh. In case of claims above ₹ 5 lakh, your admissible claim will be the lower of 90% of the admissible claim amount or your sum insured. So, if the claim amount is ₹ 5.5 lakh or ₹ 6 lakh, you will receive ₹ 4.95 lakh or ₹ 5 lakh, respectively.
In a few cases, insurers apply co-pay after checking sum insured limits. Then the maximum claim payable amount will be ₹ 4.5 lakh, even if the claim amount is ₹ 6 lakh. The method to apply in a co-pay would be specified in your policy wordings.
I am an individual professional and need to use a lot of gadgets, including computers, printers and scanners, at my workplace. One room in my apartment works as my office space. Is there a way to insure all my gadgets? Will I have to specify that they are part of a professional establishment?
You can buy an office insurance policy that provides coverage for electronic equipment and portable equipment. Such policies provide comprehensive coverage, irrespective of whether the equipment is used for commercial purposes. It is possible to buy an office insurance policy as a professional. You can ask coverage only for contents and provide your home address as location.
It is possible to buy individual electronic equipment insurance as well. However, insurers are reluctant to issue a comprehensive coverage for stand-alone used equipment.
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Abhishek Bondia is principal officer and managing director, SecureNow.in.
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