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Few health plans cover extended family

  • We recommend buying an individual health insurance policy as soon as you can. As you grow older, it will become increasingly difficult to buy a health cover.
  • Home insurance can cover structure as well as contents. The sum assured for both needs to be specifically mentioned

I am 55 and my wife is 51. Our only daughter got married recently. I am retired. During my service, my company provided me with health insurance, but I don’t have any benefits now. I am a heart patient and got an angioplasty done recently. Can I add my name to my in-laws’ existing policy?

—Name withheld on request

There are select policies that have a provision to cover extended families, including in-laws. Most health insurance policies restrict coverage to self, spouse and dependant children. You will have to check your in-laws’ medical insurance policy to see if it offers such an extension.

Separately, you can evaluate special health insurance plans meant for cardiac patients. These plans are only issued to heart patients, who have gone through a heart procedure recently. These will cover cardiac as well as non-cardiac ailments. A cardiac care plan for a 55-year-old will cost between 19,000 and 26,000 for a sum assured of 4 lakh. You should buy a separate cover for your wife. It will cost about 15,000 for a similar sum assured for her.

Age is on your side, since health insurers consider only those above 60 as senior citizens. I recommend buying an individual health insurance policy as soon as you can. As you grow older, it will become increasingly difficult to buy a health cover.

I am planning to buy home insurance, but I want to know whether the contents of the home, owned by or bought in a family member’s name, would be covered under the policy. Or will the policy only insure the home as a structure ?

—Revati Kumar

Home insurance can cover structure as well as contents. The sum assured for both needs to be specifically mentioned. Under home and any other insurance, claims are only payable to the insured if they can establish insurable interest. Contents which are not owned by you cannot be insured by you. However, you can have more than one insured person in a policy. In case your property has joint ownership, or the contents are owned by different family members, you should get their names included in the policy to ensure a smooth claims experience.

Abhishek Bondia is principal officer and MD, SecureNow.in

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