No-claim bonus in motor insurance is not insurer specific, can be easily ported

  • In a standard health insurance policy, physiotherapy is covered as a post-hospitalisation expense. Most insurers allow up to 60 days of post-hospitalisation expenses. 
  •  If a child starts earning, she no longer qualifies for coverage within family floater

Is it a good idea to renew the motor insurance policy with the same insurer so that my no-claim bonus can be saved? Is it advisable to switch to a new insurer?

Rini Thapa

No-claim bonus in motor insurance is not specific to an insurer. If you opt for an alternate insurer, the no-claim bonus can be ported easily. This benefit offered across insurers is identical. Most insurers have flexible pricing for motor insurance. You may want to give your current insurer a chance to match the price offered by other insurers. In case the cost savings is material, you should switch from your current insurer.

Also, while evaluating motor insurance policy, you must consider some add-ons. Zero-depreciation and engine cover, are two extensions that you must buy because they significantly improve claim settlement.

I met with an accident a year ago and have been asked to undergo physiotherapy for the next six months. Is physiotherapy after an accident covered by insurance policies? Or will I have to buy an add-on cover for it?

—Nayra Mirchandani

In a standard health insurance policy, physiotherapy is covered as a post-hospitalisation expense. Most insurers allow up to 60 days of post-hospitalisation expenses. Treatment undertaken during the post-hospitalisation period should be linked to the treatment in hospital.

Otherwise, physiotherapy is not covered under standard insurance plans. Some plans offer add-on coverage for OPD treatment. The OPD sum assured is mostly between 5,000 and 25,000. Physiotherapy expenses can be claimed under OPD sum assured. Typically, OPD plans have no waiting period. So, you can use the plan immediately after purchase. A few plans also offer discounts for OPD treatment. If your preferred provider for physiotherapy is a part of this discount network, then you can evaluate such a scheme as well.

My daughter started working a few months ago. I had bought a health insurance policy for her five years ago. Her company provides a health cover for 1 lakh only. I want to renew the policy but the insurer said they won’t renew the existing policy since she’s an earning individual now. Is there any such regulation? Will I have to buy another policy for her now?

—Chetan Shankar

Most family floater health insurance policies cover children up to a specified age, generally between 18 and 25 years. Some family floater plans also restrict coverage to non-earning children. If the child starts earning, she no longer qualifies for coverage within family floater.

However, in the above situation, the insurer should issue an alternate policy to the child. So, you can port your daughter’s existing plan into a new independent individual insurance policy. She will be able to carry forward the earned waiting period from the existing family floater to the new individual plan.

Abhishek Bondia is principal officer and MD, SecureNow.in. Queries and views at mintmoney@livemint.com

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