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Buy a financial gift for your sister this Raksha-Bandhan

Monday, August 07, 2017
By Rajiv Kumar

Rajiv Kumar is MD and CEO, Universal Sompo General Insurance Co. Ltd.

Can I buy a top-up health insurance policy even though I have a pre-existing disease?   
—Manoj Vasaikar, Dadar

Yes, you can buy a top-up health insurance policy even though you have a pre-existing diseases, but the treatment cost for any pre–existing diseases/ailments will not be covered during the waiting periods (i.e. generally 36 to 48 months), from the date of inception of your first policy. Further it is not mandatory for you to have a regular health cover to purchase top-up policy, the deductible limit is still applicable. Neither there is mandate for you to buy regular health plan from the same Insurance Company.
Can I opt for a Motor Add-on cover from a different insurance company even though I have a Motor Policy from other company?    
—Kunal Shah, Thane

Add-on cover. as the name suggests, offers insurance for several damages or events in addition to own damage and third party liability insurance that a regular motor policy offers. These have to be selected at time of buying/renewing the policy, from the same insurance company from which you have opted for base motor insurance policy.
I want to gift my sister a Personal Accident policy as a Raksha-bandhan Gift, am I eligible to do or is it mandatory for her to pay the premium?
—Neil Khanna, Lokhandwala

On the auspicious day of Rakshabandhan, you can ensure the safety and security of your sister by buying a Personal Accident Policy and paying the premium on her behalf. This thoughtful financial gift for your sister, will add to her financial security & financial freedom on happening of any eventuality, which as a caring brother you would always wish for her wellbeing and financial security. However you won’t be eligible for a tax benefit under Section 80D for paying premium for your sister’s health insurance policy.

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