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‘Buy insurance policy through any company with whom you are comfortable’

Monday, October 09, 2017
By Rajiv Kumar

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

Do family floater health policies offer NCB discounts for a claim free year?    
—Ramesh Kumar, Parel

Yes, family floater health insurance policies offer No claim bonus. NCB offered in a health insurance policy is in the form of a cumulative bonus. Cumulative Bonus is available for every claim free year wherein the Sum Insured is increased by a certain percentage at the time of renewal subject to a maximum 50%. If a claim is made in any particular year, the cumulative bonus accrued is reduced at the same rate at which it has accrued, therefore you will not lose the total CB but only the accrued percentage will be reduced.

Do I need to inform the insurance company about the change of floor-tiling if I have bought a Home Insurance policy?    
— Roshan Patel, Vidyavihar

Yes, basically you need to inform the insurer before any modification is to be done to your home and let the insurer know what it is you’re planning. A modification may also result in an increased premium. Home Insurance policy is based on details provided at the point the insurance is taken, it stands to reason that any change to the structure should be duly notified. If you fail to notify your insurer about any modification, and subsequently make a claim, the insurer can deny the claim as the property you insured will not be same as you indicated at the time of buying the policy.

I want to buy a new car but the car showroom dealer is insisting to take the 1st year free policy of an insurance company with whom I am not comfortable. How should I opt for my choice of insurance company?    
—Amit Bhatia, Karjat

You can buy Car Insurance Policy through any Insurance company of your choice with whom you are comfortable. There is no compulsion to buy it through vehicle dealer, in no way can a dealer force you to buy Insurance Policy. You can go online and shop for insurance, there are many online portals which you can use to compare prices and buy online insurance for your car. You can buy the policy by giving details of yourself and your car such as engine and chassis number. The policy will be emailed to you. You need to send a copy of the policy to your dealer, who will get the car registered.

I have an expensive bicycle that cost around Rs 1 Lakh, which I park in my home balcony. Can I insure my cycle while buying a Home Insurance policy?
—Ganesh Joshi, Jogeshwari

Yes, you can insure your bicycle under comprehensive home insurance policy. Most insurance companies provide pedal cycle cover under comprehensive home insurance policies based on various terms and conditions. Some insurance companies also provide insurance cover, specially designed for pedal cycle covering loss or damage to pedal cycle by accidental losses or external explosion or lightning or burglary, housebreaking, larceny or theft, accidental external means or by malicious act along with liability to third party.

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