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Inform Insurance Company of Critical Illness immediately

Monday, July 17, 2017
By Rajiv Kumar

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

Is there any time limit to file for a Critical Illness claim for a policy that provides coverage on diagnosis of a critical illness?
—Sudipto Das, Matunga

In case of any event leading to a claim under a Critical Illness policy, the insured person must provide intimation to the insurance company immediately through various modes like email/telephone/fax/in person or may be via letter or any other suitable mode within 30 days of the aforesaid Illness/condition/surgical event. The insured customer needs to also submit documents like the identity proof, dully filled claim form, copy of hospital summary/Discharge card/treatment advise/medical reference, Copy of Medical reports/records, Copy of Investigation reports, Doctor’s certificate & any other relevant document as requested by the Insurance company for the processing of a Critical Illness Claim.
 
What does Reinstatement Value mean under Home Insurance policy?    
—Gaurav Nayak, Dharavi

In Home Insurance policy, a Reinstatement Value shall mean the cost of replacing or reinstating on the same site, property of the same kind or type but not superior to or more extensive than the insured property when new. In simple words, it would be the rebuild cost of your home using the same material.

I am planning to go to Bangkok next year. I will be purchasing a Television Set from there. Will my Travel Insurance policy cover for damages caused to the Television set purchased from Bangkok and bought as luggage in the same plane that I will be traveling back to India?
—Monika Suri, Chembur

Yes, Travel Insurance Policy provides coverage for damages caused to the Television set (Article) as a checked-in baggage, only if the item has been intimated to Insurance company earlier. Policy shall reimburse for total loss of article caused by a carrier (i.e. airline, coach operator, Ferry Company etc.) up to the limits specified in the policy schedule. The customer need to make a report to the Police within 24 hours after they have become aware of the loss & need to provide all the reports concerning the loss to Insurance Company or to Insurance Companies Assistant Service Provider.
 
I am planning to buy a new car. I want to transfer the NCB accumulated from my previous car to the new car. The car dealer is offering my free insurance cover. How do I utilize the NCB of my previous car?    
—Dinesh Jha, Colaba

A No Claim Bonus (NCB) belongs to you, not your car. The discount benefit is the key feature of NCB and is associated with the policyholder and not the vehicle. Therefore, you get to retain your NCB if you replace your existing car with a new one or if you switch to another insurer at the time of renewal of the policy. At first get an NCB certificate from your existing insurer. The existing policy receipt showing the NCB percentage is fine with most of the new car dealers.

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