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Pet Insurance while traveling in India...

Monday, June 05, 2017
By Rajiv Kumar

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

I have a 5 lakh rupees Sum Insured for my four wheeler vehicle. I made a claim of around 50,000 during the policy period. In case my car gets stolen, will the insurance company pay me 5 lakh rupees or 4,50,000?    
—Ravi Naik, Parel

In motor insurance, in case of multiple claims, your insurer is bound to pay you for each claim. Thus in your case even if the claim is made in the same policy period the claim payment in case of total loss will be 5 lakh rupee. In case of multiple at fault claims your insurer may cancel the policy, charge high premium loadings or decide to non-renew the policy subject to underwriters discretion. If you make a CTL (Constructive Total Loss) claim, your policy is ceased and cannot make any further claims under the policy.
Under Engine Protect cover, will the insurance company account deprecation principle while replacing the damaged engine with a new engine?
 —Abhay Chavan, Chembur

Yes. Any replacements under the engine protect cover will attract depreciation as per the table incorporated in your Motor policy. You can find depreciation of the replaced parts specifically mentioned in the wordings of your Engine Protect add-on cover. This is needed to be borne by the insured out of his/her own pocket.
I like to take my pet dog along with me for a family trip. Is there any insurance cover that provides Pet Insurance while traveling in India?
—Kamlesh Saini, Kurla

Yes, if Pet insurance policy is taken for your Dog , under add-on cover Transit & Show Risk, Accidental Death while in transit by Air, Rail, Road and Water or on show in India can be covered. This add-on cover you may need to choose by paying extra premium.
I bought a Health Insurance policy for my family from the bank where I have a saving bank account. In case of a claim, do I need to approach the bank or insurance company.
—Paresh Hegde, Colaba

The banks have tie ups with insurance companies to provide Health insurance policies for their account holders. While in case of claim you need to approach your insurance company or third party administrator for processing a claim. You need to go through the claims procedure details on your  policy documents where all the contact details of service provider and other details like list of claim documents, claim intimation and submission period are mentioned.

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