General Insurance: Bhargav Dasgupta
My friend's car met with an accident last week, which was being driven by someone else as he had consumed alcohol. The car is insured. But, is the claim payable only if the insured driver is driving? Are such cases considered?
We hope your friend is safe. In India, motor insurance is asset-based and not driver-based. Hence, for a claim to be paid, it is not necessary the car has to be driven only by the owner or the insured (in this case, your friend). If at the time of accident, the driver of the car had a valid driving license and the provisions of Motor Vehicles Act were not violated (eg, driver should not have consumed alcohol), your friend’s claim shall be admissible.
I am planning to buy a flat which is under construction. We have made the initial payment and will give the remaining on possession. We haven't taken any loan. Can I cover my flat in the present situation? Please advise.
You will not be able to insure this flat, while still under construction. Home insurance is provided for residential property only after it is constructed and occupied, not before that. Hence, your house cannot be insured at this stage.
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In case of an unforeseen event while travelling abroad, why do insurers suggest the insured to register the claim on their help line numbers first? In case the person forgets to register in haste, will his claim not get paid? Also, how does registering help? Will they guide us through the hospitals on being in a foreign country?
Insurance companies recommend registering claim through helpline so that executives can provide guidance to the insured regarding the location of the closest hospitals. In case the insured wants to opt for cashless treatment, registration of the claim is necessary. However, if the insured makes the payment on his own and would be making a reimbursement claim later, it is not mandatory to register the claim on the help line numbers. Nevertheless, registering the claim ensures smooth and faster processing of the claim.
I am 54 and planning to go for a cataract operation by the end of this year. I have heard there are covers available for planned surgeries. Please advise.
The cover for ailments like cataract is provided under a health insurance policy, but such ailments are classified under time-bound exclusions, that is the first two years' exclusions. Therefore, you need to be covered by this policy for two consecutive years to register a claim against cataract surgery. Typically, there is a maximum limit of Rs 20,000 per eye for cataract surgery, unless your policy has a stricter clause. I suggest you refer once to the product brochure of your health insurance policy for the exact terms and conditions.
The writer is the MD & CEO, ICICI Lombard General Insurance