Faq’s on Overseas/ Travel Insurance

Why do I need Travel Insurance?
Traveling always involves risk, furthermore when traveling abroad you might face any trouble like sudden medical requirement, loss of baggage, and loss of your passport, and spending money in foreign land would really cost you much. Thus travel insurance aids you and your family during contingencies like sickness, accident, loss of passport etc. in a foreign country.

What does the Overseas Travel Insurance policy cover?
• It covers for medical expenses which also includes cashless facility • It covers for any loss or delay of baggage. • It covers for the loss of passport. • It covers transportation of mortal remains • It covers personal accident. • In addition to hospital expenses it covers hospital cash i.e. daily allowance. • It also covers personal liability • It also covers any other kind of financial emergency due to robbery or theft abroad.

Is there any Medical check-up required for taking the travel insurance policy?
There is no Medical check-up required to take travel insurance policy. But a completed and signed Medical Declaration from the Insured is required as a pre-requisite cover regarding his recent health conditions.

When does the cover begin?
The cover begins on the day specified in the policy schedule or the time you board the conveyance when you leave for overseas journey or the contracted departure date as per the policy, whichever is later

What determines the premium?
Premium is determined by the following factors: • Number of days for which you have arranged your trip • The country you are visiting • Age of the person who is traveling

What is the need of Student overseas travel insurance?
During the time of crises when you are far away from home Student overseas travel insurance policy helps and ensures that your stay and study go smoothly in a foreign land.

How will I benefit if I buy the student overseas policy from India?
Buying a policy from India will cost much less of what you would have to pay if you buy it from an international insurance company because the premium is payable in rupees.

What point do I need to keep in mind while buying the policy?
You must go through the Policy Wordings completely and its exclusions before buying the policy.

How will you cover me if my baggage is lost?
If you loose your baggage, then you will be compensated for the lost items against their market value.

What if my baggage is delayed but not lost then how will you cover that?
You will be given the compensation for emergency items like medicines, clothing and toiletries if your baggage is delayed for more than 12 hours.

Will I get a duplicate passport if it is lost?
Yes, the Expenses incurred towards the procurement of a duplicate / temporary passport are covered under the policy.
If I go abroad particularly to get medical treatment, am I supposed to be reimbursed for the same?
The policy doesn’t cover for the planned Medical Expenses; the insurance has coverage only for accidentss or sickness which happen suddenly when you are traveling abroad.

Do I get the money back if there is no claim?
No, the money is not refunded in case there is no claim.

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Faq’s on Health/ Mediclaim Insurance

Will Mediclaim reimburse my expenses related to the disease which I am already suffering before the inception of the plan?
Insurance company will not cover any illness/ailment which already existed at the time of first obtaining the insurance cover. However, some companies cover such conditions after, two or four continuous renewals; they start covering the pre-existing illness after that.

What is Mediclaim Policy and what does it cover?
The policy provides for reimbursement of hospitalization/ domiciliary hospitalization expenses for illness/diseases suffered or accidental injuries sustained by the insured during the policy period.

Does Mediclaim cover any expenses besides hospitalization costs?
Mediclaim covers pre-hospitalisation (30 days) and post-hospitalisation (60days) expenses also if they are connected with the sickness / accident for which the hospitalisation takes place.

What is considered as “domiciliary hospitalization” under Mediclaim?
It is that condition of the patient in which he cannot be moved to the hospital or if there is no bed available in any of the hospitals, then the treatment is taken at home and if it is given like the treatment given at the hospital, then in such situation, it is reimbursable.

What is a Cashless Facility?
Cashless Facility is a service wherein the insured can get admitted and can settle all hospitalization expenses at the time of discharge from hospital. The settlement is done directly by the insurance company, that’s why it’s a cashless facility where you are provided with the claim there and then at the time of settling the bills, the hospital directly contacts with the insurance company and settle the claim.

What is a Health Card?
A Health Card is that card which comes along with the policy which would entitle you to get cashless claim at any of the company’s network hospitals.

Am I entitled for cover immediately after I take my policy?
For the first 30 days after your policy is activated, you would not be entitled for any cover for sickness but you can avail of accidental cover immediately.

Do I have to undergo medical Check up while taking health insurance policy?
Medical tests is required after 45 years of age.

Is a Medical check up again required at the time of renewal of the policy?
No, the medical check up has to be taken only once, during the inception of taking a policy and only if you are 46 years of age or above.

What is the Critical Illness policy? And what does it cover?
It is that policy which covers Illness; it is complimentary to a mediclaim policy, being an additional policy which can be taken along with Mediclaim. The Critical Illness policy covers five major illnesses • Cancer.
• Kidney failure.
• Organ transplant.
• Multiple sclerosis and.
• Coronary artery surgery (20 percent of Sum Insured)

When does the Critical Illness policy cover all the five illnesses?
As long as the policyholder was not suffering from any of the illnesses, the pre-existing illness exclusion applies to the Critical Illness policy also.

What is a Floater Policy?
A floater Policy is issued with a single sum insured covering number of individuals. The family is covered for a fixed amount and anyone in the family can avail of the benefit till the limit is exhausted. In short, it is one single policy which takes care of the hospitalization expenses of your entire family.

Do I get a No Claim Bonus under my health insurance if I do not make a claim?
Yes, some plans offer a discount in premium. Others offer an increase in your benefit amount for every claim-free year.

What are the benefits of renewing my health insurance policy?
There should be continuous renewal of the policies. If there is a break in insurance, the insured would lose the benefits of insurance in the event of any contingency. You will be prevented from the benefits of No claim Bonus in a claim free year. Moreover you will not be covered for Pre-existing diseases.

Why should I take Individual health plan or a Family Floater plan if I already have health insurance from my employer?
You are covered with the health insurance policy as long as you are in the employer’s services. If tomorrow, you change your job, then you and your family will be barred of any medical emergency arises when you have not arranged for an alternative health insurance policy. It is at this point of time that an Individual or Family Floater Health Insurance policy will come to your rescue.

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FAQ’s on General Insurance

What are the different ways to buy general Insurance?
» Through an agent, broker or any other such intermediary.
» Anyone using the title broker is usually independent and generally aims to find you the best deal on the market.
» Other intermediaries might just quote the best deal from a fairly small panel of insurance companies or represent a single insurance company.
» You can approach the insurance company directly. If you approach the company directly, the chances of getting a better rate are very high.

What is the difference between an Agent and a Broker?
» An agent is the representative of Insurance Company whereas a broker is the representative of the consumer or the policyholder.
» An agent could be a paid employee of the Insurance Company or could be an independent businessman.

What should I look for in an agent?
» Agents are there to help you.
» At the most basic level, any agent should be able to:
a) answer your questions about insurance.
b) provide you with a thorough assessment of your insurance needs.
c) offer you a choice of insurance products to meet those needs.
» Also, your insurance agency should provide you with prompt, quality service in the case of a claim.
» Just as important is the level of professional confidence and personal comfort you feel with the agent.
» Many people stick with the same insurance agent for decades, even generations.
» It helps to find an agent you can get to know and trust

Is it necessary to buy insurance through an agent?
» You can buy many insurance products without help from an agent.
» Typically potential policyholders will be contacted by mail, or they can call a toll-free number to apply for a product.
» The advantage of this type of distributionide?
In general an insurance broker would: system is that expenses are usually much lower because there are no agent commissions to be paid.
» These savings can be passed onto the consumer through lower premiums.
» The main disadvantage is that the policyholder does not receive as much, or sometimes any, personal service either when buying a product or filing a claim.  

What services does a broker prov
» Provide pre sales and after sales service to customers
» Provide relevant information to the underwriters for risk assessment and ascertain the premium
» Structure product and design covers that meet the specific requirements of customers
» Recommend risk improvement and loss minimization measures
» Provide a collection of Premiums
» Provide risk management and insurance education.

What factors affect the cost of Insurance?
The factors that can affect the cost of insurance include:
» The likelihood of a loss occurring —The greater the probability a loss will occur the higher the rate. E.g. Floods Insurance in parts of North-east India.
» Purchase of a large amount of coverage (that is, if the item you are insuring is quite valuable) — The chances are there could be a large claim and the premium will need to cover that possibility.

What is Underwriting?
Underwriting of a risk involves the consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so, at what rate of premium.

What is Reinsurance?
Insurance companies practice the fundamental principle of spreading their risk too. Further reinsuring the risks that the insurance company has insured does this.

Who do you file your claim with?
You file a claim with the insurance company that issued your policy. In case of policies received on account of your employment you may have to file claims through the HR administrator.

How to file a claim?
» Most companies offer a call centre facility.
» Alternatively, you can:
a) contact your agent
b) write to your insurance company intimating the claim.
» There is usually a claim form that needs to be filled. This can be:
a) downloaded from the insurance company’s website.
b) be obtained by visiting the insurance company’s office.
c) provided to you by your agent.

What are the things to be taken care of while filing a claim?
Be thorough and exact when reporting damage and always tell the truth. Withholding vital information or exaggerating the facts can, not only lessen your chances of the claim being settled to your satisfaction, but also may be considered a crime. (Insurance fraud costs consumers crores of rupees a year.

What happens after a claim has been filed?
» Once your claim has been filed, the insurance company will assign a surveyor.
» He or she is charged with investigating your claim and then making a recommendation to the insurance company.
» The recommendation can be to accept the claim and pay the full amount requested, accept part of the claim and make partial payment, or refuse the claim and make no payment.
» The insurance company will then make a decision regarding your claim and notify you of its final decision. The amount of compensation offered can vary according to the surveyor’s analysis.

What impact does a deductible have while settling a claim?
» If you have no deductible, the company will pay 100% on a covered loss.
» To understand how a deductible works, consider the following: If the deductible on your motor insurance is Rs. 1000 it means you agree to pay this amount first, and your insurance company will pay for damages exceeding this deductible.
» By increasing your deductible from Rs. 1000 to Rs. 2500 or even Rs. 3500 this decreases the insurance company’s risk. This could mean a savings in your premium.

Who keeps an eye on the Insurance companies?
» Insurance is a heavily regulated industry.
» The Insurance Regulatory and Development Authority controls insurance regulations in India. In addition to approving rates, the regulatory body is involved in all insurance matters on behalf of private citizens and businesses.
» It issues operating licenses to insurers and agents, based on among other things:
a) ability to meet the requirements for conduct
b) knowledge about insurance issues.

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