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General Insurance: Gaurav Garg

Business Standard / Mumbai 03 Jul 12 | 12:15 AM

I have developed cataract in my right eye and wanted to buy an additional health cover. But my agent cautioned me that no illness caused due to cataract would be covered under the new plan for the next three years. In case something happens to my health due to cataract, will I not get covered at all even if I am ready to buy a new policy for that illness?
Companies offer various basic and comprehensive health insurance policies today. Most of these have a waiting period of one or two years for specified illnesses and might include cataract in their list. It is advisable to check on the policy details and waiting period of the specific health insurance plan, should you wish to buy a new cover. If, in case, you wish to port, you will get benefits of the credit gained towards such time-bound conditions and pre-existing illnesses while switching from one insurer to another.

I am 24 and work with a public sector bank. I earn Rs 2.40 lakh annually. I have a traditional insurance policy for which I pay Rs 60,000 annually. I don't have a health cover yet, since my life policy suffices those needs. But, do you still suggest I need a medical cover for emergencies (if any)?
It is advisable to appraise your existing policy features and benefits to evaluate if it covers your health needs. Usually, traditional policies offered by life insurers do cover the death benefit and may be supplemented with money return benefits. If your policy does not cover the hospital expenses arisen due to any planned or unplanned emergency hospitalisation, then it is recommended you opt for a health insurance plan.

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My daughter is 20 and wishes to learn driving. I am planning to take a motor policy under her name even while she gets her learner's licence. Recently, my daughter's friend hit a car and was denied claim, in spite of having a policy in place. The reason for denying claim was her car didn't have an ' L' (symbol for 'learning ') on it. What other things should I keep in mind while my daughter drives?
The motor insurance policy covers the vehicle against damage while being driven by a person holding a valid and effective driving licence. The holder of an effective learner’s licence is also authorised to drive the vehicle, provided he or she satisfy the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989, which states that:

  • Such person is the holder of an effective learner’s licence issued to him/her in Form 3 to drive the vehicle;   
  • Such person is accompanied by an instructor holding an effective driving licence to drive the vehicle and such instructor is sitting in such a position to control or stop the vehicle; and   
  • There is painted, in the front and the rear of the vehicle or on a plate or card affixed to the front and the rear, the letter “L" in red on a white background.

The writer is the MD and CEO of Tata AIG General Insurance.

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