Financial Express, 21 February, 2012
Can I get claim for more than one personal accident policy?
Personal accident (PA) insurance is designed to give financial protection to you and your family in case of an untoward accident that may result in death or disablement. PA cover helps in filling the void, to an extent, created by non-existence of the deceased regular earning. If you hold multiple PA policies, in case of an admissible claim, you shall get compensation from all policies, unless a policy has a cap on maximum payment.
How do I know about the changes in the hospital network of my health insurance policy?
While you may log in to the insurer’s website to get a list of network hospitals, it is always advisable to check with the concerned third-party administrator (TPA) about the current status of networking of a particular hospital. Networking status of a hospital can change due to various reasons.
Can I get motor policy documents online?
Yes. Before buying any policy online, it is important that you know your insurance requirements well. Good homework is a must before buying. You may log on to the website of the insurer of your choice and purchase policies online.
While doing so, you will be required to fill in your insurance requirements, along with details of the vehicle, in the proposal form. Based on the information provided, the premium would be calculated.
You may receive an instant policy or the soft copy of the policy as soon as you make the payment. Generally, a hard copy, duly stamped, is also sent to the customer by the insurer later.
Can the insurer fix the insured’s declared value (IDV) according to my previous insurance, instead of the ex-showroom price?
Any vehicle is a depreciating asset. For insurance, the
value of vehicle on which the premium is calculated is called the IDV. Depreciation is applied on the manufacturer’s price or the ex-showroom price, depending upon the age of your vehicle.
It is generally not calculated on the previous insurance so
as to adequately cover the vehicle; it should not be over- or under-insured.
Say, the price of a vehicle you purchased in year 2009 was
R4 lakh. In 2010, the manufacturer’s price of the same model
undergoes a change to, say, R4.5 lakh.
Then, depreciation would be applied on the new price. This also means that if the price of the new vehicle has not changed during the course of the year, there will be no difference between the IDV calculated based on previous insurance or the ex-showroom price.
The writer is managing director, Royal Sundaram Send your queries at firstname.lastname@example.org