Travel insurance covers medical expenses abroad

I sold my vehicle and the policy is expiring in the month of September 2011. Can I get non-claim bonus (NCB) certificate?

You will certainly be eligible for NCB certificate provided no claim was made in the current policy and that you were eligible for it at the inception of the policy. This is also subject to your insurer either recovering the NCB for the unexpired period or agreeing to cancel the policy around the time you sold your vehicle (mid-term).

Will my motor policy cover transport charges in case of any accident?

If your vehicle is incapacitated and cannot run on its own, a nominal towing charge is allowed to carry the vehicle to the nearest repairer. You can increase the limits of this towing charge on payment of additional premium. The customer should carefully select the optimum towing charges while finalising the policy.

Can I use my travel insurance...in case of medical emergency while boarding the flight?

Travel insurance can be used in the event of medical emergency while boarding the flight, but the medical expenses has to be incurred outside India.

I want to increase the sum insured for my home. Currently, I am insured for R6 lakh and my loan amount is the same. The market value for my house is actually about R40 lakh. Please advice how much I can increase and what is the rate I should consider to arrive at the enhanced amount.

The market value of your house will include the cost of land. Hence that needs to be excluded from the market value to arrive at the actual value of the building – ie., the construction cost. You can insure your building at reinstatement value or on market value basis. If you are insuring under reinstatement value, the sum insured should reflect...the construction cost. That is, area of the building multiplied by construction cost. In market value basis insurance, suitable depreciation should be applied over the current construction cost to reflect the age and maintenance of the building.

What happens to a health insurance policy if renewed after the grace period?

Policies renewed after the grace period of 15 days will be treated as a fresh policy. During the period of break in cover, even within the grace period, if there is any hospitalisation, it will not be covered under the policy. The renewal premium shall be determined by the age of the Insured person on the date of renewal, the sum insured opted and the claims/renewal loading, where applicable. The company will not deny renewal other than on grounds of moral hazard, misrepresentation and fraud. The insured