Acumen

FAQ Insurance


	Que: Which insurance plan should I choose?

	Ans: Individuals have different needs at different phases of their life-cycle. Therefore, the most important factor to be considered while choosing an insurance plan is your age. People needing protection for short-term death benefits and is exposed to short term debt obligations like loans etc are recommended to choose Term assurance. For people seeking long-term death benefit protection are recommended to opt for whole-life insurance plan.

	Que: How can I pay the premium?

	Ans: Premium can be paid through ECS facility (if available), or dropping the check at any of the drop-boxes of the insurance company, or by visiting the local branch office personally and paying in cash or by cheque.

	Que: What is ECS and how can I avail it?

	Ans: Electronic Clearing Service (ECS) is a facility offered by banks which facilitates automatic payment on a selected date in the future. The advantage of ECS is that one does not need to remember payment due dates and writing periodic cheques to make paymenta and late payment charges can be avoided. ECS facilty (provided it is offered by your bank with which you have an account) can be availed by completing the ECS mandate form provided by insurance companies

	Que: Can I change the mode of paying premium?

	Ans: Mode of premium payment can be changed if the insurance company has an arrangement for such change. It is recommended that the insured contact the insurance company to know whether such change is allowed. However, most companies do allow their clients to change the mode of premium payment.

	Que: How can I track the performance of my ULIP policy?

	Ans: Performance of a ULIP policy can be tracked by visiting IRDA's website (http://www.irdaindia.org) or website of the respective insurance company.

	Que: Can I take loan against my insurance policy?

	Ans: An insured can take loan against his policy if such a provision is specified in the policy document and the insured meets the requirements of the policy document.

	Que: Does a mediclaim policy covers reimbursement of medical expenses due to accidental injury?

	Ans: Yes, generally all mediclaim policies cover reimbursement of medical expenses due to accidental injury subject to the terms and conditions of the policy.

	Que: Is cumulative bonus in my existing individual mediclaim policy from one insurer transferable to an individual or floater mediclaim policy from any other insurer?

	Ans: Yes, cumulative bonus in case of individual mediclaim policy is transferable if the policy has not lapsed (subject to documentary proof). However, in certain cases, relaxation upto seven days may be provided subject to fitness proof.

	Que: Are there any additional costs to avail value added benefits?

	Ans: Yes, additional costs are needed to be paid.

	Que: Is my pre-existing disease covered in a medicalim policy?

	Ans: Generally, pre-existing diseases are excluded from the mediclaim policy. However, some policies do cover pre-existing diseases after a specific time period.

	Que: Is critical illness covered under individual mediclaim policy?

	Ans: Yes, critical illness is covered under individual mediclaim policy

	Que: Is 24 hours hospitalisation necessary in all cases?

	Ans: Generally it is necessary. However, in many policies there is a provision for Day Care Treatment under which medical expenses towards specific technologically advanced day care treatments/surgeries are covered. For such treatments, 24 hour hospitalisation is not required.

	Que: Is maternity benefit available under individual or family cover (floater) policy ?

	Ans: No maternity benefit is not available. However, it is available as an extention in Group mediclaim policy.

	Que: Are expenses for treatment in a non-network hospital reimbursable?

	Ans: Yes, the expenses are reimbursed by the insurance company.

	Que: Are medical expenses covered under personal accident policy?

	Ans: The policy provides the medical expenses coverage extention on payament of 20% additional premium and subject to the 20% of CSI or 40% of claim whichever is lesser.

	Que: Can claim be made within the first 30 days of buying the individual / family floater policy?

	Ans: The claim can be made only if the medical expenses are incurred due to an injury. However, medical expenses due to illness are not covered within the first 30 days of buying the policy. This condition does not apply in case of renewal.

	Que: Is sickness like fever, cold, cough etc. covered under the policy?

	Ans: Any illness/disease until it requires hospitalisation is not covered under the policy. However pre and post hospitalisation expenses for specific number of days are covered under different plans.

	Que: Can I buy a policy for somebody else's vehicle?

	Ans: Yes, it is possible to take an insurance policy for a vehicle in registered in somebody else's name. Policy can be bought by anybody acting on behalf of the insured.

	Que: Why should I get my vehicle insured?

	Ans: Motor insurance provides protection to your vehicle against risks like accident, theft or damage. Insurance also provides financial protection against risk to driver and passengers in the vehicle, pedestrians, other people on the road etc. Moreover, it is mandatory in India to have the vehicle insured before it can be driven on the roads

	Que: Under what circumstances am I supposed to report to the police?

	Ans: It is recommended that a police complaint be filed at the nearest police station for incidents like damage to property of third party, bodily injury to third party or self and theft of vehicle.

	Que: What is meant by a No Claim Bonus (NCB)?

	Ans: No claim bonus refers to a discount that an insured receives from the insurance company on renewal of the policy in case he has not made any claims during the previous year.

	Que: Is my no claim bonus transferable if I change my insurer?

	Ans: Yes, the insured is entitled to get the no claim bonus from the new insurer if it stands accrued as per the records of the previous insurer.