Why Un-Occupied Homes or Home Office is not covered in India?

As a thumb rule, an Un-occupied Home or Home-Office is not covered in India. However, ICICI Lombard General Insurance Home Insurance will cover your un-occupied property up-to 30 days where as Bajaj Allianz will cover it for 4 months. The Logic is simple. According to Risk Under-writing norms, an Un-Occupied home has far greater risk compared to an occupied home.

Insurers believe that when the house is unoccupied for long then the chances of burglary, theft and other Risks multiply. Unoccupied Homes also invite tramps and unauthorized occupants who may leave fire unattended. And in case of fire, when the home or office is unoccupied, it might be for a considerable period of time before the fire is detected and by that time it may get unmanageable.

This non-cover condition for non-occupancy is applicable for fire insurance, shop insurance, Office Package Policy too.

So, if you want to really want to cover your home during your planned vacation over 30 days, you are strongly advised to inform your Broker and Insurance company at-least 10 days in advance about your absence and return date. It is always good to put the travel notice in writing to avoid any lapse. Also get a written confirmation from the company, clearly stating that your property is covered during the un-occupancy period. Don’t worry, your Insurance Broker will do this paper work for you. Another reason, why you should deal with a dependable Broker?

To convince your insurance company about the precautions taken by you, you could state that you have made arrangements such as informing your neighbors to pay a visit to your residence once in a week. Also you could install burglary and fire alarms and communicate the same to your insurer.

If these are some of the steps you have taken, the Insurance Cover Exclusions are relaxed to a large extent. Else you may not benefit from your householders policy when you need it the most. Of Course, if your family member is staying or your permanent care-taker is staying back in your house while you are away, then you are fully covered.

As always, please read the fine prints on Inclusions and exclusions before buying your choice Home Insurance.

Buy Insurance. Stay Safe.

Manish Jaiswal
Bonsai Insurance Broking Pvt. Ltd.

for - www.InsuranceMall.in/Blog

Does Office Health Insurance Cover OPD or only In-Patient / Operative expenses? by Mr Chirag Patniak

I have a query on company provided medical insurance? (I've never used it so I don't know) Does this cover OPD expenses as well or only inpatient/operative expenses? Asked by Mr Chirag Patniak.

Dear Chirag :

It really depends on what kind of policy your company has taken for its staff.

Generally a large company segregates the cover benefits based on seniority or job role. Management Team in a company generally would have high coverage (any thing between Rs 2-25 Lacs Cash-less floater) with comprehensive plan including Parents.

But since Health expenses are growing in double digit now in India too, many companies prefer to cover just the immediate family and not the parents because of high Annual Premium. Also, based on negotiations an Insurance Broker does with Insurance Companies on behalf of the Corporate, Pre-Existing ailment / Maternity / OPD or Annual Health Check-up could get appended or excluded.

Remember an Insurance Plan is like an individual serving (Entrée), more items (read Risk Features) you add from the menu and more it becomes expensive.

So, essentially, it boils down to the budget a corporate allocates for Staff well-fare or in other words smart saving negotiations done by the chosen Insurance Broker from Insurance Companies on behalf of the Corporate.

I am confident, in your case, OPD / Pre-Existing and Maternity should have been covered as you belong to a big and branded Group in India.

More on these nuances of Health Insurance, its merits etc. could be read at Insurance Mall Blog. I invite you to read them for your information. Here is the link - https://www.insurancemall.in/blog/

Good Luck Chirag. You can always encourage your HR or Finance Head to take an informed decision by out-sourcing the Insurance negotiations to an able Broker this season. It does not cost a penny to the company as Brokers are paid directly by the Insurance Company. Bonsai Insurance Broking team would be more than happy to work for your group.

Buy Insurance and Stay Safe.

Cheers !!!

Manish Jaiswal

for http://www.newsandreviews.in/

Link - http://www.buynowindia.com/newsandreviews/index.php/insurance/

What is a good Policy for my parents ? Asked by Dr Sagar Bhargava

Hi ! This is Dr Sagar. My parents wish buy a Health Insurance Policy for themselves. My mother has no preexisting illness and her age is 54. My father has undergone a Bypass Surgery and is 57 yrs. Can u guide us as to which policy will cover them both for next 15 years. Thanks. Dr Sagar Bhargava.

Dear Dr Sagar :

Thanks for your mail and query. We will be glad to guide you to the best Health Policy for your parents.

Fortunately, both of them are in good age to pick the right policy but is should be bought on a yesterday basis as their age is getting into High Risk Age Zone (HRAZ). Your dad my encounter some problem as Insurance Companies don’t cover Pre-Existing disease for at least 2-4 yrs. Insurance companies are not charitable organizations, hence they are very selective in picking a risk (read providing Insurance cover) from an individual or a family. They are still lenient to cover a bad risk when it comes to Group Insurance because premium is high and Insurance works on the principle of large numbers .

I would recommend the following Insurance companies in the preference order.

1. Apollo DKV
2. Star Health
3. Reliance Health-wise
4. Bajaj Allianz Family Floater
5. ICICI Lombard
6. Govt. Insurance companies

I am sure, you could see them at www.InsuranceMall.in (Click & Buy at Health Insurance Options).

My colleague Mr Mahavir Chopra has written number of articles on Health Insurance. You could read them on our Insurance Blog. Quick link – https://www.insurancemall.in/blog/

Good Luck Dr Sagar. Take your choice. Buy do encourage your parents take Insurance with Critical Care ASAP.

Buy Insurance and Stay Safe.

Cheers !!!

Manish Jaiswal

for www.NewsandReviews.in

Link - http://www.buynowindia.com/newsandreviews/index.php/insurance/