Can jewellery be insured? What you should know about this and more

I had undergone a bypass surgery two years back. Please tell me whether I can take a new mediclaim family floater policy now. - K Sasikumar

It is advisable to disclose the surgery details along with all treatment records basis which the insurer will take a decision on the risk and confirm acceptance/non-acceptance of the proposal. Most health insurance policies do not provide cover for complications due to heart disease. But there are few insurers who now offer specific products dedicated to individuals who have undergone angioplasty or bypass surgery (suffering from cardiac ailments). You may explore these products before buying a health insurance policy, and make an informed decision.

For my daughter's wedding in December we will start buying jewellery now. Can we buy insurance for the jewellery? And since the wedding is in Goa we will have to travel from Mumbai. Will the insurance pay if it is stolen on the way or only if it is stolen from our house? - Sumitra Naik

Majority of home insurance policies cover loss or theft of jewellery. Your jewellery is covered for around the clock, as it is secure not just while being stored at home, but also when in transit. Home insurance also covers loss or theft of valuables other than jewellery, like silverware, precious metals, and cash.

My father was recently hospitalised for gall bladder surgery. He is covered in our family floater policy and it is a cashless policy. While admitting him, the TPA approved Rs 1.2 lakh. The total bill was Rs 1.18 lakh. Yet at the time of discharge we had to pay about Rs 60,000 from our pocket. It was not only the disposable items but some doctors' charge also. I want to know if the TPA approved it while admitting whey they did refuse to pay later on? I want to lodge a complaint with the company. - Atul Kohli

The policy terms may not list out certain specific deductions like non-medical expenses, sub-limits and limits of specific procedures, etc. Monetary deductions are mainly made with respect to restriction on room rent, co-payment, and other such factors. There are cases when the payable amount has been exactly in line with the claimed amount, but these are all dependent on the policy you have. Therefore, we recommend customers to reach out to their insurer and clarify details of deductions so as to be well-informed on all the processes.

By, Pushan Mahapatra
The writer is MD&CEO, SBI General Insurance

Source: DNA