Should you say no to Group Insurance offered by the employer? Find out

I have a mediclaim policy of Rs 15 lakh for my family - my wife, two children, my mother and myself. My mother who is a senior citizen recently had a fall and had to undergo a surgery. The insurance policy covered the surgery charges. We have appointed a private nurse for her for the next one month, as suggested by the hospital. Can we claim the charge for this too? We can show bills from the agency. B C Kumar

While some insurance companies exclude home visit nursing expenses during post-hospitalisation period, it is advisable to check the terms and conditions of your policy to ensure that you are aware of your rightful claims.

From this year my company is charging employees a part of the premium for the office’s mediclaim policy. Since I have a health insurance policy of my own, I feel I don’t need the office mediclaim. Should I say no to the office mediclaim? Ranjan Kant

Group Insurance offered by the employer is usually at a lower cost than individual health insurance. Additionally, it offers coverage for pre-existing diseases and maternity. It would be advisable to consider the group insurance, keeping in mind the benefits and coverage offered by your employer. Moreover, your family, including your parents, can also be covered under the policy, if not covered in your existing health insurance.

We are planning to sell our old car, which is in my father’s name and buy a new car in my name. I will take a loan and I will be using the car regularly since my father has retired. Can we transfer the no claim bonus to the new car since it will be in my name? Sarvesh Bharadwaj

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No-claim bonus is a benefit provided to all car insurance policyholders as a reward for driving safely. Hence, no-claim bonus is tied to the policyholder and not to the vehicle. Therefore, it can be transferred only in favour of the current vehicle owner, and they can use the bonus while buying an insurance policy for a new vehicle in the same category.

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

Source: DNA Money