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Buying accident policy? Read between the lines

September 07, 2007 17:34 IST
Personal accident and health insurance are not only great investment options, but are great ways to provide for two risks -- dying too young and living too long!
Which is the best insurance policy to opt for? Is insurance actually a good investment option? Which company provides the best health cover for senior citizens? Which policy should the youth buy?

In an hour-long chat on on Friday, Tata-AIG head honcho Rajesh Sinha answered to many such readers' queries. Here is the transcript:

Rajesh Sinha says,
 Hi, everybody. Thanks for your time. I am ready for answers to the best of my capability. However, as you can see i am coming from a general insurance background, i request you to restrict your questions to Accident and Health policies.

ajay asked, I have a 20 lakh accidental insurance from roya sundaram for which i pay Rs.2000 yearly. Is it a good one?If not then pls suggest which you think is best.
Rajesh Sinha answers,  at 2007-09-07 14:02:21Hi, you should check whether this covers accidental death and disbility both or just accidental death. if It is death only then, this policy you have is costlier.
rvcat asked, Dear Rajesh Another querry-if a person was a smoker and then quit it is it mandatory or necessary for him to declare that he has smoked?there is a question in most insurance forms on this.regards
Rajesh Sinha answers, it is always best to declare correctly and as close to factual. This helps in claims settlement process.
Balaji asked, Hello Sir, What would be the best Insurance policy that gives best protection against critical illness and Investment point of view. Thanks
Rajesh Sinha answers, Till date there is no such policy which combines the Critical illness protection with an investment plan.
michael asked, I have recently taken family floater gold plan health insurance policy from reliance. Sum assured is 5 lakh and premium paid is rs 7033/-. Please advise if I have taken the right decision. Thank you.
Rajesh Sinha answers, Definately. it is always advisable to have a health cover for your family and loved ones. The earlier you start the better.
Ranjit asked, Dear sir, I want to take insurance policies who are diabetice and are aged around 66 & 61. Whether some health insurance can be taken at this stage and if yes what diseases would be excluded? REgards
Rajesh Sinha answers, There are some general insurance companies in the market,who have started offering diabetic cover also.
rravsh asked, I heard TATA-AIG does not have a mediclaim , as your are afraid of making underwriting losses. Is this true ?
Rajesh Sinha answers, Infact, Tata Aig is coming out with an answer to Mediclaim shortly. Losses is a concern to all companies and they are trying out various issues to contain the losses.
Krishna asked, Dear Rajesh,which is the cheapest and best family floter health insurance plan which covers my parents (55 y and 60 y) and my self (26 y)
Rajesh Sinha answers, most of the polcies have the same price bands, with some minor deviations. You should look at the company's committment to service the claim rather that select the cheapest product always.
Nitin Ahuja asked, any insurance plan which covers pregnancy ?
Rajesh Sinha answers, Unfortunately-non
NABANIT asked, I have medical insurance of 1.5lakh for me and my wife through New India Good health policy.I want to increase the amount to 3.0 each. Should I increase the amount of existing policy should I buy a new policy of different company,then will i get continuation benifit? My wife is sufferring from cancer for last 2 years.I have received reimbursement to the extent my policy value.Is there any provision to get anything from past nonclaimed years or in advance for this deadly disease?
Rajesh Sinha answers, i suggest that you put the extra amount in the same the time of claims, you would have to cordinate with only one company. of course, you need to be clear on the company's service standards and the brand.
nilesh asked, I want to be Insurance agent for TATA AIG, Please guide me, is it good as far as policy & motivation consen.? or I should look for other & what it is ?
Rajesh Sinha answers, you should contact the website / toll free number of the company.
aryaumesh asked, Hi am still waiting for your resoponse on ...what exactly should we look into before taking any policy. Today we have lot of companies offering this.. and which is the best health insurance policy.
Rajesh Sinha answers, The product features, claim servicing track reputation, and of course the price.
sonu_77 asked, Hi Rajesh are you around or already left?
Rajesh Sinha answers, I AM HERE !
GMS asked, I want to buy a health insurance policy for my Father and Mother. Both are at their 50s. Can you suggest any?
Rajesh Sinha answers, Decide on any of the
companies in the market. But decide fast. If you delay the decision by another year or so, it may be too late and the companies may not accept our parent's proposal due to overage.
karun asked, i have just come in job and my income is taxable......please suggest me which plan is best for me so that i will get good returns with accidential cover age is 24 .....................please answer this que as i m very confused abt all this
Rajesh Sinha answers, Accident polcies are indeminity policies and should not be confused with any investment intrument. there is no question of any returns from a personal accident policy.
abc asked, hi rajesh, i wish to kno whether such insurances r tax exempted under 80C or 80D? if its under 80D, wat wud b the limit there ?
Rajesh Sinha answers, All the health insurance polcies are exempted under section 80D. life Insurance policies are deducted under sec 80C of the income tax.
abc asked, thanks rajesh, but what would be the limits of exemption for the same under 80D like its 1lakh under 80C. thanks.
Rajesh Sinha answers, 15000 under sec 80D
rravsh asked, From which bank can i but TATA-AIG policy ?
Rajesh Sinha answers, You can call up 1800-119966- toll free number of Tata Aig- to find out the specific details.
basha asked, i want take mediclaim policy for my family My mother she is around 55, my wife, daughter and myself please suggest me which is the best mediclaim policy plan basically i am a very lower income salary person.
Rajesh Sinha answers, Most of the insurance companies offer family floater medical policies. i think this will be best for you.
Rony asked, I am 29years of age and my wife is 26yrs. we have a 1 lakh mediclaim policy each and a 2 lakh personal accident policy each in New India assurance. What should be our ideal medical coverage. Please suggest
Rajesh Sinha answers, It depends on the needs of the individual. However, you should atleast have 5 times your annual income for personal accident cover. Medical cover will depnd on the citi/ age etc
sankaral asked, hello sir, kindly tell about insurance plans for travellers
Rajesh Sinha answers, most companies have cover for people travelling abroad. They cover you for accident and sickness and also cover for travel inconvenianc like bagage loss/ delay etc. Some companies like Tata AIG have also started offering travel policies for domestic travellers also.
Naren asked, Hello Rajesh, I am repeating my question as I fear that you would have lost my chat conversation. My father is 73 yrs old and is very fit and healthy. He has never smoked or drank and has no diabetes or BP complaints. Will I get health insurance for him? If so, which company's insurance is most suitable and what insurance amount is advisable? Please let me know. Thank you.
Rajesh Sinha answers, i am sorry to have missed out. But, currently our father cannot be covered as there is no company who will cover a person aged 73. IRDA is looking into this area very closely and i hope companies will come up with something for your father.
Rajesh Sinha answers,
Rajesh Sinha answers,
Lalitha asked, Hi Rajesh, Are there any mediclaim policies for individuals above 60 years. This for my mother who has completed of 61 years.
Rajesh Sinha answers, Most of the comapanies have policies upto 65 years. you should try the sites of some of them. i am sure your mothr can be covered/
vmc asked, whether the premium paid for accident policy is tax exempted. thanks for your reply
Rajesh Sinha answers, No they are not exempted.
Yugantar asked, I have a mediclaim cover. Should I buy Hospital Cash if I feel that the cover is not enough ?
Rajesh Sinha answers, Yes you can. in fact, Hospital cash will cover you for the balance, which is not paid by mediclaim
d.subba rao asked, Sir, Have missed out my question regarding 3rd time cateract operation under mediclaim policy. Is it allowed for 3rd time ?
Rajesh Sinha answers, it is generally not allowed in the first year of mediclaim. then onwards you should be covered.
Apratim asked, Rajesh - Does Tata AIG offer a Hospital Cash policy ?
Rajesh Sinha answers, yes.
vmc asked, please explain about hospital cash
Rajesh Sinha answers,  "x" amount of cash paid for x" number of days in hospital. no bills, no questions. lumpsum payment.
Rajesh Sinha says, Thanks all. Bye. if you still have questions relating to accident and health policies, you can post them on