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'Is it legal to purchase two different insurance coverages for a single car?'
Sanjib Jha, CEO, Coverfox Insurance Broking (external link), answers your health and auto insurance related queries.
Please mail your queries to getahead@rediff.co.in with the subject line 'Ask Sanjib' and he will answer all your health insurance queries.
R N Mittra: I am 73 (DOB 10-07-1949). I had an open heart surgery in Sept., 1999. I am taking blood thinner otherwise ok. My wife is 66 (DOB 13-09-1956). She has no problems. I have a 5L Family Floater health insurance from Oriental Insurance - Bank Saathi Policy at an annual premium of about Rs. 35,000 for self and wife.
Since in these days this is not sufficient, I want another policy for 5L or Top Up for 5 / 10 L for self and wife. Please advise an honest suitable minimum cost affordable policy since I have limited capacity to pay because my life time savings in Punjab & Maharashtra co-op Bank Ltd., Mumbai, has been looted by bank Management, Senior Employees, HDIL Construction Co. (Wadwhans), RBI, Politicians and Govt.
Another point. Earlier I had policies with National Insurance, New India Insurance and Oriental Insurance from my Bank tie-up but one after the other they broke the tie up with Banks and offered their direct policy raising annual premium from 11,000 to 43,000 (National Insurance) and others also on same lines because they follow dishonest business policy and just want to loot the common man. How anybody can afford such increase after 8 years with Govt. co. insurance Policy? IRDA is also on their side being dishonest. Not only private but Govt. cos. are also dishonest, corrupt and want to kill the common man.
Sanjib Jha: Hi Mr RN Mitra, sorry to hear about your condition, wish you good health and recovery.
As far as the top up plan is considered, given your age and pre-existing diseases, your risk profile is high and most insurers may not be able to offer Super top up plans.
The best option is to apply for a new base plan with a higher sum insured, however the premium will be on the higher side.
Avichal: I am working in private company and have corporate health insurance provided by my company but if I resign from job then is it possible to shift corporate health policy into individual health policy with same benefit?
Insurance company -- The new India Assurance Co. Ltd.
Sanjib Jha: Hi Avichal, usually corporate health policies do not convert into individual policies unless stated otherwise.
I suggest that you buy an Individual Health Policy over and above the one provided by your employer.
In case you wish to resign, you will have another policy protecting you and while you are working you can claim your Corporate Policy, in case required.
Partha: Is it legal to purchase two different insurance coverages for a single car? In my case my agent forgot to cover bumper to bumper in the policy, so can I enhance or buy another car insurance policy?
Sanjib Jha: It not illegal but it not advisable to have two different insurance coverages for a single car.
However, in your case you can raise a request to your insurance company to add the said add-on.
If insurer is unable to do so, you can purchase an alternate fresh policy with the zero-depreciation add-on (bumper to bumper) & get the first policy cancelled.
Natrajan Satheesh: I took two term insurance costing 1 Cr and 60 lakhs from different companies. My query is regarding my name in term plans purchased.
When I applied for term insurance it asked for given name as well as surname, hence my name is registered in the term plan as ‘Satheesh Natarajan’ as my father name is Natarajan.
Now my name is N Satheesh in school certificate, Aadhar card and in my official record of central government department where I am working.
My name on PAN card, passport are registered as Satheesh Natarajan since they also asking surname while applying.
Is it ok having names as N Satheesh as well as Satheesh Natarajan
in different records (Here N stands for my father name Natarajan). Or, do I have to do something regarding that?
Kindly advise me in this regard.
Sanjib Jha: In such cases, it is best advised to change your name /format and keep it same as in all identity documents so that during claim one does not have to attach declarations to the insurer.
It is best to keep the name in your Aadhar card and Passport and PAN same as that of your policy document.
Once your name has been updated on PAN Card, speak with your insurer requesting for endorsement.
You can find more of Sanjib Jha's answers here.
Note: The questions and answers in this advisory are published to help the individual asking the question as well the large number of readers who read the same.
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