Often people have one question regarding health insurance policy’s cover and how much should one spend on mediclaim insurance.
We all are aware that the mediclaim policy is valid for twelve months and once that period is over the insurance policy contract ends and if there is no claim under that policy, one doesn’t receive any amount back, to continue one has to renew the policy for the next twelve months.
One day, I went to meet a businessman who was looking for health insurance for his family. I explained all terms and conditions of the policy to him and while finalizing the policy he asked me ideally how much premium he should pay for that policy. His main concern was if he didn’t file a claim then his entire premium amount would be wasted. Since he was a businessman, he looked at it as an investment and wanted to be sure that there was no loss in this transaction.
On a lighter note, I asked him how much amount he was willing to donate to the sick and the needy. He gave me one figure. I told him that the amount which he was willing to donate was much higher than the health insurance premium amount. He was confused and asked me with curiously what the connection between Health Insurance and donation was. I looked at him and smiled. Within a couple of minutes I was able to change his perspective. Here is what I said to him. “ These days everyone knows how important health insurance is in a medical emergency but very few know how it works. Premiums collected from individuals are pooled and transferred to the policyholders who go through mishaps and emergencies. Many families in distress have benefited from this model. It’s a win win situation for all. Don’t you think this is also a kind of charity. When you pay the premium amount it is never wasted, you are directly or indirectly helping the society.”
He looked convinced...and finally he said "Waise mediclaim ka premium apne liye to har saal waste hona chayiye"…
I wanted to share with you an interesting case study of car insurance in my today’s blog.
One of my clients had bought a brand new car. After six months he went to outstation for his office work. He had parked his car on road near his client’s office and went for his work. After completing his work when he came back to the car, he was shocked that the car was not there where he had parked. He realized that his car was stolen. Then he went to the police station and lodged a complaint. He was worried that he had bought a brand new car just six months ago and it was now stolen.
But luckily, he had zero depreciation insurance for his car. So, he had some hopes. We completed the claim process. Insurance company also promised to pay the entire claim amount after submission of all the relevant documents and both the keys of his car.
On the day the car was stolen, he had one key in his pocket but could not find the other key. Insurance company was not ready to pay the claim without him submitting both the keys. But luckily after few days he found the second key and insurance company had paid the entire claim amount to him.
Car insurance policies encompass vehicle theft, they do not provide cover for negligence. So, in demanding that owners submit both keys, the insurance company is seeking to ensure that the theft was not the result of the owner's negligence. What that means is that insurers are trying to make sure that the owner did not leave the car keys in the car, thus making the vehicle an easy target for theft. Owners are expected to take reasonable measures to ensure the safety of their vehicle. Hence, in this situation, the insurance company will not be liable to pay the insurance claim. Submitting both the car keys does is help prove there was neither any negligence nor any attempt to mislead the insurance provider.
When it comes to lost keys, you should inform the police and get an FIR done right away. Also, inform your insurance company about the same before going for duplicate keys.
So friends, the biggest take away from this incident is keep both the car keys safe and handy as doing so can keep your worries away.
