Can I take a health insurance plan for my parents who are senior citizens? Are there any tax benefits that I can avail of if I pay the premiums for the insurance policy?
—Shalin Gupta
Yes, you can be a proposer for your parents’ health insurance policy. If your parents are below 60 years of age, you can get a tax deduction up to Rs.25,000.
If they are older than 60 years, then the deduction eligibility increases to Rs.30,000. This is in addition to the deduction allowed for your family’s health insurance policy.
Can my insurer limit the number of claims I make in my motor insurance policy?
—Chris D’Silva
Typically, a motor insurance policy does not restrict the number of claims in a year.
However, in case of certain add-ons such as the zero depreciation cover, some insurance companies have limitations in their policies. They may allow two or three claims specifically for these add-ons.
Do children have to go through a medical check-up at the time of being included in a health insurance plan?
—Ganesh S.
Generally, most insurance companies would not require the child to undergo medical tests before issuing a plan. However, if the proposal form mentions a pre-existing condition for the child, then the insurer may ask for a medical check-up.
At times, when the sum assured is high, the insurer may ask for a medical check-up based on its underwriting practice.
I am covered by my employer’s group mediclaim policy. Do I need to buy a separate cover? In case of a claim, will I get paid from both policies?
