Personal finance queries responded by industry & subject-matter experts.
Mahendar, NOIDA: In natural calamities, which is the best motor insurance?
A Package Insurance with Add-Ons protecting your Engine, Depreciation and Consumable would be an ideal product to purchase to cover your motor. A standard Motor Package Policy covers all the Act-of-God perils under the own-damage clause. And any significant damage to car engines, due to natural calamities like floods etc. can be covered under the Engine Protect Add-ons. This is offered by many companies as a Add-on for Motor Package Policies. Having a Depreciation Protect and Consumable Protect Add-On, would further ensure that no deduction towards depreciation or consumables (nut bolts, engine belt, engine oil, clips etc), would be done during calculations of claims.
Shikha, Hyderabad: I am a 25-year-old female and have recently started working. My monthly salary is 40K, of which I am able to save some but don’t have any health insurance. What should I begin with a general health insurance or a critical health insurance?
To begin with, I would advise you to buy a health insurance cover as it covers general diseases as well as critical illness too. A critical illness plan covers only critical illnesses and not general hospitalisation. But do read the policy document and be clear about the plan before you buy one. A basic general insurance plan should include the following – In patient hospitalization, pre & post hospitalization medical expenses cover, day care treatment cover, domiciliary hospitalisation cover (cover for treatment taken at home), maternity cover and AYUSH cover.
The queries are responded by CEO Designate, Edelweiss General Insurance