I am a resident of Mumbai. With the monsoon in full swing, I want to go in for a comprehensive auto insurance policy for my car. Currently, I have a third-party policy. Is it possible to upgrade my existing car insurance policy?

Ans: If the insured has not made any claim during the policy year, then s/he will be eligible for No Claim Bonus, which is a discount that is given to the insured while renewing the policy.

Please do read the policy terms and conditions for details.

Ans: 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.

Ans: I understand your concerns about the Click 2 Protect 3D policy and your desire for either more coverage or the ability to switch providers. Here's what you can explore:

Increased Premiums and Coverage:

Review your Policy: Carefully examine your policy document to understand the breakdown of the premium between term insurance (HDFC Life) and health insurance (ERGO). This will help you assess if the health coverage benefits justify the increasing cost.
Contact HDFC Life and ERGO: Reach out to both HDFC Life (for term insurance) and ERGO (for health insurance) to inquire about possible options for increasing your sum assured (coverage amount) within the existing plan. This might lead to a higher premium, but it would also provide greater financial protection.
Portability Limitations:

Combined Policy Challenges: You're right; combined term and health insurance policies like Click 2 Protect 3D can be difficult to port due to their integrated nature. While individual term insurance plans are generally portable, porting health components often faces challenges.
Alternative Solutions:

Consider Separate Policies: Explore the possibility of purchasing separate term life insurance (potentially with a higher sum assured) and a new health insurance plan from another provider that better suits your needs and budget. This might involve surrendering the Click 2 Protect 3D policy, but it could offer more flexibility and potentially lower costs in the long run.
Negotiate with HDFC Life and ERGO: You could try negotiating with HDFC Life and ERGO to see if they can offer a more competitive premium or increased coverage within the existing plan.
Here are some additional tips:

Compare Online Quotes: Use online insurance comparison platforms to get quotes for separate term life and health insurance plans from different providers. This can help you compare coverage options and premiums.
Focus on Needs, Not Just Cost: While cost is important, prioritize getting adequate coverage for your term and health needs. Don't compromise on coverage just to get a lower premium.
Remember:

Carefully review the terms and conditions of any new policy before purchasing.
Consider factors like your age, health condition, and family needs when determining your required coverage amount.
By thoroughly evaluating your current plan, exploring alternatives, and comparing options, you can make an informed decision about whether to adjust your Click 2 Protect 3D policy or switch to separate plans for better coverage or affordability.

Ans: Hello;

A person may take multiple term insurance policies but he needs to inform the other insurer about his existing life insurance policies.

This will ensure that the insurer provides you additional insurance in line with your increased requirement and also claims are not dishonored later for suppression of facts.

Also people need to understand that insurers do a Human Life Value(HLV) Assessment. Human life is invaluable and no amount of money or other riches can compensate for the loss of it.

HLV tries to predict your earnings over your lifetime.

And since insurance is a protection intended to make good the financial damage caused due any loss or mishap,
no matter how much life insurance you buy, insurers will assess your HLV and make claim payment in accordance with the same irrespective of sum assured.

Do not be under the impression that if you hide your previous term policy from the new insurer then they won't know about it.

The way we can find out everything about insurance companies online similarly with a simple search they may get all details pertaining to client's financial activities including of course life insurance policies.

Nobody would want their family to run long drawn legal cases with insurance companies behind them.

Therefore it is best to keep it plain and simple with one adequate term insurance cover.

Many companies offer term life cover in which you may enhance the sum assured at certain life stages.

Benefit is you get enhanced cover for increased responsibilities without going through underwriting check again.

Do a study of claim settlement ratio over a span of years, capital adequacy, reputation, cost, riders on offer and go for the one which suits your requirement or else consult an insurance advisor.

It is better to buy term cover with accident benefit and critical illness riders.

Best wishes;