The above statistics are perhaps why insurance insurance companies are waking up to the threat of cyber crime to individuals and the need to provide insurance. HDFC Ergo’s product is called E@Secure, while Bajaj Allianz’s is caked Bajaj Allianz Individual Cyber Safe Policy.
“Individuals do not feel the need and imperative for such insurance and hence it is not a widely offered product so far,” said Rakesh Goyal, Director, Probus Insurance Probus Insurance- an insurance broking firm.
Usually pre-existing diseases (diseases existing before taking the policy) are excluded for a few years. This period is between two and four years. “In case of diabetes at the time of taking the policy, any complications associated with the disease wouldn’t be covered by the insurance policy,” says Rakesh Goyal, Director, Probus Insurance.
It also depends on the physical condition disclosed to the company while buying the policy. In case the physical conditions are clearly mentioned in the proposal form and if the applicant falls under the age group of 45 or 50 years (this could vary from company to company), then the policy is processed (first level of underwriting). If not, the applicant has to go to either of the medical process, says Rakesh Goyal, Director, Probus Insurance.
For example, if policyholders purchase a family floater for Rs 10 lakh, any member can use that amount. But if due to some serious illness, there are large claims, other members will not be able to utilise the entire Rs 10 lakh.
“So for policyholders having senior citizen parents, it better to have a separate policy so their entire risk is covered,” points out Rakesh Goyal, director, Probus Insurance Brokers.