Express Money: Ask Us

Child insurance provides cover to a parent for a specified term. That is,if the parent,were to pass away,the child’s future would not be in jeopardy

Written by Adhil Shetty | Published: January 23, 2012 2:36:12 am

What is the advan-tage of a child plan compared to a general cover?

—Nishant Dhawan,Noida

Child insurance provides cover to a parent for a specified term. That is,if the parent,were to pass away,the child’s future would not be in jeopardy. If,however,this were to happen,the child would receive the sum assured in the policy along with any bonus,participating profit,guaranteed addition or the value of the investments,at a pre-determined age,and this money would be provided irrespective of whether or not the parent survives the term of the policy.

I have three bank accounts. However,when I tried drawing money from one of the accounts,which I have not accessed over a year,my transaction got declined. The bank says account is inactive.

—Ravish Kumar,Mumbai

If you do not use a bank account for over a year,the bank can declare the account inactive despite the fact that you have idle cash in the account. The time frame after which it is declared inactive,however,varies from bank to bank. As a best practice,use all your bank accounts once in while to retain its active status. Since your account has been declared inactive,you need to visit the bank branch where you hold the account and request for re-activation through a formal request. Some banks may levy charges for reactivation of the account.

The LCD display of my insured laptop has broken. How do I claim insurance?

—Ankur Nangia,Chandigarh

You should call your insurance company and refer the policy number. One of the first things they will ask you to do is approach an approved computer service center and get a diagnosis of the problem with the laptop and a rough cost estimate for the repair solution. In your case,let’s assume the laptop monitor needs to be replaced. Then you need to get a rough estimate of how much the monitor will cost and also get a report on why the problem occurred. You need to submit these to the insurance company along with photographs of the laptop,the serial number and other details that will be required to reimburse your claim.

—The expert is CEO,Bankbazaar.com
For your personal finance queries please email at expressmoney@expressindia.com

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