Individual mediclaim policy or family floater; which is more cost effective; find out here

I want to convert my individual mediclaim (for myself, wife and two sons) into a family floater plan. But the insurer is refusing saying I will lose out on the no claim bonus. What should I do?
– Mihir Raj
Yes, you can convert your individual mediclaim (self, wife and two sons) into a family floater plan. Though you will lose the no claim bonus a family floater is cost effective as it offers a floater sum insured which can be utilised by anyone in the family and is suitable for younger families with members having low health risk. Family floater plan provides comprehensive coverage and offers convenience in terms of administration. Individual health insurance policy is expensive in comparison with floater plan and is suitable for older families or families where the health risk is more. Do make sure that the sum insured is adequate and does not require revision anytime soon.
I am taking a home loan to buy a property in Nasik. The bank is insisting that I take a 5-year home insurance cover against the loan. Is it mandatory to take home insurance?
—Ravi Iyer
No, it is not mandatory to take an insurance while taking a home loan from a bank. It is a cross-selling strategy and is just a marketing gimmick. Any kind of loan cannot be bundled with other products. However, it is a prudent financial step to cover your liabilities with an insurance plan. Home insurance policies cover both building and contents against various natural calamities, fire, lighting, strike, and also insure for burglary and robbery, jewellery, electronic equipment and many more options with various discounts.
I had taken a home insurance cover for three years. But after one year, I am selling the house and buying a new property. Can I transfer the insurance to my new house?
—Siddharth Pai
Yes, you can transfer the policy by informing the insurer of the change in address, but you need to check with your insurance company first as premiums are based on the location and type of property that you live in. You need to inform your insurer of your new address and details of your new home. The insurance company will be able to use this information to recalculate your new premiums or may suggest to cancel your current home insurance and apply for a new one.

source:financialexpress