back arrow Back

Claim from two health insurance policies at a time.

reply Share
25 Nov, 2020 by  Shubham Aggarwal

Hi sir,


If I'm having two or more health policies then if any claim occurs then what's the IRDA rule. Can I claim same amount from both insurance provider or not? What in case of multiple term life policies?

like like
0
Term Life Insurance

1 Answer

Post
27 Nov, 2020

Hello Shubham,


We are assuming you are talking about regular health insurance policies, that are reimbursement/indemnity based covers, and not fixed benefit covers. In such regular health insurance policies, you cannot claim the same amount of expenses from two health insurance policies. You cannot make profit from such policies - you can only claim maximum what you have spent. Only fixed benefit policies (like Corona Rakshak) will pay irrespective of the amount paid by any other policy - since such policies pay fixed amounts for the event of hospitalization.


Term Life Insurance policies are fixed benefit policies - they will hence pay based on the event of death, and not as a reimbursement of expenses, hence you can claim from multiple term insurance policies. Only note, that you should have clearly disclosed your existing life insurance coverage when you bought the second, third policies - this helps the insurer ensure that you are not over insured, based on your current financial position.

like like
0
icon-comment 0 Comments
icon-reply Reply
Discover the best tips for insurance every week!
beshak logo

Beshak is your source for clear, research-backed information & analysis of insurance plans. Our sole focus is to help you make well-informed decisions on insurance. We don't sell or advertise insurance plans or companies.

facebook icontwitter iconlinkedin icon

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business. © Copyright 2021 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂