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Claim from two health insurance policies at a time.

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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?

Term Life Insurance

1 Answer

27 Nov, 2020
We breathe insurance :)

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.

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