When an individual has two insurance policies and his claim is less than the sum assured, he is free to choose any company.EE
You buy health insurance for medical emergencies. For this, a small premium has to be deposited every month, in return you get many benefits including cashless medical facility. Medical expenses are very high, so it is advisable to buy medical insurance or health insurance to avoid the burden of sudden expenses. If one wants to buy two or more health insurance for himself, is it possible?
Insurance experts say that it is absolutely possible. An individual can buy more than one health insurance in the name of himself and the family. Insurance experts advise that if one is thinking of buying more than one health insurance for himself, then he should buy a base insurance policy first. After this, a top-up plan can be taken according to the need. Second health insurance may be higher deductible. It has less premium. Deductible Sum is that portion of the sum assured which the policyholder has to pay in advance from his own pocket. The insurance company later returns it to the policyholder. The lower the deductible, the higher the premium and the higher the deductible, the lower the premium.
Policyholder is free to choose the claim
When an individual has two insurance policies and his claim is less than the sum assured, he is free to choose any company. If the claim amount is more than the sum assured, then after getting the benefit of claim in one policy, attested documents have to be submitted to the other company. Dues can be availed from another policy.
No more trouble with the contribution clause
IRDA did away with the contribution clause in 2013 to reduce the hassle of claims in two insurance policies. Now it depends on you from which company you want to take the claim. If the claim amount is more than the sum assured, then avail the claim under one policy first, the outstanding amount can be claimed from the second policy.
