Legal issue against holding three health insurance policy
6 months ago
I already have one heath insurance policy running from myself from ICICI Pru Life and another from LIC in family floater mode. As the aggregated sum assured is still quite low (6 Lakh only). May I take another Health Insurance policy from Star Health of 10 Lakh sum assured in family floater mode?
i.e. is there any legal issue against holding three health insurance policy simultaneously?
A.Dear Client,
A policyholder can have multiple health insurance policies. However, he cannot claim reimbursement for the same expense from multiple insurers. If one cover is not sufficient, the other cover can be used to cover the expenses. Having two/three health plans can help cover normally out-of-pocket medical expenses, but also means you'll likely have to pay two premiums and face two deductibles. Your primary plan initially picks up coverage costs, followed by the secondary plan.
A policyholder can have multiple health insurance policies. However, he cannot claim reimbursement for the same expense from multiple insurers. If one cover is not sufficient, the other cover can be used to cover the expenses. Having two/three health plans can help cover normally out-of-pocket medical expenses, but also means you'll likely have to pay two premiums and face two deductibles. Your primary plan initially picks up coverage costs, followed by the secondary plan.
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A.Dear Client, when applying for a new health insurance policy, it's important to disclose any existing policies you have. Failure to do so may lead to complications during the claims process.
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