are many health plans available and today many individuals are opting for more
than one health cover. Many individuals are covered by employers, but they look
for stand-alone health covers, in case they lose their job. Many others,
especially high net worth individuals buy more than one policy to increase
their health cover costs.
policies are more relaxed in their cover for pre-existing diseases, but
individual policies cover these diseases after the policy has been valid for
3-4 years. Sometimes when the group policy cover is exhausted the individual
health plan can be a savior. When you have a pre-existing illness or a doubtful
claim, a group insurance payout will be easier.
Many general insurance companies sell plans separately -
fixed benefit plans, critical illness covers, personal accident insurance. Many
times health plan covers are not sufficient as many offer a fixed sum in case
of hospitalization. There are many advantages by having multiple health covers,
but the individual should understand all the intricacies and technicalities in
case they need to make claims.
is better to inform insurance companies about existing health covers, as not
only is it mandatory but a moral obligation also. Most people have a
misconception about declaring existing policies because they feel it could
you have an individual and a group plan, use the group plan first as it will
not increase your premium at the time of renewal. Individual covers may be
charged higher premiums after a claim.
an individual has policies from two different companies, the payout would be
settled according to the contribution clause with IRDA rules. When the
operating principals of both policies are similar the claims would be divided
between both the companies equally.
make a claim, you will have to submit original documents and a written request.
Once the claim is processed by the first insurer, your TPA will issue a
settlement statement to the second insurer along with certified copies of all
companies will make the payments according to their norms especially for
benefit policy offers a onetime fixed sum for hospitalization. The policy
holder can claim cover from both companies separately. Fixed benefit policies
include critical illness cover. Different companies will have different
benefits depending on the type of policy taken. When the TPA is the same for
different policies, the claim settlement is easier.
Hannah Punitha (IRDA
Licence Number: 2710062)