Claim for Multiple Health Policies – Maximum number of salaried person are having two health or Medical policies, One from the employer another taken by self. But very few know that in case of claim there are restrictions and simultaneously one can’t claim from both the insurer.
What I believe that people bought the multiple insurance products but having little knowledge in term of claim settlement. Person must know the value of money of his investment.
You must know the procedure of making a claim, otherwise you might get reduced return on your investment i.e. reduced claim settlement on your policies.
We have provided the certain ToDo guidelines to aware the people about their Health Policies and Claim settlement on Multiple Policies
1. In case of Multiple Health or Medical Policies, both the insurers (new and existing) needed to be informed about the other policy.
2. Customer has the choice to prefer the claim with any of the insurers if having Multiple Policies.
3. Under New Health Policies guidelines implemented recently the contribution clause will be applicable if the claim amount is above the sum assured of the policy.
4. In case of Mediclaim or Hospital Reimbursement Policies if the customer has had multiple policies and claim amount is less than the sum insured than contribution clause doesn’t exceed
5. There are certain special policies like Critical Illness, Hospital Cash polices etc, where the payable amount is fixed by nature, in such cases there is no contribution clause works.
What we suggest you that, before taking any health policies, you must go through the term and condition of polices carefully before paying the premium amount ? Try to take the Health Insurance policies from the branded companies.