MUMBAI: As folks age, their obligations hold including up. While a single insurance coverage coverage may suffice a 30 yr previous with a restricted sum insured, by the point the individual reaches 50, she or he may need to care for a household of 4, mother and father who could be senior residents by then, and extra members of the family.
Often, a single coverage can’t meet further wants. In such a case, ought to an individual buy further life insurance coverage insurance policies now and again? If one can then how ought to they handle a number of insurance policies?
It is feasible to assert two or extra life insurance coverage insurance policies, it’s fully as much as the policyholder/insured to determine the insurance coverage wants and which plan he/she should purchase. Insurance firms have sure underwriting pointers, which rely upon the insured’s annual earnings, age, and premium paying potential. Thus, primarily based on these components, insurance coverage firms decide the restrict (sum assured) of the insured. However, if an individual is contemplating a second insurance coverage coverage, she or he ought to inform the insurance coverage firms concerning the two insurance policies and why he/she has opted for the second life insurance coverage.
Indraneel Chatterjee, co-founder, RenewBuy InsurTech stated, “While managing two or more policies, it is important to keep policies active by paying the premiums regularly. With most of the things going digital and with increased transparency in digital transactions, maintaining an e-insurance account in case of two policies can make things seamless and accessible to policyholders.”
Thus, taking two insurance policies is likely to be helpful in some ways. With elevated obligations of households, larger monetary wants, two insurance coverage insurance policies is likely to be required to suffice the elevated wants. Also, for any purpose, if one declare will get rejected, the policyholder can depend on the second.
Aatur Thakkar, co-founder and director, Alliance Insurance Brokers stated that to make sure an individual is satisfactorily lined, he/she will be able to enhance his/her sum insured by taking a number of insurance policies. You can usually make a declare from two life insurance coverage insurance policies as much as 10 occasions the annual earnings.
Besides, for the availing of declare, a nominee or members of the family can submit claims to a number of insurers, maintaining his general sum insured eligibility in thoughts.
What it’s best to ideally do
“It is advisable to have one time period insurance coverage plan and one further coverage to care for the extra wants which include elevated way of life wants and added obligations. One ought to keep away from making use of to a number of insurers on the identical time to stop problems and delays and will work with an insurance coverage advisor to make sure that she or he is receiving the fitting insurance policies as per his or her necessities,” stated Chatterjee.
Echoing the identical views, Thakkar stated, “It is all the time advisable to take larger sum insured protection at a youthful age. This will guarantee he will get an inexpensive charge per unit sum-insured. Premiums must be paid in time for hassle-free claims.”
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