How to avail insurance coverage claims when you’ve got two well being insurance policies
I’m coated with a person medical insurance coverage. Can I purchase two medical insurance insurance policies from two totally different insurance coverage corporations? How can I avail myself of a declare in such a situation?
-Name withheld on request
Yes, you should purchase multiple medical insurance coverage primarily based in your want and premium paying capability. It is really useful that you simply go for a base insurance coverage coverage, for added wants, search a better deductible medical insurance cowl, which is often accessible as a top-up cowl. You can avail of a deductible equal to your base insurance coverage coverage and take a excessive sum insured below the brand new coverage. The premium for such a top-up coverage could be very low, and also you get excessive protection and higher advantages. Please keep in mind that the top-up coverage pays just for the bills over the deductible quantity. It will probably be topic to ready durations, pre-existing illnesses, and different circumstances.
If the declare is inside one of many coverage’s sum insured, you’ll be able to totally declare it below that. If the sum insured of 1 coverage is inadequate, you’ll be able to avail the declare below one and the steadiness below the opposite coverage. You must current the unique payments and paperwork; you’ll be able to declare any medical insurance insurance policies. You are required to get the licensed paperwork and stamped duplicate copies of payments from the insurance coverage firm that you’ve claimed from and submit the remaining paperwork for claims to the second insurance coverage firm.
I’ve a medical insurance coverage. If I declare within the present 12 months, what occurs to the renewal premium? And what if I don’t make a declare?
-Name withheld on request
With any declare within the coverage, typically, your premium will stay unchanged, save for adjustments which will occur because of age-bracket motion or different elements. However, if it has been a claim-free 12 months, the sum insured is elevated by 5%. This can be known as “Cumulative Bonus”. This enhance can proceed for each “claim-free year” until the sum insured increment reaches 100% of the overall sum insured. Almost all medical insurance insurance policies provide this Cumulative Bonus. It is vital to consult with your coverage phrases for particulars on the speed of enhance and cap on bonus share.
– Atul Deshpande is head – Claims, Digital & Projects at SBI General Insurance
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