Administering multiple health insurance policies can be confusing, especially the claims process. So, in case you have multiple health insurance policies but are clueless about the claim settlement process, the following details might be helpful.
For multiple indemnity health plans
Indemnity health plans are those plans which pay for the actual expenses incurred on hospitalization. If you have more than one health insurance plans, you can make a claim on anyone or on all as per the requirement. You can also choose to have a single policy with extensive coverage. Health insurance plan, available on Finserv MARKETS, offers a cover of up to Rs 50 lakhs with a host of other benefits.
Let’s understand this with the help of an example: Suppose, you have three plans A, B and C. The sum insured under these plans are Rs.2 lakhs, Rs.2.5 lakhs, and Rs.4 lakhs respectively. Let’s now understand the different scenarios –
|Claim amount is 1.5 Lakhs||One can claim under all three policies as the claim amount is lower than the combined sum insured of all three insurance policies|
|Claim amount is 2 Lakhs||Again, the claim can be lodged in any of the policy as the sum insured is more than or equal to 2 Lakhs in each policy|
|Claim amount is 3 Lakhs||Either you can claim the entire amount in Plan C or 2 Lakhs can be claimed in Plan A & rest can be claimed in either of the policies|
|Claim amount is 5 Lakhs||Similar concept. 4 Lakhs can be claimed in Plan C & Rest in either of the plan A or Plan B. Alternatively, 5 Lakhs can be claimed by combining all three plans|
The process is simple. Original medical bills along with reports and discharge certificate have to be submitted. In case you are filing claims with multiple companies, you will have to submit the original documents to the first company and then avail a Settlement Letter. The letter along with self-attested copies of the documents is supposed to be shared with the other insurance company for claim settlement. All these processes can be accelerated if you opt to buy a health insurance plan through Finserv MARKETS App. The app offers faster claim settlement, ease of premium payments and quick policy approvals.
For fixed-benefit health plans
Under Fixed benefit health insurance plans, a fixed amount is paid irrespective of the actual costs. Also, in case of multiple fixed benefit plans, one can claim from each insurer under each policy. For e.g., if you have two critical illness plans of Rs.2 lakhs and Rs.5 lakhs, then you are eligible for 7 lakhs, if you are diagnosed with a covered illness and claim from both the plans
To summarize, it is not wrong to have multiple insurance policies for one individual. The focus should be on the adequacy of sum insured so that in case of financial loss, the entire loss can be indemnified. However, the amount of coverage should not be the only criteria to analyse the adequacy of the cover. With health insurance plan purchased through Finserv MARKETS, you can get cover for pre and post hospitalization expenses, ambulance expenses, maternity benefits and free medical check-ups.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.