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As they say, two are always better than one, and as far as health insurance is concerned, it is definitely true. Life is unpredictable! You never know what can happen in a single moment. Therefore, safeguarding your finances from such unprecedented incidents is necessary. 


In the last one and a half decades, health insurance has gained popularity in India. A health insurance policy has allowed thousands of policyholders to save enormous amounts of money by paying minimal premiums timely. However, sometimes the ailments are so severe and complex that the sum assured of a single policy does not suffice. Thus, the question arises, what to do then? 


The answer is pretty simple: Take another policy. Yes, you can have multiple health insurance policies from different insurers. However, the crucial thing is you need to disclose it to both insurance providers. 


The cost of health care in India has risen significantly in the recent years, which resulted in an increased number of policyholders. Still, there is a handful of people who have multiple health insurance. Where multiple policies have tremendous advantages, one must remember that it does not mean that you will get covered twice. 


Multiple policies work hand in hand; therefore, in case the total amount of claim is not settled by the single plan; you can use other policies to get the reimbursement.


Understand it with an example


Mr. Ranjan has a health insurance policy provided by insurer P. The total sum assured is ₹ 5 lakhs. His second policy, which he bought from insurer Q, offers coverage up to ₹ 5 lakhs. Now, Mr. Ranjan raises a claim of ₹ 8 lakhs to pay the hospital bills for his recently concluded surgery. Here the amount of claim submitted is more than the total sum assured by insurer P. Therefore, once the claim gets settled by insurer P, the remaining amount of claim raised will get reimbursed by insurer Q. 


Now that you have understood how multiple insurance policies work, let us look at some of their other benefits: 

Lesser Chance of Rejection of Claim

Today, insurance providers are working around the clock to ensure they pass as many claims as possible. However, it is not possible every time; thus, if your claim gets rejected, you need to worry as you have a different policy as well. Hence, having multiple insurance policies helps you recover your cost of treatment.

Pay Less Premium

The health insurance policy with extensive coverage costs more. Therefore, buy multiple policies at lower premiums. The sum assured will still be high, but the premium paid will be less.

Myriad Coverage

Owning various health insurance policies allows you to hold diverse coverage. In simple terms, every policy provides coverage for something different, which is their USP and if you have multiple plans, you have access to all those unique benefits. Hence, your coverage gets diversified.

Additional Tax Benefits 

You can claim deductions in your taxable income by paying the premiums of your health insurance policy under section 80D. So, if you have various plans, it means you can get more deductions*, which eventually helps you save some more tax. 


Buying a second health insurance policy sometimes can be essential as well. Consider your employer has provided you with a health insurance policy, but as soon as you leave your job, the insurance policy becomes null and void. Hence, buy individual insurance, which will enhance the coverage, and you can live more comfortably without worrying about the unpredictable future.


* The maximum deduction allowed is as per the rules of the Income Tax Act 1961.

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