Do Multiple Helath Insurance Help

1. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Sir,
   I had purchased the LIC Health Plus-which is unit linked health plan one year back. But when I came to know more details about this plan such as this does not cover some minor surgeries like conventional Helath Insurance plans and also this does not cover up the Doctor fees like that I opted for a conventinal health Insurance plan and gone for a Reliance Genelral floater health Insurance Plan recently(one month back). Now as I have been appointed in a Big IT company which also provides the Health Insurance I am in a dilemma to know whether is it useful to pay premiums for multiple health Insurance Plans ? Now I am planning about to surrender any one of the Plans. Since company is providing the health Insurance I can keep it. But what about other two I have ?Since LIC health Plus is a Unit linked and the Premium amount is very High I think to surrender that one. The other one is Reliance Health Insurance it cant be surrendered. So how is it helpful to keep all three, or is it useless have three plocies at the same time.

   Posted 2 years ago #
2. 

   ronakmital
   

   new member
   Joined: Jun '09
   Posts: 4

   Reputation:7

    

   LIC's Health Plus plan is a blend of Life Risk + investment + Hospital and Critical illness daily benefits

   1. One can have Health Plus of LIC along side General Mediclaim policy. Both policy have unique features and are complementary to each other hence u may like to review you decision and continue with LIc health plus policy also.

   If u still decide to surrender, go after 3-4 years. You make fetch a good return for the invested fund.

   2. yes, it is beneficial to have both policies, Group mediclaim that of your IT company and Reliance General Floater Policy. Your limit is doubled, if one policy limit is exhausted the other policy can be used to pay-off the balance.

   Please note, most of the Mediclaim policy have 30days waiting period clause alongside some exclusions for the 1st year, 2nd year policy.

   People who tend to change Company frequently remain uncovered and this is the time when individual mediclaim policy can take care of their family medical expenses.

   Premium paid towards LIC is eligibly for rebate as per sec 80 C /CC and maturity proceeds are treated as tax free income.

   Premium paid towards Mediclaim policy also qualifies for rebate Under Sec 80D. It is Important that risk is protected.

   You may figure out more differences by reading this comparison
   http://www.bimaworld.com/forums/topic/do-multiple-helath-insurance-help.

   Posted 2 years ago #
3. 

   pradeepgoel
   

   member
   Joined: Jan '11
   Posts: 12

   Reputation:12

    

   If your employer is offering health insurance plan, I think you should choose that one without thinking twice. Despite you have already health insurance policies, employee health insurance would be more beneficial. Benefits include entire medical cover for you and your family and other group health and financial benefits. Employers facilitate their employees by providing health insurance from good and reliable health insurance providers only.

   Rest, if you want to continue with your previous policies, there is no harm but make sure it would not affect your budget.

   Posted 1 year ago #

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