3 Benefits of Having Multiple Health Insurance Policies


Health insurance is a great bet for securing the medical future of your family, or for that matter, you as an individual. Having a comprehensive family health insurance plan is a good idea, as it provides you with the benefit of accessing the best medical services in the city.

Medical costs are on the rise, and hence, access to the best medical services has become difficult. Owning one health insurance plan is good, but it is more beneficial to own 2 of them.Therefore, investing in a family health insurance plan will help you cope up with the medical expenses you can’t foresee. There are different types of health insurance plans.

  1. Indemnity plans

Indemnity plans are the traditional health insurance plans that help you claim the cover for hospitalization expenses up to the assured sum. These plans include:

  1. Mediclaim insurance
  2. Individual coverage
  3. Family floater coverage
  4. Definite benefit plans

In definite benefit plan, the policyholder is compensated with a lump sum amount on the detection of a disease.

  1. Critical illness plan
  2. Personal accident plan

So, if you go for multiple health insurance, here are some of the benefits that you can avail. Opting for multiple health insurance policies can be more beneficial, especially in terms of saving.

Here are the top three benefits of availing multiple health insurance policies. Take a look below:

  1. Avoids claim rejection

There is a chance that your claim might get rejected by the insurer. This rejection will inevitably affect your financial stability and burn a hole in your pocket. This will happen if you are not investing in multiple health insurance plans. If you are, there is a chance that even if the one insurance company rejects the claim, the second might accept the request. In this case, you will not lose the entire claim amount. Therefore, investing in multiple health insurance is better than investing in one.

  1. Provides a combination of personal health illness and critical illness plan

The fixed-benefit plans or critical illness insurance plans will help in various plans. If you combine the personal health insurance along with the critical illness plan, it will yield you better results. Some illnesses are not covered under general health insurance plans. In such scenarios, the critical illness plan can help you keep up with the medical costs. This is sure to maximize your coverage and minimize risk.

  1. Grants lower Premiums and smaller covers

Instead of buying one health insurance plan with big coverage and huge premiums, go for the other way round. When the cover amount is smaller, the premiums you pay also become lower. Therefore, the lower premium, smaller cover idea is a good bet. This will maximize your health insurance cover amount on maturity and also not burn a hole in your pocket at the end.

Here are some of the additional benefits for choosing health insurance:

  1. Cashless hospitalization is one of the top benefits. Go with a company that has an extensive list of network hospitals present in your vicinity as well as all over India.
  2. 24*7 on-call support
  3. Free medical health checkups after a certain number of claim-free years
  4. Income Tax benefits

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