Is it possible to have more than one life or medical insurance policies?

by admin on March 6, 2011

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I have invested in SBI ULIP which i plan to use as an investment growth rather than life cover. At maturity i would like to withdraw the fund thus my life ins will also cease to exist.Moreover at that time the premium will also be quite high if i go for new life ins policy. Therefore I plan to buy pure life insurance policy now.



+Admin


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{ 9 Answers… read them below or add one }

not_so_gud March 6, 2011 at 5:59 am

can hav as many life insurance policies as u want at a time..
there’s no condition for that…
its gud to plan ur future … gud job….

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THE dude March 6, 2011 at 5:59 am

YES, It is possible to have more than one life or medical insurance policies.It is also not mandatory to have all life insurance policies or all medical insurance policies from one company. You can have combination of plans with different different companies.Sometime it is advisable to buy another policy to increase cover and different benefits specially health insurance and hospitalisation policies.

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Rajinder March 6, 2011 at 5:59 am

The principle of insurance is cover the risk of loss to a person.

It is possible to have a number of policies for life. The cost of life to a person can not be quantified. Hence a number of polcies for any amount can be taken.

But more than 1 medical insurance polcy can not be taken because the expense is incurred just once and it is not permissible to make 2 claims for the same loss. Otherwise every one will try to make profit from taking more policies and making making reckless claims intentionally.

It is not advisable at all to take ULIP or any other investment growth oriented policies. The insurance companies charge huge agency commissions and administrative overheads on the insured. The returns are much less in their growth plans.

You can understand as follows:

In a growth oriented plan you buy 2 products – life cover and growth investment plan.

The agency commission and administrative overheads are charged on both.

The operations of the growth investment plan is same as any other mutual fund. So it will be wise to take a plain life risk cover and the investment part can be put in any mutual fund where agency commissions are not charged to your account. The insurance premium for plain life risk cover is very low. In this plain life cover you do not get any thing unless you die in the policy period. That is a charge to your account in any case even if you buy a growth investment plan. The only thing is that you get cheated unknowingly.

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dsshroff123 March 6, 2011 at 5:59 am

Yes u canhave any no. of Life insurance policy’s but you can have only one Mediclaim policy, I fell you are confused between the two. For life insurance you cannot increase the amount after you have taken the policy so you have to go in for a new policy, but whereas when u have a mediclaim policy you have the option of increasing the amount every time or as and when u require at the time of renewal

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Chris C March 6, 2011 at 5:59 am

as long as you can justify the total amount of all the insured amounts you can have as many as you want and with whatever companies you want.

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Oliver March 6, 2011 at 5:59 am

health-quotes.talk4fun.net – here is my health insurance plan. As I remember they can provide such a service.

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Clay March 6, 2011 at 5:59 am

lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.

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curious March 6, 2011 at 5:59 am

Excellent thought Sir! Not many people have such a long term view on insurance. They look at insurance as a necessary evil.

Having said that, choosing your life cover depends on a lot of factors like your age, marital status, number of dependents, number of income earners in your family, financial obligations (like loan repayments, marriage, buying a car or a home) & of course your premium paying capacity.

Our company specialises in helping people realise their dreams by giving timely financial advise. To know more you can visit http://www.pinkhash.in

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Anthony March 6, 2011 at 5:59 am

Yes you can have as many as you can afford. What a briliant idea.

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