• While, legally speaking, there's nothing wrong in having more than one health cover, the individual would only be over-insuring himself.

than one health policy. While, legally speaking, there's nothing wrong in having more than one health cover, the individual would only be over-insuring himself. Moreover, if the reason for having more than one policy is to cover a longer list of illnesses, then it's better to buy insurance from an insurer who insures the maximum number of illnesses. Buying from more than one insurer could present issues at a later date. For starters, you will be shelling out more money. Secondly, if you forget to disclose anything and the same comes to light later, you would be held guilty of suppressing important facts.
Then there is the question of still being eligible for the 'no claim bonus' for so many policies. According to experts, the impact of 'no claim bonus' will be governed by the way the policy is worded. When the insurance policies carry a clause called contribution clause, once a claim is made, all the policies will contribute to that claim and so the 'no claim bonus' may not continue. Hence the policyholder will not be
entitled to any 'no claim bonus' on any of his multiple covers once he makes a claim on any policy. Additionally, multiple health covers can prove inconvenient in actual operation because of the need to deal with
several insurers in respect of the same event. Hence, it may be better to choose a single insurance cover that suits the insured's needs best.
Another question which needs to be addressed when it comes to mediclaim is whether one needs to purchase an additional policy if one is already covered under corporate mediclaim. Experts are of the view that you may not need another policy in addition to your corporate mediclaim. However, if you are looking at changing jobs then you should look at having your own policy so that you can carry your 'no claim' history with you when you leave your job. Some group schemes allow you to carry your claims' history with you when you leave the job. In that case you do not need any additional insurance. The short answer, however, is that if you can afford to go for a health insurance policy in addition to your employer's policy then it is definitely worth it. •