When investing in life insurance, it is important that you be aware of every aspect associated with your policy. One of the most important questions that could rise in any policyholder’s mind is that if they can claim for more than one life insurance policy? The answer is yes you can as there is no such clause that states an individual cannot claim for more than one life insurance policy. Read below more about this.
Death benefit: Life insurance literally covers your life. This means that on your death, the nominee is eligible to receive the death benefit. For this purpose, the nominee will have to register a claim and after verification, the death benefit is given to him.
Maturity benefit: Life insurance products are one of the best financial tools that help you meet both your long and short term goals. Endowment, pension and ULIP plans offer maturity benefit after a specific number of years, whereas term plan offers no such benefit. On completion of the term, the policyholder gets the sum assured on a lump sum or a monthly basis.
Yes, you can buy more than one life insurance policy, but only under the following circumstances.
You disclose all the facts regarding your existing life coverage: When buy a life insurance policy, it is imperative you disclose all the details of your existing life coverage to the company you are buying another policy from. Ideally, the life coverage you opt for should be 15-20 times more than your annual income. By opting for multiple policies, you can divide the life coverage you want.
Ensure that the join sum assured of all your life policies does not exceed your calculated human life value: Health risks are assessed keeping in mind the health underwriting and financial risks are assessed by reviewing the income and existing life coverage of a policyholder. Considering these details the human life value is calculated and it is important that the sum assured from all your policy does not exceed this value.
You enjoy the benefit of two or more policies: Having more than one insurance policy helps you get dual benefits as with one you can opt for a critical illness cover and with another policy, you can choose to get income benefit cover or any other rider of your choice.
Here’s what you will have to go through if you choose to invest in more than one life insurance policy.
Endowment Plan - This article lists down the benefits of endowment plan in your life insurance poicy which also helps you in selecting the best endowment policy
Customize Your Life Insurance Policy with Riders
In this blog post, we shall discuss some important questions every insured need to ask their agent advisor before fixing the right choice for themselves and their family members.
There isn't just Life Insurance for one type of income, there are three! Here's a look at the different types of income groups.One should be able to secure the livelihood and health. Know Mo
If you want to start business in India,GST Registration is must. Government plans insurance scheme for GST-registered small traders. Read more
Couples caught in the bliss of marriage are prone to hold joint assets read the following modifications and necessity made in the Insurance Policy.