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How many insurance cover can I buy?

Many individuals buy more than one insurance plan, especially while buying a large term cover, to diversify their insurance cover across one or two companies

Is there any limit on the number of insurance plans/term plans/mediclaims one can buy? Can I buy any number of policies and make claim on all policies?
- RD

You are free to buy any number of insurance plans. Many individuals buy more than one insurance plan, especially while buying a large term cover, to diversify their insurance cover across one or two companies. Term life insurance policies would pay full amount upon demise of the policyholder. However, health insurance policies would pay in proportion to their respective sum assured. For an instance, if you have two mediclaim polices covering for ₹2 lakh and 5 lakh rupees. The claim amount would be borne by both the insurers in ratio of 2:5. A word of caution: make full disclosures while buying the plans and you should be able to pay the premiums without stretching your finances.

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