Is it legal to purchase two different insurance coverages for a single car? In my case my agent forgot to cover bumper to bumper in the policy, so can I enhance or buy another car insurance policy?

Ans: You can purchase a fresh policy with comprehensive coverage wherein own damage risk of the vehicle will also be covered along with third-party (TP) liability cover.

Your existing TP policy will be cancelled once you have purchased the new policy. You may get in touch with your current insurer or opt for another one for this new comprehensive motor insurance policy.

Ans: Hi Madhukar, yes, you can purchase term policies from different insurance companies within your HLV (Human life value) limits. There is no rule that disallows a person from owning multiple term insurance policies.

However, the premiums of both may differ depending on the underwriting process as per the insurer.

Ans: Having multiple health insurance policies from different companies is definitely possible and can provide additional or more comprehensive coverage. It can also serve as a backup to an existing health insurance, and can reduce the risk for those with pre-existing conditions.
However, it is important to note that having more than one plan does not mean that you get reimbursed twice for a medical treatment. Even when you have more than one plan, the total amount that will get reimbursed at the time of a claim will not exceed 100% of the treatment cost.

It’s great that you already have an ICICI Lombard Complete Health Insurance policy with an annual sum insured of Rs 20 lakhs. If you are looking to increase the coverage, you can consider purchasing another policy from a different company. However, it’s important to compare the benefits and costs of the policies before making a decision.

If you are satisfied with the coverage provided by your current policy, you can continue with it. Having one complete health insurance policy from one company is good enough as long as it provides adequate coverage for your needs.

Ans: Yes, you can absolutely buy two or more term life insurance policies from different companies. In fact, it can be a good strategy to get the coverage you need. Here's a breakdown of the pros and cons:

Advantages:

• Increased coverage: If you need a high death benefit amount, one policy might not be enough. Having multiple policies lets you reach your target coverage amount.
• Tailored coverage: Different companies offer different features and benefits. You can pick plans from various insurers to get the specific coverage you need, like an accidental death benefit rider on one policy and a waiver of premium rider on another.
• Competitive rates: By shopping around, you can potentially find better rates for your coverage needs from different insurers.

Disadvantages:

• Higher cost: You'll be paying premiums for multiple policies, which can add up.
• More complex management: Keeping track of multiple policies and renewal dates can be cumbersome.
• Potential for claim issues: While unlikely, if you have multiple claims, beneficiaries might need to deal with multiple insurance companies during a difficult time.

Here are some additional things to consider:

• Total coverage amount: There might be a limit (called human life value) on how much life insurance you can get based on your income and financial obligations.
• Disclosure: Be upfront with each insurer about your other policies.

Overall, having multiple term life insurance policies can be a good strategy, but it's important to weigh the pros and cons carefully. If you're considering this route, talk to a financial advisor to determine the right amount of coverage and find the best plans for your needs.