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Date : Sep 27, 2008

Question

I have taken a term policy(SBI Life) and a personal healthcare(mediclaim) policy(ICICI) from diff companies.now I want to take a personal accident policy from new india assurance company which is very good in terms of benefits(its not directly related to medical expenses).is this a good decision?Would I be able to claim the mediclaim expenses in full from ICICI in case of any illness apart from getting benefits from New India Assurance. Please explain.

Answer

You should always buy insurance from the insurer who gives you maximum benefits at minimum cost. You can buy different insurance policies from multiple insurers, it doesn't make any difference.

As you rightly said, personal accident policy is not directly related to medical expenses, it covers medical expenses arising due to accident only. WhereasHealth insurance covers all medical expenses arising due to diseases covered in the policy under normal conditions.

In case of medical expenses arising due to accident New India Assurance will reimburse you, except that all other medical expenses will be paid by ICICI Lombard.

 

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