Can a person already having life insurance take another life insurance policy from another company?

Question

i already have a life insurance policy from LIC, india. can i take another policy from ICICI? can i have 2 life insurance policies at the same time?

Answer 1

Yes you can. But there is some conditions:

1. Each time you fill a new proposal for a new policy, you must mention your previous insurance policy details. Failure to mention this, can be held valid for an insurer to reject a claim.

2. The risk cover provided to you is based on your financials. Normally, a risk cover of 20 times annual income is given. Say your income is 5 Lacs, and risk cover in your previous policies is 80 Lacs, then only further 20 Lacs may be given in your new policy. (Example only)

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Answer 2

oh yess.

but why?

Answer 3

you can have N number of policies at a single point of time. its is not wrong. if something happens to life, all the benefits from all the companies are applicable. you can take ICICI policy also, but if you have a kid, you can go for Aviva's little master plan. it is savings *** investment *** insurance. You will get triple benefits. look for insurance schemes which invests the money in market so that you will get good returns on your investment. Good luck!

Answer 4

what to say of two, u can take as many polcies you want, as long as u have the proven capacity to pay the premiums.

Answer 5

yes u can

depending on the policy u will get the returns

kindly consult a ca to procide

Answer 6

Yes you can have..

Answer 7

Certainly you can.

Answer 8

There is no policy how many u can have its just like how many

cars u want to have its  your choice and more safety cushion

for your family if in case something bad happens to u.

Answer 9

Yes, you can. I have got policies from three companies.

Answer 10

There is no restrictions on number of policies one can take. You are free to take policies from any insurance company. You can also take insurance for any amount as far as you have paying capacity. But after a certain level they may analyse your insurability.

If you want to insure yourself for a larger amount consider taking a TERM INSURANCE. Here the premiums are low with no maturity benefit. You can shift to any other insurer any any time as there is no question of surrender value involved.

good luck !!

Answer 11

Hi, Yes you can have as many policies as you want from diferent or same companies. http://www.investorcamp.blogspot.com

Answer 12

Yes you can have more than one policy.  

However, there is a total amount limit that you can have combining both companies.  This is called insurance capacity.  You have to have a financial net worth to justify the amount of insurance you are purchasing.  For example you can't have a net worth of $25,000 and get coverage for $5,000,000.