This is a very interesting and universally relevant question for every Insurance buyer.
Insurance on humans is based on the Human Life Value [HLV] Concept. Human Life Value basically means the value of a Human being calculated based on his current and earnings potential.
In layman terms, a human should not be worth more when he is dead, than when he is alive.
As a thumb rule, HLV can be calculated as 100 times your monthly earning + Long Term Loans taken. Insurance taken more than the HLV would therefore be considered as “Over Insurance” Personal Accident: Generally Accidental Death/Disability has a capping of 60 times the monthly income.
- So you can take multiple policies from different companies but, you should not cross the HLV limit.
- Also, you should accurately disclose the current and applied policies in each proposal that you fill for Personal Accident or Life Insurance.
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