Even earlier than you begin to make investments for long-term monetary objectives, most monetary planners will recommend you to get well being and time period life insurance policy. Whereas shopping for insurance coverage, you can’t ignore the significance of time period life insurance coverage because it offers monetary safety to your dependents in case of an unlucky occasion. Equally, the skyrocketing costs of high quality healthcare in India has made medical insurance as vital as a time period life insurance coverage. A medical insurance coverage gives you monetary safety as much as the sum insured in case of hospitalisation of the member/s insured.
Nonetheless, the true problem comes when it’s a must to purchase and handle each the insurance policies on the identical time. Whereas each – well being and time period insurance policy – are basic wants, it’s usually noticed that many individuals who purchase one don’t purchase the opposite as a result of they discover the person course of for every coverage a bit cumbersome.
Simplifying the Insurance coverage Course of
To be able to simplify your entire shopping for course of, insurance coverage market place PolicyBazaar has partnered with Bajaj Allianz Life Insurance coverage and Religare Well being Insurance coverage to supply its prospects a mix of Time period and Well being Insurance coverage plan.
“The plan is designed to help customers in protecting their family’s health and ensure a secure financial future for their loved ones, even when they are not around through a single product. The product is live on PolicyBazaar’s official website and can be bought in easy monthly instalments. The combo plan is a one-stop-solution for overall protection coupled with convenience as it involves one transaction and one form for buying the product. A combo product, the plan is a solution that offers you the benefits of both health and life insurance in a single plan. The health insurance benefit under the plan is offered by Religare and the life cover is offered by Bajaj Allianz,” says Santosh Agarwal, CBO-Life Insurance coverage, Policybazaar.com.
Options of the Combo Plan
Particular insurance policy are extremely useful and the mix plans praise the supplied advantages in a broad method. Completely different insurers may provide ranging advantages and that is what makes combo plans so engaging. Aside from being a handy technique to attain general safety (because it permits you to save your time and power by following a minimal documentation), a combo plan saves you from the burden of in search of detailed comparisons to know what’s finest suited to you and your loved ones’s wants. India is extremely underinsured. Usually, folks don’t estimate the impression of an unexpected medical or unintentional emergency. By means of the combo plan, the insurance coverage ecosystem i.e. PolicyBazaar goals at serving to prospects to take step one in direction of insuring themselves via a single product and a seamless course of.
“Under the offered plan, the sum insured for the health cover and the sum assured for term life cover both are fixed at Rs 1 crore. The health plan – Religare’s Care Advantage is available with the combination of Bajaj Allianz’s Smart Protect Goal term life insurance plan. A 30-year-old individual can get the combination of 1 Crore Term Life Insurance (cover up to 70 years) and 1 Crore Health Insurance at a monthly premium as low as Rs 2,177. The same plan can be bought for a 35-year-old individual at a monthly premium of Rs 2,464 while for a 40-year-old individual, the plan costs Rs 3,082 per month,” informs Agarwal.
The month-to-month cost mode in medical insurance is solely out there with PolicyBazaar and it has elevated affordability. Now, folks can simply purchase medical insurance with better sum insured by paying premium in simple month-to-month instalments. For a person experiencing job loss or pay lower, paying premium in month-to-month instalments is rather more reasonably priced than paying your entire premium in only one month as a lump sum. One other outstanding profit of shopping for the combo plan is that your entire shopping for course of includes only one transaction which means you would not have to make transactions for each medical insurance and time period plan individually.
You may also avail tax advantages beneath totally different sections by shopping for the combo plan. Whereas the premiums paid for medical insurance will qualify for tax exemption beneath Part 80D of the revenue tax act, the premiums paid for time period plan are eligible for tax exemption beneath 80C. One more helpful characteristic of the combo plan is that each the plans are lively concurrently. For example, say a policyholder meets with a extreme accident and will get hospitalised. Now, for the remedy of the insured, the Religare’s Care Benefit plan pays all of the remedy bills as much as the sum insured i.e. Rs. 1 crore. Nonetheless, if the insured dies whereas taking the remedy, the remedy bills can be paid by the Religare’s Care Benefit well being plan and the dependents of the insured will get Rs 1 crore sum assured from the lively time period plan of Bajaj Allianz as dying profit.
Advantages of Well being and Time period Insurance coverage Plans
The Religare’s Care Benefit plan gives you with a a lot wanted monetary backup at instances of medical emergencies as much as the sum insured. “Some prominent features of plan include cover for treatment of COVID-19 and all other ailments up to 1 crore. The policy secures the insurer by allowing cashless treatment facilities across India in over 5000 network hospitals across the country. Most importantly, the plan comes with zero co-pay and no capping on room-rent and various day-care procedures,” says Agarwal.
Equally, in line with Policybazaar, Bajaj Allianz’s Sensible Defend Aim time period insurance coverage is among the most elementary life insurance policy out there out there nowadays. The product is principally a no-frill plan that provides highest life protection at most reasonably priced costs.