Even before you start investing for long-term financial goals, most financial planners will recommend that you purchase health and term life insurance policies. While buying insurance, you cannot ignore the importance of term life insurance as it provides financial security to your dependents in the event of an unfortunate event. Similarly, the skyrocketing prices of quality healthcare in India have made health insurance as important as term life insurance. A health insurance policy offers you financial protection up to the insured amount in the event of hospitalization of the insured person(s).
However, the real hassle comes when you have to buy and manage both policies at the same time. While both – health insurance and term life insurance – are basic needs, it is often noted that many people who buy one don’t buy the other because they find the individual process for each policy a bit cumbersome.
Simplifying the insurance process
To simplify the entire buying process, the insurance marketplace PolicyBazaar has partnered with Bajaj Allianz Life Insurance and Religare Health Insurance to offer its customers a combination of term life insurance and health insurance.
“The plan is designed to help customers protect the health of their families 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 the official website of PolicyBazaar and can be purchased in simple monthly installments. The combo plan is a total solution for all-round protection combined with convenience, as it includes one transaction and one form to purchase the product. A combination product, the plan is a solution that gives you the benefits of both health and life insurance in a single plan. The health insurance under the plan is offered by Religare and the life insurance is offered by Bajaj Allianz,” said Santosh Agarwal, CBO-Life Insurance, Policybazaar.com.
Features of the combo plan
Dedicated insurance plans are very beneficial and the combination plans broadly complement the benefits provided. Different insurers can offer different benefits and this is what makes combo plans so attractive. In addition to being a convenient way to get general protection (since you can save time and energy by following minimal documentation), a combination plan saves you the burden of looking for detailed comparisons to know what’s right for you. and your family needs. India is severely underinsured. Often people fail to estimate the impact of an unforeseen medical or accidental emergency. Through the combo plan, the insurance ecosystem i.e. PolicyBazaar aims to help customers take the first step to insure themselves through a single product and seamless process.
“Under the offered plan, the insured amount for the health insurance and the insured amount for the term life coverage are both set 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 person can get the combination of 1 Crore Term Life Insurance (coverage up to age 70) and 1 Crore Health Insurance at a monthly premium of just Rs 2,177. The same plan can be purchased for a 35-year-old person at a monthly premium of Rs 2,464 while for a 40-year-old person, the plan costs Rs 3,082 per month,” Agarwal informs.
The monthly payment method in health insurance is available exclusively at PolicyBazaar and has increased affordability. Now people can easily buy health insurance with a larger insured amount by paying the premium in simple monthly installments. For an individual experiencing job loss or pay cuts, paying premium in monthly installments is much more affordable than paying the entire premium in just one month as a lump sum. Another notable advantage of buying the combo plan is that the entire buying process involves just one transaction, meaning you don’t have to make separate transactions for both the health insurance and the term plan.
You can also take advantage of tax breaks under different sections by purchasing the combo plan. While health insurance premiums paid qualify for tax exemption under Section 80D of the Income Tax Act, premiums paid for term plan qualify for tax exemption under 80C. Yet another useful feature of the combo plan is that both plans are active at the same time. Suppose a policyholder has a serious accident and is hospitalized. Now, for the treatment of the insured, Religare’s Care Advantage plan pays all treatment costs up to the insured amount i.e. Rs. 1 crore. However, if the insured dies while undergoing treatment, the treatment costs will be paid by Religare’s Care Advantage health plan and the dependents of the insured will get Rs 1 crore amount insured from Bajaj Allianz’s active term plan as a death benefit.
Health and Term Insurance Benefits
The Religare’s Care Advantage plan provides you with much-needed financial backup in times of medical emergencies up to the amount insured. “Some notable features of the plan are coverage for the treatment of COVID-19 and all other conditions up to 1 crore. The policy secures the insurer by allowing cashless treatment facilities across India in more than 5000 network hospitals across the country. Most importantly, the plan comes with no co-payment and no limit on room rent and different day care procedures,” Agarwal says.
Likewise, according to Policybazaar, Bajaj Allianz’s Smart Protect Goal term insurance is one of the most basic life insurance plans available on the market today. The product is basically a no-nonsense plan that offers the highest life coverage at the most affordable prices.