In today’s world full of uncertainties, insurance is a crucial aspect of your solid financial plan. Term insurance and health insurance are the two main essential insurance coverages that every individual must have. Without this comprehensive financial protection, one cannot ensure peace of mind. Securing the financial future of dependent family members and having a financial cushion for unexpected medical emergencies gives a sense of security.
With a wide variety of term plans and health insurance policies available in the market with varying features and benefits, the insurance buying decision is quite challenging. Now many insurance companies are offering term and health insurance combo plans to simplify complicated buying decisions. Insurance combo plans are a convenient solution for managing multiple insurance needs in one go. Let us know in detail about the term and health combo.
What is the term and health insurance combo?
The term and health insurance combo is a single insurance solution offered by insurance companies that combines the features of both term plans and health insurance in a comprehensive way. The term and health combo is an integrated solution that offers financial protection against medical emergencies and also offers lumpsum financial benefits to dependents in case of untimely demise.
Features of term and health insurance combo
Insurance combo comes with many key features that address many insurance needs in a single integrated plan. Here are some of the important features of insurance combo plans:
Comprehensive financial protection
The term and health insurance combo is a bundled product. It gives a financial safety net against the untimely death of the policyholder for a specific policy duration. Duration of the policy may vary – 10 years, 20 years, 30 years, and so on depending on the policy term. It secures the financial future of dependent family members by paying out the lumpsum death benefit in an unforeseen situation. It also gives financial support with cashless treatment benefits during an unforeseen medical emergency. The coverage includes hospitalisation expenses, post and pre-hospitalisation expenses, day-care procedures, and other medical services.
A single product bundled with multiple insurance benefits gives comprehensive financial protection to the policyholder mitigating the risk of financial burden.
Integrated policy management
Both term plans and health insurance plans do not accumulate cash value. The integrated product can ease policy management for the policyholder without having to keep track of multiple insurance policies.
Flexibility and tailored solution
The term and health insurance combo offers the flexibility to choose the coverage, policy term, and additional benefits as per individual insurance needs. It is a tailor-made insurance solution that addresses your unique individual insurance needs in a single plan. It takes care of the medical expenses of the policyholder for the lifetime along with providing a financial safety net to the dependent family in case of unfortunate demise during the policy tenure. Policy benefits can be chosen as per your insurance need and customise the policy.
Cost efficient
Term and health insurance combo can be a great cost-saving solution as the premium for health cover and life cover is bundled in a single plan. As the benefits come in a bundled form. It reduces a few costs associated with the policy ultimately making it cost efficient for you.
Tax benefit
As a portion of the premium is paid for life cover and another portion for health cover. The policyholder can get tax benefits for the premium paid under both sections – 80C and 80D of the Income Tax Act, 1961. The lumpsum death benefits received are also tax-free under Section 10 (10D) of the IT Act.
The policy features may vary from one insurance company to another. However, it is important to keep a few important things in mind before availing of the term and health combo. Here are the important things to consider:
- Read the policy specifications carefully. It is important to review the coverage limit, term length, other exclusions, network hospital list, and terms and conditions of the policy applicable for each feature.
- Carefully compare the policy benefits and costs to ensure the combined product is relatively better than the independent policies.
Conclusion
To sum up, the term and health combo is a convenient integrated solution that you can avail to meet your both life and health insurance needs in a more effective manner. Moreover, bundled solutions offer you a cost-effective and tailored insurance solution along with offering comprehensive protection.
About The Author
Varun
MBA Finance
Varun has established itself as a knowledgeable and reliable expert in the field with 8 years of experience. Specializing in group-term life insurance, they have dedicated their career to helping businesses and individuals navigate the complexities of insurance products and services. Currently writing for SecureNow, he produces insightful blogs and articles that demystify group-term life insurance, offering practical advice, industry updates, and strategic insights. Their deep understanding of the insurance landscape and talent for clear and engaging communication make their content invaluable for both seasoned professionals and newcomers alike.
