Securing insurance in today’s unpredictable world is more essential than ever. The rising healthcare costs are putting a heavy financial strain on individuals and families, which is generally driven by major factors such as medical advancements, lifestyle diseases, inflation, and the lasting effects of COVID-19.
So, if you haven't yet included insurance in your financial planning, now is the time to start. The first step is investing in health and life insurance plans, but why complicate things when a combination plan can offer both financial security and simplicity?
Let’s explore how combined health and life insurance plans help you manage rising costs and guide you in choosing the best plan for your specific requirements.
Essential Features of Combined Health & Life Insurance Plans
Outlined below are some of the essential features of combined health and life insurance plans:
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Health Insurance |
Life Insurance |
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You will receive reimbursement for medical expenses incurred both before and after hospitalisation. |
You will benefit from life insurance protection until the age of 85. |
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You will be reimbursed for medical expenses incurred during hospital stays exceeding 24 hours, including doctor’s fees, medication costs, room charges, and additional expenses. |
You can easily select from several payout options for your life insurance coverage. |
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This insurance also covers medical costs for advanced procedures and treatments requiring less than 24 hours in the hospital, such as chemotherapy, radiotherapy, and dialysis. |
Your future premiums are waived, and your policy remains in force in case you become permanently disabled due to an accident. |
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You will even benefit from numerous add-ons, such as value-added services, sum insured protector, and claim protector, wellness programs, 24/7 phone and online consultations, and more. |
You will even receive a lump sum payment if you are diagnosed with a terminal illness. |
Top Financial Benefits of Combined Health and Life Insurance Plans
The combined health and life insurance works together to protect you from the financial strain caused by rising medical costs. Here’s how they combine to offer you financial security:
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Comprehensive Coverage
Health and life insurance both offer complete coverage. Health insurance covers numerous medical expenses, including ambulance fees, pre- and post-hospitalisation, and more.
In addition, life insurance helps to cover healthcare costs by providing a lump sum that further helps with medical bills and other financial needs of your family.
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Financial Assurance
The combined health and life insurance also offers vital financial protection. Health insurance maintains stability during medical emergencies by helping individuals avoid draining their savings.
At the same time, life insurance generally acts as a safety net for families in case of the policyholder's unexpected death, covering medical costs and even preserving financial security.
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Accidental Disability Assistance
Combined health and life insurance coverage can acknowledge every financial challenge that can bring disability caused by an accident. This insurance plan helps you by covering the medical costs related to these accidents.
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Critical Illness Support
Combining health and life insurance is also essential in managing critical illness. Health insurance provides financial support for treating and recovering from any serious health condition.
Life insurance offers additional protection for riders with critical illnesses. In case the policyholder is diagnosed with a covered critical illness, a lump sum amount equivalent to the sum assured is also paid upfront.
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Accidental Death Assistance
Suppose the policyholder dies due to an accident. In that case, the nominee or beneficiary is entitled to an extra sum equal to the full basic sum assured under the term insurance policy.
Important Factors to Consider While Choosing the Combined Health & Life Insurance Plan
You need to keep the given important points in mind while choosing the combined health and life insurance plan for your specific requirements and financial protection:
1. Consider Timings
It is a great idea to purchase combined health and life insurance when you are healthy and young, as premiums are generally lower for younger individuals. Additionally, getting insurance early even provides more affordable options to ensure future financial security.
2. Evaluate Your Financial Situation
You can start by reviewing your current finances. This includes looking at your income, assets, outstanding debts, and other expenses. This assessment is also essential to understanding how much insurance coverage you may require to handle unexpected events.
3. Understand Waiting Periods
Many health insurance policies generally include waiting periods, during which certain coverages are not easily accessible. Moreover, these waiting times can also vary, ranging from 30 days to a few years. However, some plans offer immediate coverage for accidents.
Therefore, it is always essential to understand these waiting periods, especially if you require any specific type of coverage or have pre-existing conditions before finalising your policy.
4. Look for Flexibility
You should only choose a combined health and life insurance policy that offers customisable options. This allows you to tailor the coverage to your specific needs. With such flexibility, you can ensure that the insurance protection you select fits your situation perfectly.
The combined health and life insurance offers comprehensive coverage in a single policy. With this protection, you can have complete peace of mind while knowing that you and your family are safeguarded in case life takes an unexpected turn.
In addition, this insurance option helps shield you from the financial burdens associated with rising medical expenses. Also, it works as a protective umbrella over your family’s future.