Skyrocketing healthcare expenses and the recent change in Section 80D of the Income Tax Act, which increases tax deduction limits on health insurance premiums, are boosting the segment with life insurance companies for a health insurance product segment.
They are tapping the vast uninsured market, and life insurance companies in India, considering a product that would provide pure protection with health insurance coverage. Unlike India, life insurance and health insurance products are offered by life insurers. Now, India is on its way to offering products that would cater to live insurance and health insurance policyholders.
Early this year, private player Edelweiss Tokio Life Insurance launched its product Criticare +, garnered a great response, and collected about Rs. 19 lac premium to date. It covers 17 critical care illnesses.
In recent years, with the growth of the economy and several changes such as lifestyle and demographics, people’s attitudes towards health insurance, including others, are changing rapidly. These changes have provided a shot in the arm for life insurance companies.
In its annual budget for 2015-16 has increased the tax deduction limit to Rs. 25,000 from earlier Rs. 15,000 (for self, spouse, or children), and Rs. 30,000 for a senior citizen from an earlier limit of Rs. 20,000.
In the initial years of a health insurance policy, a life insurance company will be costlier than that offered by a general insurer or a standalone health insurer.
As per industry experts, in the beginning, a health insurance policy taken from a life insurance company is about 30 percent more expensive than the policy offered by general or standalone health insurance companies. But the best part of this product is that the premium does not go up drastically once the policyholder jumps to the new age bracket. Unlike standalone health insurance or general insurance companies that target a short-term plan, life insurance companies are targeting longer-term plans where the minimum policy term would be at least five years.
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It is said that everyone should understand the demand of the times and make changes accordingly, only those who do so become a guide for society, and in recent times, one gets to see something similar in the insurance market. Till yesterday, every insurance company used to provide you with both health and term policies separately and it was going on but with increasing time, the test of people changes. As an experiment, perhaps the new product of the insurance market will hit the people directly. Will do it in the upcoming time, you will get both health and term plans with the same policy, it is a bit strange to hear but after changing test people, this product will fulfill people’s expectations.
We can put two reasons behind bringing both the plans together, firstly keeping in mind the experiment and secondly, keeping in mind the demand of the people, the insurance company has made both the insurance product and the process easy. By bringing both health and term policies under seven, the insurance company has made things easy for the customer to a great extent, this plan will prove to be successful in ensuring a secure financial future for their loved ones, ranging from health and some such This combo plan has been designed for the situation.
Features of Combo plan
Till now we have known about both (health and term) plans and their benefits separately and their benefits have been much better with the plan but now the time has come that we will know about the benefits and features of combo plans because some Exclusive insurance plans are of utmost benefit to you and the combination plans comprehensively complement the benefits offered. In addition to providing all-around protection, the combo plan gives you the least amount of documentation hassle and also allows you to save time and energy. As an insurance company, you always try to attract your customers in every way, and perhaps this is the reason why you also get combo plans on monthly installments.
Benefits of Health and Term Insurance Plan.
We are not beyond the benefits of health and term insurance plans, and the benefits of both plans benefit you in a particular situation. Although everything from medical to hospital is getting expensive, it is very important to have both plans, but the fact is that not everyone can afford both insurances. In such a situation, it becomes necessary for you to know about the combo plan so that things are a little easier for you. One thing that we should always remember is, we have to keep up with the times and a combo plan might be the need of the hour.
Combo of Life and Health Insurance Products
Sometimes we wonder, what if a Combo of Life and Health Insurance products are available for people? Well, it sounds like we have superpowers, and we are free to do everything whatever we want without being scared of any situation because the policy will cover everything if something happens to us. A combo of Life and Health Insurance products, it’ll drive us crazy and it provides us ultimate freedom of living our life, just like traveling, racing, and enjoying the first-day rain in the rainy season.
In this sequence we don’t need, to worry about the situation or don’t need to use “what if” before enjoying any situation. You will feel like someone is there who’ll take care of you if you met an accident or if you get ill.