In today’s world, nobody can ignore the importance of life insurance as it gives financial security to your family. In case of an unfortunate event along with various options allow your money to grow with time. But the skyrocketing price of health care has made a health insurance policy as important as a life insurance policy. And to be honest we have a term plan and health insurance Plan Combo
The way we all spend our last year with the fear of Covid-19, it became necessary for everyone to be insured. Insurance is a way of our security with multiple uncertainties and making life precious. Look we all know that after death you have zero value because you are no more. But only insurance that has such power can make any’s a death too precious. So, this is what insurance is an insurance plan covers almost everything.
The increasing health issues and unhealthy lifestyles are pushing people towards diseases and illness, and burning a deep hole in their pockets. But the real hassle arises when people have to buy a health insurance plan and a life insurance plan.
What if you get an offer that life insurance and health insurance both are in a single plan? Or What if you are paying the premium for a single service plan and actually you got protection with two different insurance services?
Well, we all like combo offers and the offer is quite commendable and attractive too, but the scenario is people still don’t know that there are plans who provide people two different services with a single plan. Or we can say it the combo offer “who offers you two different services with a single plan”. It’s not sound real or no one ever imagines that this kind of plan or service they get ever get.
It becomes a cumbersome process for most people and managing both the policies. you can buy Term Plan and Health Insurance Plan Combo in a single insurance policy.
But what if you get an Insurance Plan Combo that offers you both a life insurance policy and a health insurance policy in one package?
In June 2016, India First Life insurance company announced a collaboration with the Allied Insurance Company and Star health to launch Star First Combi Plan, which gives you both life insurance and health insurance under a single policy.
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What is a Combi Plan?
A combi plan is a bundle of two different products which gives you the ease of buying a health insurance policy and life insurance policy under a single plan.
Along with the dual benefit of life and health insurance in a single package, it allows you to manage them very easily. In a combi plan, the policyholder can buy a life insurance policy for himself and a health insurance policy for himself and his family.
The sum assured for health cover ranges between Rs.1 lakh to Rs.15 lakh and Rs.2 lakh to Rs.9 lakh for life cover. Anyone between 18-50 years can buy this combo plan and can enjoy the tax benefit under the Income Tax Act, of 1961
Various Options Under Star First Combi Plan
The Star First combi plan offers 5 different variants under this product which are Star First Comprehensive, Star First Optima, Star First Care, Star First Delite, and Star First Classic.
| Plan Name | Cover for New Born | Medical Checkup | No. of Day Care Procedure | No Claim Bonus | No. of Family Members Cover | Special Features |
|---|---|---|---|---|---|---|
| Comprehensive | Automatic coverage for the newborn | No medical check-up up to 50 years of age | 405 | Maximum 100% of sum insured | 2 adults and 3 children | . Automatic restoration of up to 100% of the sum insured . Personal accident cover for spouse and kids above 18 years of age |
| Delite | Cover after the newborn turns 5 months old | No medical check-up up to 50 years of age | 101 | N/A | 2 adults and 2 children | . Hospitalization cover and protection from the expense of in-patient hospitalization |
| Care | Cover after the newborn turns 2 years old | No medical check-up up to 50 years | N/A | N/A | 2 adults and 2 children | . tax benefit under sections 80D and 80C |
| Classic | Cover after the newborn turns 5 months old | No medical check-up up to 50 years of age | 101 | Maximum up to 25% of the sum insured | N/A | . Automatic restoration of up to 200% of the sum insured . Patient attendant charges at home under Patient care at a nominal cost |
| Optima | Cover after the 16th day of the birth | No medical check-up up to 49 years | 405 | Maximum up to 35% of the sum insured | 2 adults and 2 children | . Automatic restoration of up to 100% of the sum insured . Availability of recharge triggers |
Working on Health Insurance Under Combi Plan
The health coverage in the Star first combi is provided by Star Health under which you get the regular hospitalization benefit. The premium amount for the health cover is calculated on the basis of age, health condition, and the city of the buyer. Any person in the age group of 18-65 years can take this insurance policy for himself and his family.
The maximum age limit for the coverage of children is 25 years. Special features of the health cover include co-payment, newborn coverage, discount on health check-ups, restoration of cover, recharge benefit, etc.
Working on Life Insurance under Combi Plan
The life insurance cover is given in the form of a pure term plan by IndiaFirst Life insurance. Any person in the age group of 18-60 years can take this pan. The policy term of the life cover is 5 years and the maximum maturity age at the time of the end of the policy is 65 years.
One has to go through a pre-medical checkup if he is above 50 years and the maximum and minimum sum assured are Rs. 3 lakh and Rs. 9 lakh respectively.
The combi plan is a first of its kind and is beneficial for people who don’t have any type of insurance, whether it is life insurance or health insurance. It minimizes the hassle of buying and managing two policies.