Benefits of Having Both Life and Health Insurance Plansread
Feb 19 20209458 Views
Health plays an essential part in a person’s life. Bearing in mind the uncertainties, securing finances for the betterment of health treatment becomes crucial. Again, no matter how much we earn in a lifetime, it might not be enough to cover the costs of unexpected medical emergencies. This is the reason today why people opt for health insurance plans.
It is good to have a comprehensive health plan, but owning life insurance along with a health insurance plan gives you and your family more benefits as well as financial security. One of the benefits of having insurance plans is that they reflect well on your investment portfolio, directly or indirectly.
Let’s go ahead and compare health insurance and life insurance plans and see the benefits that they can offer you together.
Health Insurance v/s Life insurance
As we all know, both health and life insurance policies work differently. Health insurance, as the name suggests, offers comprehensive coverage towards your medical costs like hospitalization, medicinal expenses, illnesses, and treatment of diseases. The payout in health insurance is subject to the sum assured. Not all regular health insurance policies, but if you choose the personal accident coverage, you are entitled to claim for death benefits.
On the other hand, life insurance offers you a life cover and takes care of your family’s monetary needs after your death. Additionally, this type of insurance also helps you save for your retirement and your children’s future.
Health insurance allows an insurer to claim a deduction of up to ₹25,000 on the premiums paid under Section 80D. Furthermore, you can also get a tax reduction on preventive health check-ups every year.
In the case of life insurance, tax deductions on the premiums paid annually are applicable under Section 80C of the Income Tax Act 1961; you are exempted of up to ₹1.5 Lakhs annually.
Let’s see the benefits that a person can obtain when both are combined.
As you know that both the insurance policies are beneficial to you in their own way. You must make it a point to include both in your investment portfolio. With a family to look after and an uncertain future ahead, a life cover is an absolute must in order to make sure that your loved ones’ financial future is secure even behind you.
Similarly, health insurance is important too. The financial burden that might befall your family members when someone from the family falls ill is tough to deal with just like the emotional burden. Having a health policy that ensures that all medical needs and expenses are taken care of with ease can prove to be useful in such a situation.
Combining life and health insurance plans is a wise decision. The only care that you must take is to ensure that all terms and conditions, including exclusions, are correctly read and understood before signing the papers. With the right life insurance and health insurance plans, the rest of the life journey becomes much smoother. Check out: https://manipalcigna.com/ for details on various health insurance plans in India.