Insurance companies are offering combo plans with life and health cover in a single policy. Policyholders have a single point of contact for all their insurance needs, making it easier to track coverage, pay premiums, and handle claims.
In combo plans, policyholders are covered for both life-threatening events and medical expenses. This ensures that policyholders and their families are better protected in case of health emergencies or untimely demise. The combo plans include additional riders such as critical illness coverage, accidental death benefits, or waiver of premium benefits, which can provide added security and financial support.
Sharad Bajaj, COO, Insurance Dekho, says, combo insurance plans, which bundle life and health insurance, often come with added features that may not be available when purchasing separate policies. These features can enhance the overall value and convenience of the coverage. “Combo plans often come with additional benefits such as cashless hospitalisations, coverage for critical illnesses, and death benefits. These added features enhance the overall value of the policy,” he says.
Some of the comprehensive combo policies are ICICI Prudential’s iShield, Max Life’s Secure Earnings & Wellness Advantage Plan and PNB MetLife’s Mera Mediclaim Plan. The maximum age at entry for these plans is 65 years. The plans provide cashless hospitalisation at the insurance company’s network hospitals, rider benefits, coverage against death, terminal illness and disability.
Managing one policy instead of two often means less paperwork and fewer documents to keep track of. This can simplify the process of renewing or making changes to coverage. Policyholders can avail tax benefits on premiums paid under Sections 80C, 80D and benefits received under Section 10(10D) of the Income Tax Act.
