If you are planning to buy a mediclaim policy for family and are wondering should you buy it even if you a term insurance policy? Well, both health and term insurance plays an integral role in our lives, especially when the cost of medical treatment in India is on a constant rise. While health insurance covers your hospitalization expenses, a term life insurance policy offers financial security to your loved ones after the sudden demise of the policy holder.
But this always debatable should you a health insurance policy or a term insurance policy. Well, both serve their specific purpose; here is a quick rundown of both of them to help you decide better:
If you do not want your loved ones and dependents to suffer in case of a sudden demise, then you
should consider buying a term insurance policy. To secure their future in your absence you must consider buying term life insurance cover.
It will offer financial security and will help your dependents continue living a similar lifestyle. There are
various plans that you can consider.
Assess your family’s future financial needs and buy a plan after considering various life events such as house loan, children’s marriage, their higher education, etc. If your untimely death can lead your family in a financial trauma then you should definitely get a term insurance policy.
Health is wealth goes the old adage. Healthcare expenses are increasing every year and health issues do not come with prior notice. No matter how much good care you take of yourself, health problems still remain unpredictable.
It is wise to get a medical cover with an adequate health insurance policy if you do not want to run from pillar to post to arrange funds at the eleventh hour.
It not sensible to pay expensive hospital bills, when you can buy a medical insurance policy to reimburse your healthcare expenses. There is no worrying about arranging the funds to avail of the best medical treatment. You just need to pay the premium every year to avail of the benefits.
But before purchasing a mediclaim policy for family or for yourself, you should compare different policies based on your needs and then select the one.
Below are some of the different types of term plans that you can consider:
There is a mediclaim policy for everyone. Below are some for the different types of mediclaim policies that you can consider:
Below are some of the expenses that are covered under a mediclaim policy:
|Term insurance||Health insurance|
|It offers financial protection the dependents of the insured person||It pays for the medical expenses of the insured members|
|The sum insured is paid to the nominee in case of the death of the policy holder||The sum insured amount is paid to the insured person to be able to pay for hospitalization expenses in case of an accident, illness, or injury|
|The premium charged is nominal||The premium charged is comparatively high|
|The premium is paid annually||The premium is paid annually|
|If the policy holder survives the policy term and opts for a premium return plan then the insurer will pay you the premiums paid at the end of the policy-term.||There is no provision to get the premium amount back. However, there is a No-claim-bonus benefit for not filing a claim during the policy period.|
|The rider benefits include the waiver of premium, critical illness rider, accidental death and permanent disability riders||There are various rider benefits like critical illness cover, worldwide treatment cover, maternity cover, etc.|
Both health and term insurance policies come with a lot of add-ons and benefits; it is important to look out for them with the right insurance company.
To sum it all, if you compare the benefits of both, you will understand the need for both term and health insurance, sooner or later. It is better to make an informed at the right time before it’s too late.
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