Life Insurance with Health Benefits - A Dual Benefit for Financial Security

Life insurance with health benefits, also known as hybrid or combined policies, is the best way to safeguard your family's future and well-being. Unlike traditional life insurance plans that only provide financial support in case of demise, these plans also cover medical needs such as critical illnesses, disability, or hospitalization. This dual advantage makes sure that your loved ones remain financially protected and you also get help during health emergencies. Choosing life insurance with health benefits helps you manage increasing healthcare costs while maintaining long-term financial protection. Let's discuss this combination and why it might be the smart option for holistic financial planning.

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What is Life Insurance with Health Benefits?

Life insurance with health benefits is a comprehensive policy that combines traditional life cover with medical support. It includes benefits such as hospitalisation cover, critical illness riders, wellness services, and more, all under a single plan. This type of life insurance plan ensures you are covered during medical and life emergencies.

Key Features and Benefits of Life Insurance with Health Benefits

Comprehensive Coverage: A single life insurance policy, like a term insurance policy, offers protection against the financial burden of both death and health emergencies.
Easier to handle: Having health benefits and life insurance under one policy means you have fewer documents, fewer renewal dates, and less to keep track of.
Expensive Consultations: Insurers offer health management services that allow free access to several consultations, OPD, and other medical services.
Tax Benefits: Enjoy life insurance tax benefits with deductions under Section 80C for life insurance premiums and under Section 80D for health insurance components.
Health Management Services: Some insurance companies also offer services like wellness programs, doctor visits, and regular health check-ups. These are meant to help you stay healthy all the time, not just when you need to file a claim.

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How Life Insurance and Health Benefits Work Together?

Traditional life and health insurance plans have different purposes: life insurance offers a payout to your nominees/beneficiaries after your demise, and health insurance covers medical fees while you are alive. Combined policies merge both by either:

Riders/Add-ons: Allowing you to give an option to increase a standard life insurance plan (such as term plan) with some health benefits for a nominal cost.
Bundled plans: It offers a single plan that integrates both health benefits and life insurance coverage, often at lower premium rates than purchasing two different plans.

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What are the Health Management Services with Life Insurance?

Various life insurance companies now offer health management services with term insurance that allows customers to receive up to ₹36,500 p.a. of health management services in the form of free comprehensive health checkup, including cancer screening, free OPD in-clinic consultations, unlimited diet, nutrition and psychologist consultations, unlimited instant consultations with expert doctors, and pregnancy OPD wallet.

What are the Health Riders that come with Life Insurance?

A lot of life insurance policies now have optional health-related riders or built-in features:

Critical Illness Rider: According to the plan's rider documents, it will pay a lump sum if you are diagnosed with a serious illness like cancer, heart disease, or stroke.
Hospital Cash Benefit: This rider pays a set amount for each day you spend in the general ward or the ICU.
Accidental Death and Disability Cover: This rider gives you extra money protection in case of an accident.

Who needs life insurance that pays for medical bills?

These plans are ideal for families, youths, and young professionals for affordable double coverage, freelancers, and business owners not covered at work, and seniors whose coverage needs to meet their senior needs. Your age affects the health and life benefits you receive.

How to Save Cost with Combined Life Insurance And Health Insurance Plans?

Bundling life and health plans into a single insurance can lead to meaningful savings:

Lower Premiums: The premiums for two separate life insurance and health insurance plans will be much higher than for a combined plan, as insurers often offer discounts when you opt for a combined policy.
Reduced Out-of-Pocket Expenses: Medical bills can be reimbursed or cashless, easing the strain on your finances.
Tax Efficiency: Maximise savings with dual tax benefits on life and health components with tax deductions under 80C and 80D.

How to Choose the Right Life Insurance with a Health Benefits Plan?

When you choose a life insurance policy with health benefits, you need to:

Figuring Out What You Need: Think about your current health, your family's medical history, and your financial goals.
Looking at the choices: Check out the premiums, the sum assured, the waiting periods, and the availability of term insurance rider.
Checking the Claim Settlement Ratio: Pick insurance companies that are known for quick and clear claims processes.
Reading the Fine Print: Understand policy exclusions, limitations, and terms before signing up.

Why does it make sense to get term insurance with health benefits?

If something happens to you, term insurance is supposed to replace your income. That alone is enough to make it important. Adding health-related benefits to the same plan makes it easier to use in everyday life. A lot of term plans these days include things like health check-ups, critical illness coverage, or access to medical advice. These features help you pay for health care costs while you are still working, not just when something goes wrong. The idea is easy. Your family is safe from financial problems, and you can get help when medical bills come up out of the blue. It puts life insurance and health care help in one place.

Wrapping it Up!

Getting life insurance with health benefits doesn't mean getting more coverage. It's about getting the right kind of protection. It keeps your family safe financially when you're not there, and it helps you pay for health care costs when they come up. If you want insurance that will protect you now and in the future, combined plans are worth looking into, whether you're getting insurance for the first time or looking over what you already have.

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FAQs

Q: What kind of life insurance policy also pays for medical care?

Ans: A life insurance policy with health benefits is a complete plan that covers both life and health care. It protects your family financially if you die suddenly, and it also has benefits like coverage for critical illnesses, hospitalization, wellness programs, and fitness rewards. This two-part protection keeps you safe in case of a health emergency and protects your family's future. It's a smart choice for both your health and your money.
Q: What are the most important parts of health insurance that also covers life?

Ans: When you buy life and health insurance together, you usually get the following:
Death Benefit: If you die while the policy is still in effect, your family will get a set amount of money.
If you get sick or hurt, this will pay for your hospital bills.
Critical Illness Benefit: If you are diagnosed with a serious illness like cancer or heart disease, this benefit pays you a set amount.
Accident Cover: If you die or become disabled in an accident, you get more money.
Tax Benefits: You can take deductions from your taxes under Sections 80C and 80D of the Income Tax Act.
Q: If you have both health and life insurance, how can it be cheaper to get health care?

Ans: You can save money on your premiums by getting discounts or bundled offers when you buy a combo plan or both policies from the same company.
Network hospitals often offer free treatments, which makes it easier to pay right away.
Q: How can having both life and health insurance make health care as a whole less expensive?

Ans: You can save money on premiums by getting discounts or bundled offers when you buy a combo plan or both policies from the same company.
Network hospitals often offer treatments that don't require cash, which makes it easier to pay right away.
Q: How can having both life and health insurance lower the cost of health care as a whole?

Ans: When you buy a combo plan or both policies from the same company, you can save money on premiums by getting discounts or bundled offers.
Network hospitals often offer cashless treatments, which makes it easier to pay for things right away.
No duplicate coverage means you won't pay too much for similar benefits through different plans.
One renewal process and policy document make it easier and cheaper to manage in the long run.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹360/month is the starting price for a ₹99 lakhs loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

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