Prices Increasing soon Prices Increasing Soon

Life Insurance Vs Long Term Care Insurance

Life insurance policies are specifically designed to protect and secure your family members in case when the policyholder dies in an unfortunate incident whereas long-term care insurance offers money to the assured that helps in maintaining a good life while you are alive. Nowadays, the need of life insurance is on rise. But with the rising expenses of living, it is becoming difficult to select the right plan.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Individuals have purchased long-term care insurances that help them cover the rising expenses. However, some insurers also offer a combination of life insurance with extended features and benefits of long-term care plans. 

A comparison of both the plans is important to understand which option suits you well. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is a Long-Term Care Insurance and Combination Life Insurance? 

Long-Term Care Insurance provides funding for long periods. They offer coverage for nursing, health home care, and day care (personal or adults) of individuals of or more than 65 years of age or diagnosed with a chronic or disability that requires regular management. This traditional long-term care insurance is similar to home owner’s insurance. It believes in Use it or you will lose it, which means if you don’t use your insurance during your policy time, then no benefit will be provided to you from the premiums you have paid all those years. On the other hand, Combination life insurance locks in the premiums you pay with the death benefit. Then that amount will be received by the nominee/beneficiary. In this way, the money paid every month will be provided even if you don’t use the policy benefits. 

Combination life insurance is a lasting life insurance policy along with a long-term care rider. The rider helps you in enhancing your coverage and you can tap into your long-term care savings if you require. A policyholder is not required to pay the premiums paid. If you don’t use the savings in this plan, then that amount will transfer to the death benefit. Other riders can also be added to the policy such as accelerated death benefits, critical illness. Combination life insurance and long-term care insurance also share some common benefits. In both policies, the policyholder is required to meet all the health and cognitive standards to get complete life coverage. Both plans are flexible as they pay the claims after the policyholder suffers expenses in long-term care. In the case of long-term care, payments are usually free of income tax. 

Combination riders offer various benefits: 

  • They offer an option to extend the rider for a long time or extended care expenses that continuers these benefits after the death benefit of the policy and inflation (option) protection benefit is also there. 
  • It also offers to return premiums in case your state changes. 
  • It also provides a wide variety of benefits such as home care, personal and adult daycare, and nursing facilities at home. 

Note: Now that you know that what is Long-Term Care Insurance and Combination Life Insurance, you should also get to know about what is term insurance to buy a term plan for your loved ones.

What Are The Coverages Under Long-Term Insurance? 

The long term takes care of the expenses of the following: 

  • Home care- Nursing 
  • Adult and personal daycare services 
  • Assists the facilities required for living 
  • In-home care 
  • Care management 

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Comparison Between Combination Life Insurance and Long-Term Care Insurance 

Some differences exist between Long Term Care Insurance and Life insurance plans on the basis of which you can decide your suitable need of life insurance. Here’s a quick laydown of Life Insurance vs long term care insurance:

Types of Benefits 

Combination Life Insurance 

Long Term Care Insurance 

Cost 

Hybrid Life insurance is costlier than the long-term plan. 

They are sometimes paid with a one (single) payment or payments for a few years, but not more than ten years. 

Long Term care Insurance premiums might increase over some time

Payout 

It offers a payout to your nominees/beneficiaries after the death of the policyholder. 

This policy offers money to pay for expenses such as home care, nursing. 

Interest Rates 

Interest rates are relatively higher 

Interest rates are quite low in comparison to life insurance 

Home care 

This is used for at-home care or supported living or nursing care 

Home care is available through additional riders. It must be done by a licensed professional. 

Death Benefit

If you are not using a hybrid policy for long term care, a death benefit will be payable to the nominee/beneficiary at the time of your unfortunate death

In this, no death benefits are paid to the nominee and no premium reimbursement is provided. 

Premiums 

Premiums are quite higher and this policy is more expensive. 

In this, the premium increases with age. 

Riders 

You can add riders to the policy 

It can result in losing your money if you don’t need long term -care coverage

Receipts 

In this, no need for receipts. 

It also pays 2 percent of benefits for up to 4.2 years. 

In this, you are required to pay out of your pocket and submit receipts needed to be reimbursed. 

How To Buy Combination Life Insurance? 

Unlike long-term care insurance, various insurance providers offer hybrid life insurance. You are advised to consult your insurer to add a long-term care rider, in case you have already a permanent life insurance plan. As it is a permanent plan, so it is also possible to add other riders to create a policy that suits you and your requirements. After selecting the right policy, the insurance company will ask some health-related questions. Based on this, the insurer will decide the approval.  

What To Do If Your Selected Long-Term Care Policy Is Expensive? 

Sometimes, you select a policy that does not suit your requirements. So, people who are facing expensive long term care problems have the following options: 

  • Always keep the policy, though you have to pay higher rates 
  • Ask your insurance agent or advisor about any alternative option. 
  • You can also terminate the policy and lose all the money that you paid till that time 
  • Terminate the policy and get another one with smaller payout options 
  • Drop it and go for a combination life insurance plan 

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

Wrapping It Up!

If you want to buy a combination policy, know about your need of life insurance and then compare premium rates from different insurers and moreover, check the financial power of different insurance providers before buying any policy. A combination policy is a quite complex insurance product and their features and benefits vary as per their companies. Always consult a financial advisor who is aware of this product.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


Premium By Age

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
4 crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Term insurance Articles

  • Recent Article
  • Popular Articles
19 Jul 2024

ICICI 5 Crore Term Insurance

Securing your family's financial future requires careful

Read more
19 Jul 2024

Bajaj 1 Crore Term Insurance

Ensuring your family's financial security requires indepth and

Read more
02 Jul 2024

Term Life Insurance in Daman and Diu 2024

Daman and Diu, a union territory in western India, consists of

Read more
02 Jul 2024

Term Life Insurance in Andhra Pradesh 2024

Andhra Pradesh, a state in the southern coastal region of India

Read more
02 Jul 2024

Term Life Insurance in Sikkim 2024

Sikkim is a Northeastern Indian state bordered by Bhutan, Tibet

Read more

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more

2 Crore Term Insurance Plan

Individuals can choose to buy best 2 crore term insurance plan that offers a life cover (sum assured) of ₹ 2

Read more

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more

LIC Term Insurance Premium Calculator For Cover...

Affordability is crucial when evaluating any insurance policy; the premium amount associated with the plan is the

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL