In the current testing times, there shouldn’t be any excuse for not having an adequate health cover if you can afford it. However, most people invest in either health insurance or life insurance and think it’s enough. It is vital to invest in both. Health is a crucial aspect of one’s life and so is securing the future of your loved ones.
Both health and life insurance plans have become popular in India over the years but still, many people have not realized the importance of these plans. The current COVID-19 pandemic has made people re-evaluate their decisions. Hence, there is a major shift in investment in health and life insurance policies. Having comprehensive plans in each of these covers you from all aspects. You can buy health insurance online from a reputed policy provider after comparing with other such plans.
Health and life insurance work in different ways. Health insurance covers medical costs such as costs of medicines, hospitalization, and treatment of illnesses. The payment is dependent on the sum assured. Life insurance, on the other hand, offers life cover and takes care of the monetary requirements of the family of the insured after their demise. Life insurance also enables a person to save for his/her retirement and for the future of their children. Moreover, insurance policies offer immense tax benefits.
Advantages of having both Life and Health Insurance Policies
1. Overall comprehensive package
Life insurance alone cannot offer you coverage in case of any emergency. For instance, if any family member falls sick, you will have to bear the expenses if you are not covered with health insurance. When you combine both health insurance and life insurance policies, it is more of a complete investment portfolio. When you have a family to look after, you need to be prepared for an uncertain future. This will help you lead a worry-free life.
2. Coverage against Critical Illnesses
A life insurance policy will not provide you any cover while you are battling a critical illness. Health insurance these days cover life-threatening diseases such as leukaemia, kidney failure, liver failure, and more. You are entitled to receive a lump sum when you are diagnosed with any critical medical condition if you have any critical illness. This amount will take care of your daily expenses, illness-related treatment costs, and any other financial obligation that you face during that time. Investing in individual health insurance plans for each member of your family is yet another smart move that you can make. This implies that you will have a large cover in case of any illness.
3. Additional protection over a single cover
If you want to protect you and your family in case of any adversity, then it is best to invest in both life and health insurance policies. This will ensure that you are not left uninsured in case of any job loss, change in employment, health complication, and more.
4. Double tax benefits
Both life and health care plans provide tax benefits. When you pay a premium towards these policies, you become eligible for tax deductions under Section 80D of the Income Tax Act, 1961. The amount you save is dependent on the amount of premiums you pay on both.
Investing in both life and health insurance plans is one of the wisest decisions that you can make. You just need to make sure to study the terms and conditions to decide which one would be the best for you and to check what all features you are being offered. If you have a family to take care of, then you cannot go wrong with investing in both these policies.