In last one year or so many Life insurance companies in an effort to woo new customers have launched a set of new plans which provides dual benefits of health and life cover. All these new types are plans which are available in the market today are technically not single plan under one umbrella but they are just two different plans put under one bucket. In fact if you see the core of all these plans, in all the cases you will find that a life insurance provider with its tie-up with a health insurance company is making these plans available.
As regular customer you might find it bit more attractive because other than two different covers under one plan, they also come with a lower premium if you compare the same with the premium of independent plans. But does that means this life and health insurance plans are super stars for your insurance needs? Technically speaking they are not.
When we are looking at independent covers for both life Insurance Plans and health insurance Plans, then we are actually looking at two different needs. The amount of cover that one should look at while buying a life insurance cover should be always based on his/her long term financial liabilities towards his/her dependent. While deciding upon your health cover one should always consider rising cost of medication, existing state of health and lifestyle etc. So that things actually fit to your need plans should have the capability of being maneuvered as per you .But looking at these combo plans they actually come with lot of limitation in this case. The reasons behind why plans are launched is to help agents to easily motivate customers because as bundled offering this can attract lot of customers easily who don’t know the internal details.
Another thing which can attract you largely is the pricing of these plans which can attract you and you can fall in trap of cheaper premium. But the underlying reason why these plans are cheaper is that because offers the insurance companies a ease of sale and one point renewability which helps insurance companies in tie-up save a lot of cost and which is being passed on to the customer as reduced premium.
Other than all these factors if you still think this is suitable option for you then you should evaluate it considering each benefit of the plan independently. Correctly evaluating your life and health insurance needs separately and what specific add cover you should be looking at your health insurance and then comparing the same with the independent benefits offering under the plan under each specific type of cover. You can prefer to take help of myinsurancebazaar.com to compare between different plans available under each type of cover and then take the right judgment and not just swayed away by the lower premium of these plans.