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The right health insurance protects your greatest wealth, your health!

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Life Insurance vs Health Insurance

Do you believe in planning for the future? If yes, purchasing Life and Health Insurance policies should be your next move. Want to understand everything about these policies? Read and sharpen your knowledge with us


Life Insurance

Life insurance is like your personal safety that your family can open once you are not around to fulfill their needs. It is a bond between the person getting insured and the insurance company that in the unfortunate event of the insured’s demise, the life insurance he/she paid premiums for, bears fruit in terms of financial benefits to the beneficiary/nominee. The death benefits in most cases are income tax-free. So, the sum assured reaches the family without any substantial deductions. Life insurance offers an insurance cover for your entire life. You can think of it as your future full-proof savings plan for your family.

There are two main categories of life insurance:

  • Whole life Insurance often comes with fixed premium payouts and provides sum assured to the beneficiary generally tax-free and is fixed. This insurance is less costly than the Universal life insurance given its consistency and low or no risk approach. In some cases, one can choose to take a loan too against this kind of policy.
  • Universal life insurance also provides the nominee with a death benefit, but this can also be regarded as an investment policy. The premium payouts are generally flexible, and a part of the payment is invested to add more cash-value to the sum assured. Unlike Whole Life Insurance or Term insurance, this type of insurance is expensive, given the nature of investing for higher returns that in-turn can sometimes result in potential risks. Keeping this in mind the premiums for such plans are flexible offering flexible death benefits.

Health Insurance

Health insurance is a contract between the insured and the insurance company to provide you with a financial cover in times of medical needs. The Insured pays a fixed premium for his/her health cover. If you have health insurance, you can either get the medical expenses that went through your pocket reimbursed or the insurance company pays the medical expenses directly on your behalf, both depending upon the health insurance policy that’s chosen. Certain health plans also cover the cost of your prescription medicines.

There are three main categories of Health insurance:

  • Individual Health Insurance - An individual health insurance is a type of policy customized for a single person, to safeguard and cover oneself from various illnesses, accidents, hospitalization expenses and, other medical emergencies that may arise in one's lifetime. Additionally, individual health insurance plans also provide for additional benefits like Maternity Benefit, OPD expenses, Critical Illnesses Cover, AYUSH, etc.
  • Family Floater Health Insurance - A family floater health insurance is a type of policy customized to suit the entire family, under one single premium. The same protects and covers all family members against various illnesses, accidents, hospitalization, and other medical needs that may arise during one's lifetime.
  • Senior Citizens Health Insurance - As the name suggests, senior citizens health insurance is a type of health insurance policy designed for people above the age of 60. The same is customized keeping in mind the different physical and psychological needs of senior citizens and offers benefits such as Domiciliary Care, AYUSH, Organ Donations expenses, and Critical Illnesses among others.

Difference between Life Insurance and Health Insurance

Life insurance

Health insurance

Life insurance is a comprehensive cover that offers you complete Insurance all through your life span, it is not limited to a certain expense. It actually is the coverage in the eventuality of the insured’s demise, when the sum assured goes to the beneficiary.

Health insurance is usually limited to only catering to your medical/surgical/ hospital needs, providing just a medical emergency cover as and when required. It does not go beyond your medical expense care.

The premiums are both fixed and flexible depending upon the type of Life insurance picked. Some Life Insurance plans also come with future investment value policies for better cash value.

The premiums are mostly fixed. Health insurance provides coverage to deal with expenses incurred during medical emergencies. Investment is not the motive of these plans, protection is. One can claim a No-claim bonus in some cases.

Life insurance is a long-term plan.

Health insurance is a short-term plan.

Life insurance is generally for a fixed tenure. It normally is terminated once the tenure of the Insurance is over.

The tenure of this kind of insurance is not fixed. Under normal circumstance, the insured renews the policy annually so he/she can continue to have the protection coverage it offers.

Life insurance is mainly protecting your family/beneficiary/nominee financially in the eventuality of the insured’s demise.

Health insurance is the protection cover for self as well as the family, in order to avoid any unfortunate eventuality such as loss of life due to financial constraints.

Life insurance, depending upon the insurance you choose offers both Survival and Death benefits at the end of the insurance term.

Health insurance comes with no Survival or Death benefit, it only caters to your current medical needs and treatment.

In some cases, by paying a little extra premium, the money you invest comes back to you tax-free, upon maturity, in case you outlive the policy term.

No amount is refunded at the end of the policy term. The amount comes back only as reimbursement that too against the expenses you incurred during the term for your illness or any other medical expenditure.

Benefits

Benefits of Life Insurance Plans

  • Financial security and protection are the two most important benefits of Life Insurance.
  • Payouts are generally tax-free.
  • A guaranteed death benefit.
  • With life insurance comes Tax benefit However, Tax savings should not be the reason for buying a term policy. This policy offers tax benefits and exemptions as per prevailing tax laws.

Benefits of our Health Insurance Plans

The main purpose of health insurance is to receive the best medical care without any stress on your finances. Health insurance plans offer protection against unexpected medical emergencies. The premium paid at one go allows tax benefits for the number of years of insurance cover and this is just one benefit you get from having a health insurance policy. We provide several other benefits and add-ons to help customers deal with all uncertain situations of life.

  • Restoration Benefit - is a coverage in your health insurance, in which if your Sum Insured gets exhausted towards treating an ailment, the insurance company restores it.
  • Critical Illness Cover - If opted for as an add-on or a part of the plan, this covers hospital expenses in case of critical illness.
  • Daily Hospital Cash cover - This cover helps you manage the expenses beyond the hospital bill in case of any medical emergency.
  • Maternity Benefit - This benefit if opted, takes care of the hospitalization and all related expenses when a mother-to-be is admitted for delivery. It also takes care of expenses of any treatment required in case of any complications.
  • Home (Domiciliary) Hospitalization - If any of your parent or any family member need care at home in the condition which might have required hospitalization, then this benefit is for you.
  • Pre and post hospitalization expenses - We know there are expenses which are usually not covered in health insurances like X-rays, scans, medicines, we make sure we take care of these expenses too.
  • Accidental Hospitalization - This benefit covers costs of Ambulance, Daycare procedures, Pre-hospitalization and Post-hospitalization expenses that includes ICU, Medication, OT, Physician Fees, Diagnostics and more in case of an accident.

Life and Health Insurance is for everyone who is worried about the future, for family and for the ones who care. Health insurance gets your medical affairs covered and Life insurance gets your family covered in your absence.

life is uncertain, it is better to protect yourself and your loved ones before it’s too late. Both these insurance policies are crucial for each one of us. What you pick is now your personal choice.