Health emergencies are those uncertainties in life that one fears the most. With the rise in a hectic lifestyle, unhealthy food and spiralling pollution level in most Indian cities, the rate of occurrences of health emergencies have grown considerably, especially with lifestyle-related diseases. So, having a proper mechanism to counter it is necessary; one such means is to improve your lifestyle. But what about the damage that has already been done? The only respite is to get comprehensive health insurance and what more does one need if it is accompanied by life coverage.
A life cover, when combined with health insurance, can solve two worrisome problems by a single stroke. Basically, this means that your health emergencies are financially protected by health policy. Moreover, if something unfortunate happens to your life at any point in time, your loved ones are also financially safeguarded by a life insurance plan. Such a combination of two plans can either be offered by one insurance provider or by two different insurance providers coming together with their distinct products to fuse them into a single solution called a combi plan.
However, with 2020 being a special case due to Covid-19, the urgency to be covered by the health insurance plan only increases. There are other important factors that strengthen this argument. They are:
There has been an acute spike in the medical expenses since the last decade. Most of these can be associated with the advancement in technology and research in the medical domain. Moreover, these treatments are also more efficient, thereby making it more lucrative both for the hospitals to adopt it and for the patients to opt for it over other treatments. As a result, it can be said that medical inflation here is also an outcome of demand and supply factors. Therefore, having health insurance can help you get the better of the market, rather than sitting out of the market.
The Covid-19 Era
With the pandemic creating havoc in most parts of the word, the demand for health insurance has also risen and rightly so. The cost of premium in purchasing medical insurance is way less than the hospitalisation expenses, especially because of the need for intensive care or ventilation as Covid-19 is a respiratory disease. Moreover, if you happen to be at a private hospital for treatment, the out-of-pocket expenditure will quite naturally drain out your hard-earned savings.
The combination of family health insurance, along with life insurance is remarkably effective, especially in this Covid-19 situation. The dual nature of the plan – both health and life – makes sure that you as well as your family members are completely insulated on the financial front against this pandemic. The health insurance would take care of the health expenses for all family members, including your spouse, dependent children, and parents irrespective of their age. With COVID-19 also registering fatalities in certain cases, a health plan combined with a life cover can help mitigate the financial implications of the loss.
Coverage against Critical Illness
We have already seen how the dual nature of such a plan would benefit most individuals in today’s times. Most life insurance policies have a critical illness option attached to it. This critical illness component further extends the comprehensive nature of the plan and makes it even more essential to buy this combination plan. The combi plan offers life, health and critical illness cover all in one policy.
Dual Tax Benefits
With a combi plan, you get dual tax benefits for the premium paid. You can claim deductions under Section 80C (life insurance) as well as Section 80D (health insurance). Additionally, the death benefit paid against the life cover is tax-exempt under Section 10 (10d) of the Indian Income Tax Act.
Health and life insurance plans are two of the fundamental requirements for earning individual because of its multiple benefits. So, it is also necessary to be more vigilant when purchasing such a policy so that you are not left high and dry when the need arises. In case of queries, you can also connect with the customer support or also ask for a quote regarding the plan that suits you best.
PNB MetLife has launched a health insurance PNB MetLife Mera Mediclaim Plan which is combination of health insurance and life insurance which will ensure good health and good life.
Visit website to know more on Mera Mediclaim Plan, term plan and term insurance.
Whether you are trying to lose weight or making a shift towards a healthy life, understanding your BMI (Body Mass Index) is one of the first necessary steps you can make. The BMI calculator can indicate your body’s fat content based on your weight and height. Once you have a clear view of this, you can go through different health insurance plans on the PNB website and secure your future financially against the growing healthcare costs.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
Mera Mediclaim Plan is an Non-Linked, Non Participating, Combi Insurance Plan (UIN: 117Y102V01). It is advised to familiarize yourselves with the policy benefits and policy service structure of the ‘Mera Mediclaim Plan’ before deciding to purchase the policy. Please read the sales brochure carefully before concluding any sale. This product is jointly offered by 'PNB MetLife India Insurance Company Limited' and 'Religare Health Insurance Company Limited'. PNB MetLife is lead insurer for this product. The risks of this ‘Mera Mediclaim Plan’ are distinct and are assumed / accepted by respective insurance companies as per their underwriting guidelines. The liability to settle the claim vests with respective insurers, i.e., for health insurance benefits 'Religare Health Insurance Company Limited' and for life insurance benefits 'PNB MetLife India Insurance Company Limited'. The policyholders of the ‘Mera Mediclaim Plan' are eligible to continue with either part of the policy, discontinuing the other during the policy term. Goods and Service Tax (GST) shall be levied as per the prevailing tax laws which are subject to change from time. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Cash payment is not eligible for tax benefit under Sec 80D of Income Tax Act, 1961.
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