Term life insurance is a kind of life insurance plan that provides death coverage to policyholders for a specific time limit. That is, if the policyholder dies during the policy tenure, then the insurance amount is given as a lump sum to the nominee.
A term insurance plan does not provide maturity benefits like traditional, money back or market-linked life insurance policies, but provide much higher coverage for a lesser amount.
Term life insurance has several benefits. It provides higher coverage for a lower premium, it’s simple to understand and comes with immense tax benefits. But before factoring in all the benefits, you should remember the core objective of insurance is protection and not savings. Unlike most life insurance products, term insurance remains true to this objective.
Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
Key Benefits of Health Insurance:Benefits of health insurance purchase are vast.
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A top-up plan is a regular health insurance policy that covers hospitalisation costs but only after a threshold limit, known as deductible, is crossed. A deductible is that portion of the claim amount that is not covered by the insurer and has to be paid by the policyholder before the benefits of the top-up policy can kick in.
The deductible feature of a top-up plan makes it cheaper because it reduces the liability of the insurance company.
A top-up plan, therefore, is a cost-effective way to increase your health insurance cover. You can take a base policy and a top-up over and above that policy. This way you can use your base health insurance policy to make a claim up till the deductible amount and use your top-up plan for any payments over that. But ensure the deductible is not more than the sum insured you have taken in the base policy. So, suppose you have a health insurance policy with a sum insured of ₹3 lakh, make sure the deductible in your top-up plan is not more than ₹3 lakh.
This way if there is a claim of say more than ₹ 3 lakh, you can use both your base policy and top-up plan to pay your bills.