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Comparative Analysis of Life Insurance vs Health Insurance

We plan every step of our life very carefully, which leads us to a financially stable life.  But most times, people tend to forget or miss out on considering sudden medical expenses. Well, life is full of surprises and medical contingencies can arise without warning. You need to ensure that you and your family’s medical expenses are covered in ways that do not hamper the standard of living.

An insurance policy encourages you to financially secure the future of your loved ones during emergencies. However, people are often confused about whether they should buy life insurance or health insurance. In this article, we will be discussing the same.

What is Health Insurance?

Health insurance is an insurance plan that primarily covers your and your family’s medical needs. Any expenses arising from health-related crises (sudden or planned) is taken care of by the insurer. The insurer offers cashless claim settlement wherein you can avail top-notch healthcare services at the network hospitals. In simple terms, whether it is a medical emergency or planned hospitalisation, a health insurance plan always keeps you prepared.

Here are a few benefits of buying health insurance:

  • Most insurers allow you to reinstate your coverage after it is exhausted or nears exhaustion.
  • The policy helps manage daily expenses that arise during your hospitalisation or treatment.
  • Some health insurance plans provide maternity and newborn coverage as well.
  • The policy covers pre- and post-hospitalisation expenses.

You can read more about health insurance benefits on Finserv MARKETS.

Types of Health Insurance Plans

Usually, there are three types of health insurance plans available in the market.

1. Individual Health Insurance

An individual health insurance plan is designed for an individual. It ensures the person is safeguarded against different illnesses, accidents, medical and treatment expenses, and other medical contingencies that may arise over the lifetime. Besides, most individual health insurance plans provide benefits such as maternity cover, cover for OPD expenses, top-up benefits, etc.

2. Family Health Insurance

Those with a family to support should consider safeguarding themselves and their loved ones with a family health insurance plan. The policy covers all the family members under a single policy. The enlisted members can avail the benefits of the policy and share the sum insured. Most insurers allow reinstating the coverage when it is exhausted or nears exhaustion. This ensures you and your family’s medical needs are always taken care of.

3. Senior Citizen Health Insurance

A senior citizen health insurance plan is meant for people above 60 years old. You can buy this policy for your parents. It provides extensive coverage of a wide range of pre-existing diseases and daycare procedures. The policy ensures that the older population can avail best-in-class healthcare services without worrying about finances.

What is Life Insurance?

Have you ever thought about what will happen to your family after your death? While it is very painful to imagine this, the probability of it happening cannot be dismissed. Hence, we have life insurance plans that secure the financial future of your loved ones in your absence.

Life insurance products available in the market ensure your family’s financial stability in case of your unfortunate demise, disablement, or life-threatening illnesses. A life insurance plan is a must if you are the sole earning member of your family. You can choose from several life insurance products such as term insurance, endowment plans, Unit Linked Insurance Plans (ULIPs), and more.

Besides, a few benefits of life insurance plans are as follows:

  • The policy provides financial protection to your loved ones in your absence.
  • It provides several tax benefits
  • The policy guarantees death benefits

You can browse different life insurance plans available on Finserv MARKETS and choose a policy that best suits your needs.

Types of Life Insurance Plans

Life insurance is broadly categorised into two types –

1. Whole Life Insurance

Whole life insurance pays a predetermined sum assured amount to your family after your death. The amount received by them is usually tax-free under Section 10(10D) of the Income Tax Act, 1961. The premiums of such a policy are less and constant throughout the term. Overall, the policy ensures that your loved ones are financially protected in case anything were to happen to you. A term insurance plan is an ideal example of whole life insurance.

2. Universal Life Insurance

Along with providing a death benefit to your family members, universal life insurance has an investment component to it as well. A ULIP is a perfect example of universal life insurance. The premiums you pay are partly used for life insurance coverage; while the remaining amount is invested in funds of your choice.

In case of your (the policyholder’s) death, your family will receive payouts from the life insurance cover and the market-linked investments. Universal life insurance is ideal for people looking to secure their family’s future and build wealth over time.

Difference Between Health Insurance and Life Insurance

Here’s an overview of the two policies for your better understanding.

Health Insurance Plans

Life Insurance Plans

Health insurance specifically caters to your and your family’s medical needs (sudden or planned). The policy covers medical and treatment expenses, daycare procedures, routine checkups, and more.

Life insurance provides financial security to your loved ones in case of your death or accidental disablement. The policy pays a lump-sum benefit to your family, which ensures there is no financial instability in your absence.

The health insurance premiums are usually fixed and depend on several factors such as your age, health conditions, lifestyle habits, etc.

You can use the health insurance calculator to determine the policy cost based on the coverage you need.

The premiums for life insurance are usually affordable and depend on factors such as your age, income, lifestyle habits, etc.

Each specific life insurance product has a calculator tool (such as a term insurance calculator) that helps determine the policy cost based on your desired coverage and add-on benefits.

There is no investment component in health insurance.

Life insurance plan like ULIPs comes with an investment component.

Health insurance is a short-term policy. You need to renew it every year to continue availing its benefits.

Life insurance is a long-term plan. It does not require annual renewals to avail its benefits.

Health insurance does not provide any death or survival benefits.

Life insurance provides death or survival benefits to you and your family members.

When to Choose Health Insurance over Life Insurance?

As the name suggests, health insurance secures you against any medical contingency. You can choose from a wide range of health plans available on Finserv MARKETS. Here’s why you should choose health insurance over life insurance:

1. Medical Emergencies are Accustomed

Amid the busy lifestyle, we often dismiss our health’s priority, welcoming sudden and unwanted diseases and illnesses. Health crises can lead to massive hospital bills that may affect your savings, lifestyle, and expenses after that. With individual health insurance plans, you get access to reputed network hospitals. Choosing an appropriate health policy is a must so that you don’t have to worry about the hefty bills.

2. Medical Inflation

Medical expenses can surely burn a hole in your pocket, considering the increasing inflation. Especially when the illness is critical and requires complex surgery, during these times, having a Mediclaim policy can be beneficial.

3. More Than Just Hospitalization Covered

Health insurance covers much more than hospitalization. You can seek bespoke health plans at Finserv MARKETS. It will cover for doctor’s fees, hospital room rents, laboratory tests, ambulance fees, surgery costs, health check-ups, maternity and newborn coverage, ayurvedic coverage, and more.

When to Choose Life Insurance over Health Insurance?

If you wish to protect your family in case anything were to happen to you, opt for life insurance. It is designed to pay a pre-decided lump sum amount to your family. Here’s why you should choose life insurance over health:

1. Financial Assistance for Income Loss Coverage

When a family member who is also the sole earner passes away, the income is bound to cease, and the family can face financial hardships. It can cause financial strain on the entire family where they might have to give up on certain expenses. If the expired family member was insured with life insurance, the family will be able to claim the insurance which will help them to bring back financial stability.

2. Retirement Plan

Life insurance also provides pension/retirement plans specially designed for senior citizens. They no longer have to depend on anyone after retirement; they can fulfil their dreams and goals which they sacrificed earlier for the dreams of their children. As per the norms, the retirement plan works on the annuity that is paid at regular intervals.

3. Investment plan

Life insurance offers maturity benefits as well, where the insured person can avail the money. This proves to be a great investment plan when you buy ULIPs as the paid premium can be invested in the funds. Here, you can then avail the market-linked returns as well as benefit from the life cover.

In Conclusion

Emergencies don’t knock on the door before walking into our lives. It is always better to be financially prepared than to face any financial instability later in the future. So, choosing the right mediclaim policy is essential.

Browse different health insurance plans at Finserv MARKETS. You can benefit from features like swift claim settlement, reinstatement benefits, bespoke insurance plans, extensive coverage, and so much more.

So, why wait? Seek health insurance on our online platform, right away! Keep yourself and your family healthy with a good medical policy. 

Best Health Insurance Plans Available at Finserv MARKETS

FAQs

  • ✔️Is it worth buying a life insurance policy?

    If you ask us, the answer is yes. A life insurance plan is worth investing in, especially if you want to secure the financial future of your loved ones after your demise. Most life insurance products are affordable and provide extensive coverage at a nominal rate.

  • ✔️Is it worth buying a health insurance policy?

    It is always best to have a health insurance plan to cover medical expenses (sudden and planned) instead of dipping into your savings. Medical treatments and hospitalisation costs are off the charts. You cannot rely on your savings to cover these. If you do, you won’t have enough savings for your future goals. Therefore, buying a health insurance policy is worth it.

  • ✔️Is life insurance a part of a health insurance plan?

    No. Life insurance and health insurance are two different insurance policies fulfilling entirely different purposes in your life. You can read about them in detail above.

  • ✔️What are the different types of health insurance plans?

    There are three types of health insurance plans in India -

    1. Individual health insurance
    2. Family health insurance
    3. Senior citizen health insurance
  • ✔️What are the different types of life insurance plans?

    Life insurance is broadly classified into two sections -

    1. Whole life insurance
    2. Universal life insurance

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