Difference Between Health Insurance and Term Insurance

Difference Between Health Insurance and Term Insurance

Life uncertainties can emerge at any time. There is nothing you can do to avoid it. But you can always keep yourself and your family financially prepared and secured to face the tough times. While health insurance plans are adequate to take care of the medical expenses, have you thought about what happens to your family after your death?

That is when a term insurance plan comes into the picture. Ensuring that the financial needs of your loved ones are taken care of in your absence is as crucial as securing their medical needs. So, while a health insurance plan takes care of yours and your family's medical and hospitalisation expenses, a term insurance plan makes sure that the family's financial future is protected.

Before we dive deep into the difference between health insurance and term insurance plans, let us understand the need for these two insurance policies in elaborate details.

The Need for Term Insurance

If you are looking for a policy to secure the future financial needs of your family, especially in your absence, then you should consider buying a term insurance plan. A term plan is the most affordable life insurance product available in the market. Ideally, it offers death benefits to your loved ones if anything were to happen to you.

Also, you will find different variants of term insurance plans in India that can be purchased to fit your future financial objectives. Whether you have liabilities to take care of or planning to secure your child’s future - term insurance has you covered. Having this policy will make sure that in the case of your untimely death, your family will be financially secure.

The Need for Health Insurance

As we all know, medical treatments and costs are expensive across the globe. The situation is no different in India. Medical emergencies do not come with a warning. You cannot solely rely on your life savings to cover the treatment and hospitalisation expenses. Hence, it is vital to have a health insurance plan that takes care of yours and your family’s medical expenses.

Health insurance plans in India offer extensive coverage that helps you cover yours and your family’s medical needs. You can benefit from features such as cashless claim settlements, reinstatement benefits, pregnancy insurance, and so much more.

Comparison Between Health Insurance and Term Insurance

The following table will help you understand the two policies in detail -

Note that both health and term insurance plans available in the market offer several add-on benefits. You will have to pay additional premiums over and above your existing premium rate when you opt for add-on covers. Hence, it is advisable to choose only those covers that you think are beneficial to you.

Now, if you are looking for term insurance or health insurance plans in India, visit Bajaj Markets online.

How To Buy Term Insurance at Bajaj Markets

To buy term insurance at Bajaj Markets online, follow the steps given below -

1. Choose the type of term insurance plan you need.

2. Select the coverage and riders covers.

3. Review your policy online before proceeding with the payment.

4. Make the premium payment online.

5. Upload the requested documents.

6. The insurer will verify the documents and your details.

7. Upon successful verification, the policy will be issued to you in no time.

How To Buy Health Insurance at Bajaj Markets

Follow the steps below to buy health insurance plans available on Bajaj Markets online.

1. Choose the types of Health Insurance you need - individual or family health insurance plan.

2. Fill the requested details and take a quote.

3. Choose the coverage that you think will best suit your needs.

4. Enter personal details.

5. Make the premium payment online.

6. The policy will be issued to you instantly.

To Conclude

Health insurance and term insurance plans are a worthy investment. However, they cannot be a replacement for each other. Each policy is designed to take care of specific life situations so that you and your loved ones are protected financially. So, if you evaluate your future financial objectives and health conditions, you will be able to choose the right health and term policy.

Read more about health insurance benefits and term insurance benefits on Bajaj Markets online to make an informed decision.

Health Insurance Plans Available at Bajaj Markets