Should you buy life insurance and health insurance combo plans? MintGenie explores

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Life insurance and health insurance are the two main types of insurance policies. Whole life insurance makes sure that your family members are taken care of after your untimely demise, and health insurance policies pay for your hospitalisation and other related expenses. Recently, some insurance providers have introduced plans that merge life and health insurance benefits, aiming to offer a one-stop solution to policyholders.

In this article, we delve into a few such combined insurance plans, including Max Life’s Secure Earnings & Wellness Advantage Plan (SEWA), HDFC Life’s Click 2 Protect Optima Restore, and PNB MetLife’s Mera Mediclaim Plan, to assess their features. Let us first look at some of the common features of these plans. Comprehensive health coverage: All three plans offer extensive coverage for hospitalisation, surgeries, and other health-related expenses.

While some might have a fixed daily cashless compensation, which will depend on the type of surgery, others work like regular health insurance and offer cashless hospitalisation, which will depend on the cost of hospitalisation and other expenses. Death benefit: Like life insurance plans, these policies offer the nominee or beneficiaries death benefits. Cashless treatment: Policyholders can get cashless treatments across a network of hospitals in India.

Flexibility in plan options: Each plan provides multiple variants or options to cater to the diverse needs of policyholders. Add-on benefits: Each plan includes additional benefits, enhancing the core coverage. These can range from wellness programs to multiplier benefits.