1. Several "Health plus life Combi products" have been introduced by renowned life insurers from 2016, within IRDA's 2009 guidelines.
2. These plans are a combination of a pure term plan of a life insurance company and a standalone health plan of a non-life insurance company, offered as a single product.
3. IRDA envisages that it would enhance insurance penetration with a wider product choice.
4. For young earners, a life cover of 10 times annual income is essential at all times during their earning years.
5. Similarly, a health cover of 5-10 lakh, along with critical illness riders or top-up plans, is essential for maximum renewal period.
6. Also, a medical corpus should be accumulated during earning years, through mutual fund SIPs, for paying non-hospitalization medical bills.
7. A Combi plan should, therefore, meets these essential parameters, otherwise a pure Term plan, a Mediclaim plan, a Critical illness top-up plan and a Systematic Investment Plan of an equity mutual fund should be preferred for meeting all health and life cover needs.
2. These plans are a combination of a pure term plan of a life insurance company and a standalone health plan of a non-life insurance company, offered as a single product.
3. IRDA envisages that it would enhance insurance penetration with a wider product choice.
4. For young earners, a life cover of 10 times annual income is essential at all times during their earning years.
5. Similarly, a health cover of 5-10 lakh, along with critical illness riders or top-up plans, is essential for maximum renewal period.
6. Also, a medical corpus should be accumulated during earning years, through mutual fund SIPs, for paying non-hospitalization medical bills.
7. A Combi plan should, therefore, meets these essential parameters, otherwise a pure Term plan, a Mediclaim plan, a Critical illness top-up plan and a Systematic Investment Plan of an equity mutual fund should be preferred for meeting all health and life cover needs.