Why should you buy this? | Financially safeguards your family in case of your untimely death. It can help them maintain their lifestyle and achieve their life goals even when you are not around. | Covers costs of hospitalization & related treatment. These days most policies offer cashless treatment facility at network hospitals |
Core benefit | A Sum Assured (Death Benefit) is paid to the nominee of the person (Life Assured) | Covers the treatment cost for illnesses/ medical conditions subject to a maximum coverage amount and other conditions |
Additional Benefits | Maturity Benefit, Surrender Benefit, Loyalty Additions, etc. can be added on top of the base cover | No Claim Bonus can be added in the case of some policy types. Few health insurance companies offer free health check-ups as well |
Types of covers | Individual (single life), Group coverage | Individual, family (family floater policy) or group coverage |
Types of Plans | Term plans, Savings, child-related (wealth creation), Retirement, etc. | Comprehensive health insurance plans, critical illness cover, etc. |
Tax Benefits | Under Section 80C, Section 10(10D) of the Income Tax Act | Under Section 80D of the Income Tax Act |