Policybazaar Launches Unique Health, Wealth And Life Solution: Key Details

Oleh Admin 05 Mar, 2023 Posting Komentar

Policy Bazaar, an insurance platform, brings together insurance partners to offer its customers a unique combination of health insurance, wealth creation and life insurance. The brand has developed this solution in collaboration with insurance partners Niva Bupa Health Insurance and Tata AIA to meet the growing demand for complete coverage. The new Health + Wealth + Life offering combines the benefits of a Unit Linked Investment Plan (ULIP) and health insurance to protect against death and illness, enabling customers to create wealth.

Who should buy it?

It is best suited for people who prefer to buy an investment-linked life insurance plan but do not have an individual health insurance plan.

Where do we shop?

This package is available only on Policy Bazaar where customers can browse, find and buy products.

Main features

Fixed Plan – You can buy the plan now and pay the age-appropriate premium for up to 10 years.

Tax saving is a tax saving instrument that falls under section 80C, 80D and 10(10D). ULIPs provide the benefits of Section 80C and 10(10D) to policyholders by making the life insurance component and health insurance component exempt under Section 80D.

Wealth Creation – ULIPs are a popular choice for market-savvy investors as the Indian market has historically offered favorable terms of around 12-14 per cent. Under this special scheme, even if the fund grows by 8%, the policyholders will get double the premium invested on maturity.

Enhancement Benefit – This program provides an additional benefit of doubling the sum assured on health insurance for two years without any claim.

Re-verify benefits – After the first claim, benefits apply immediately and are unlimited and not more than the basic sum assured.

Preventive Health Care – This package also includes a level of preventive health care by providing customers with annual health check-ups from the first day of the policy.

On launching Policy Bazaar's product offerings, Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance said, “Customers today are sophisticated and seek comprehensive solutions for their financial and medical needs. This product appeals to a growing audience, especially first-time buyers. Among other things, the benefit of this product is that the customer's entry age is set at 10 years, that is, until the 10th renewal, the customer must pay an entry premium commensurate with age. This encourages buyers to invest quickly. We encourage consumers to upgrade their health and life insurance options and take advantage of tax benefits before the end of the financial year.