Health Insurance Vs Term Insurance – healthytalk8

Health Insurance

As if you know what Health insurance is and If you don’t know, then I will explain you in short form, fast.

Health insurance is a type of shield that protects you from the medical expenses of the hospital.

In other book words, Health insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.

Health insurance has many benefits, but even then many people do not take health plans.

According to a study in 2018, there are around 100 million people in India who do not take health insurance, and in 2011 Indian government spent 3.9% of its GDP on the health sector.

Health insurance has many benefits such as:

• Savings can be saved
• cashless benefits
• you can also top-up your insurance company
• comprehensive coverage at a young age
• coverage of lifestyle diseases like the Corona Kavach policy
• maternity
• daycare facility
• viral disease also gets coverage, and also Tax benefits.

Term Insurance

A term insurance policy is commonly called a pure-life insurance policy. it is one of the most popular insurance plans.

The term insurance policy gives you a policy for a fixed time.

If you die accidentally (within the policy term) then the insurance company pays a benefit to the nominee, which is equal to the sum assured.

If you survive the term insurance policy then you get nothing.

The term insurance policy provides you with high coverage with affordable premiums.

Health Insurance vs Term Insurance

Between health insurance and term insurance, the only common thing is word insurance otherwise both these insurance are completely different.

Health Insurance	Term Insurance
A health insurance policy is designed to take care of the hospitalization and medical expenses incurred by the policyholder or any other member covered under the policy.	Term insurance is designed to financially safeguard the policyholder and his family by providing monetary benefits to the beneficiary in case something untoward were to happen to the policyholder.
No maturity benefit except in return for premium plans wherein the premiums paid are returned at the end of the policy term.	No maturity benefit except in return for premium plans wherein the premiums paid are returned at the end of the policy term.
In this insurance plan, you can’t recover any money invested in the premiums. because there is no life cover, there is no payout or no lump sum payable in case the insured were to meet with an untimely demise.	No maturity benefit except in return of premium plans wherein the premiums paid are returned at the end of the policy term.

Do We Need Both?

Both policies have their distinct set of benefits while being two of the most crucial types of insurance plans.

Both are two of the most vital types of policy plans, with their own distinct set of benefits.

That is why you must include both of them in your financial portfolio.

Notice: Term life insurance policy pays financial benefits to your nominee.

If something happens or you die the hand, a health insurance policy has been designed in such a way that you can pay your medical expenses in case of hospitalization and serious illness, which also saves your savings.

According To Me

Both policies are in their right place, but according to me you should take a health insurance policy because includes:

• Health insurance provides you with financial help for diseases and even minor illnesses.
  • In today’s time, policies have also brought insurance policies to protect you from Coronavirus.

• The most vital things they also handle are your hospitalization charges, medical fees, room rental fees, serious illness, ICU chargers, and more which saves you savings.

• At the same time, there will be no tension to arrange money for your loved ones.

Down Line

Health insurance is a type of shield that protects you from the medical expenses of the hospital.

The term insurance policy gives you a policy for a fixed time.

A health insurance policy is designed to take care of the hospitalization and medical expenses incurred by the policyholder or any other member covered under the policy.

Term insurance is designed to financially safeguard the policyholder and his family by providing monetary benefits to the beneficiary in case something untoward were to happen to the policyholder.