Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
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Ref. No. KLI/22-23/E-BB/492
Know the detailed comparison between Mediclaim Policy, Health Insurance and Term Insurance. Choose the right plan for your needs. To read more, Visit Now
At some point in life, we all need healthcare. At such times, it is vital to have the necessary financial backing for you and your loved ones, to not only cover the costs of healthcare but to also prevent a mountain of debt. To ensure your financial security in the future, you need to plan in the present. Financial planning with the help of mediclaim insurance, health insurance, and term insurance can reduce the burden of expenses when a health crisis strikes while providing monetary support in your absence.
Term insurance,health insurance and a mediclaim policy
A mediclaim policy, a health insurance plan, and a term plan – all provide financial coverage in exchange for the payment of premium by the person who avails it. However, this is where the similarity ends. All three types of insurance provide a varying scope of benefits for different health needs and eventualities
What is a mediclaim policy?
A mediclaim policy is a type of insurance cover that provides only limited financial protection for specific health needs. The extent of coverage in a mediclaim policy is pre-defined and restricted to specific ailments, accidents, and injuries. In the event of an unforeseen health crisis, a mediclaim policy will only take care of the costs of in-patient hospital care at an allopathic facility or domiciliary care (treatment at home). It does not settle ancillary medical expenses or provide financial support to the policyholder’s/insured person’s family. Moreover, a mediclaim policy covers hospitalization costs up to ₹5,00,000 only.
What is health insurance?
Health insurance is a type of insurance product that provides extensive financial protection for a wider scope of health issues. The extent of coverage in health insurance is more than that of a mediclaim policy. A policyholder/ insured person receives all-round protection in the event of an illness, injury or accident. Health insurance settles the costs of hospitalization for medical treatment and the cost of additional medical expenses. It takes care of pre and post-hospitalization expenses, expenses for domiciliary care, and expenses for non-allopathic treatment systems (AYUSH - Ayurveda, Yoga, Unani, Siddha and Homeopathy). It also includes the costs of various surgical procedures, traditional and modern forms of treatments, outpatient treatments, medicines, and ambulance and transportation charges, among other allied expenses. .
What is term insurance?
Term insurance is a type of life insurance product in which the family members receive financial support in the unfortunate event of the policyholder/insured person’s death. This financial support is in the form of a pre-fixed monetary sum (called a sum assured) that is paid to the policyholder’s chosen nominee(s) or beneficiary upon their unfortunate demise. To receive the sum assured, the policyholder has to pay a specific premium during the policy term.
Difference between health insurance and term insurance and a mediclaim policy
Parameter
|
Health insurance |
Term insurance |
Mediclaim policy |
Scope of coverage | |
|
Provides |
● Various health ailments ● Costs of pre and ● Costs of in-patient ● Costs for daycare ● Costs of ambulance and ● Costs for diagnostic Provides a |
Provides |
● Specific health ● Costs of in-patient ● Costs of domiciliary Amount of sum insured (SI) or sum | |
|
Up to |
Up to |
Up to |
Types of policies | |
|
● Individual health |
● Family floater health ● Critical illness health ● Senior-citizen health ● ● Corporate group A single |
● Individual mediclaim |
● Family floater ● Senior-citizen ● Critical illness Add-on covers/ riders | |
|
● Critical illness cover |
● Maternity cover ● Newborn baby cover ● Personal accident cover ● ● Accidental death |
● Permanent disability ● Critical illness rider No option |
Premium payment |
|
|
Requires |
Requires |
Requires |
Mode of premium payment |
|
|
One-time |
One-time |
One-time |
Timeline for premium payment |
|
|
Monthly, |
Monthly, |
Monthly, |
Policy term |
|
|
1-3 years |
5-30 years |
1-3 years |
Claim settlement |
|
|
● Cashless claim |
● Reimbursement One-time |
● Cashless claim |
● Tax benefits |
|
|
Tax |
Tax |
Tax |
Flexibility |
|
|
● Highly flexible |
● The policyholder can ● The policyholder can ● ● Highly flexible |
● The policyholder can ● The policyholder can ● ● Inflexible |
● Has a limited range of ● Can choose the type of ● Cannot get an SI amount |
|
Protect your loved ones with Kotak e-Term Plan
An untimely death can cause not only emotional but also financial stress to your family. Protect your loved ones in your absence with Kotak’s Term Plan that provides a financial cushion to those who matter the most to you in times of need.
Kotak e-Term Plan offers:
Kotak Accidental Death Benefit Rider that provides an additional death benefit to the beneficiary along with the base sum assured in case of death of the life insured/ policyholder due to an accident. o Kotak Permanent Disability Rider that provides the benefit amount in instalments in case of permanent disablement of the life insured/ policyholder.
Kotak Critical Illness Plus Benefit that provides a lump-sum or part payment of the sum assured in case the life insured/ policyholder is diagnosed with a critical ailment.
Get high coverage with Kotak Health Shield
Life insurance plans like the Kotak Health Shield offer you a dual advantage. It gives a monetary benefit to your loved ones in case of your unfortunate demise, in addition to providing you financial coverage for 4 types of life-threatening critical illnesses. The plan also offers protection against accidents and permanent disability.
The Kotak Health Shield Plan offers:
Daily hospital cash benefit o An income benefit upon diagnosis of major health conditions o A waiver on premium upon diagnosis of minor health conditions
A second medical opinion o Emergency evacuation services o Medical monitoring and medical repatriation o A compassionate visit benefit
Summing up:
The key difference between term insurance, health insurance, and a mediclaim policy lies in the type of health risk covered and the type of protection provided.
The type of coverage you need depends on your financial requirements and life goals. To protect yourself and your family against an unforeseen health crisis, you can opt for a mediclaim policy or a health insurance plan. And to give your loved ones the quality of life they deserve, even after you are gone, you can buy a term insurance plan.
Assess your present and future health concerns, and factor in your budget to chalk up a practical financial plan and pick the right insurance policy.
Ref. No. KLI/22-23/E-BB/2435
