Gurugram: (NV) Keeping up with the evolving consumer needs, Policybazaar brings together its insurer partners to offer its customers a unique combination of health insurance, wealth creation and life cover. Policybazaar identified a need gap for a product that can offer the benefit of health insurance, life insurance as well as return on investment. The brand, along with insurer partners Niva Bupa Health Insurance and Tata AIA, has developed this solution to address the growing demand for an all-inclusive offering. The new health + wealth + life offering integrates the benefits of ULIP and health insurance, thereby delivering protection against death and disease as well as enabling wealth creation for customers.
Wealth + Health Solution
Who should buy – Ideally, this is a great choice for all kinds of consumers as it saves them the hassle of buying multiple plans for health insurance, life insurance and investment. However, it is best suited for individuals who have decided to purchase an investment-linked life insurance plan but do not have a personal health insurance plan.
Where to buy – The plan is available only on the Policybazaar website where customers can visit, search and easily purchase the product within a few clicks.
Customising your financial cushion
Policyholders are on the lookout for insurance and investment products that can strengthen their financial planning. Deconstructing this compelling need gap, Policybazaar, with its insurer partners, consolidated some powerful features in these plans to correspond to customer demand, such as –
Ageless plan – Buy the plan now and pay the applicable premium as per the same age for blocks of 10 years.
Tax saving* – This is an excellent tax-saving tool which addresses Section 80C, 80D and 10 (10D). ULIP provides the policyholder with the benefit of Section 80C and 10 (10D) owing to the life insurance component and health insurance component being eligible for rebate under Section 80D.
Wealth creation** – ULIPs are a popular market-linked choice for investors as historically, Indian markets have provided about 12-14% returns under favourable conditions. In this specific plan, the policyholder will receive double the amount of premium invested at the time of maturity even if the funds grow at an 8% rate.
Booster Benefit – The plan also comes with a Booster Benefit in health insurance which doubles the sum insured in two claim-free years.
ReAssure Benefit – The ReAssure benefit gets triggered right after the first claim, and is unlimited and up to Base Sum Assured.
Preventive healthcare – The plan also comes with a layer of preventive healthcare by offering the customer coverage for annual health check-up from day 1 of the policy.
Commenting on the product launch, Sarbvir Singh, President and CEO, Policybazaar, said, “Policybazaar identified the changing consumer need for a wholesome solution that unifies the benefits of life insurance, health insurance and investment. Every aspect of the plan has been meticulously crafted with a consumer-first approach to help strengthen the policyholder’s financial safety net. We thank our insurer partners for making this vision a reality and look forward to developing more such customer-centric solutions.”
On launching this product offering with Policybazaar, Mr. Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance, said, “Today’s consumers are highly evolved and are looking at holistic solution for their financial and healthcare needs. This product will surely interest the younger audience, especially first-time buyers. The highlight of this product, apart from the other benefits, is that it fixes the entry age of customer for blocks of 10 years, which would imply that the customer would need to pay the applicable premium basis the entry age till the 10th renewal. This will encourage buyers to invest at an early age. We urge the consumers to optimize the opportunity for health and life coverage and also avail tax benefit before the end of the fiscal year.”
*Tax benefits are subject to changes in tax laws
**The investment risk in the investment portfolio is borne by the Policyholder
For more information, please visit www.policybazaar.com.
(This story is generated from syndicate feed, staff of Hubli Express has not written or edited it)
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