There are various life insurance companies that offer health benefits and packages. Firstly, the health related policies under life insurance companies cover certain critical illnesses. For example, certain private companies that offer life insurance to customers cover about 36 critical illnesses which include heart attacks, stroke, cancer, paralysis etc. Now this in turn means that once a person visits a doctor for treatment, and if the doctor then after diagnosis confirms a serious illness, then on the basis of the doctor’s report, the insured will get a lump sum amount from the company.
Health Insurance policies by life insurance companies are long term plans (over 10, 20 years and above)
One of the prime ways in which life insurance companies tend to sell health policies are mostly in the form of investment plans. These are essentially known as Health ULIP plans. However the difference in these plans and others lies with regard to:
- the hidden charges which are high ,
- a waiting period of three years before which you cannot claim,
- High premium rates.
To read more see Health Insurance by Life and General Insurance Cos