Whether you need both health insurance plan and Jeevan Jyoti Bima or not is a question that often comes to mind when planning for financial future and preparing for any unforeseen circumstances that may arise. While both of these policies serve a purpose, they are different in nature, and you should consider investing in both of them if you want to ensure comprehensive protection for yourself and your loved ones.
Let’s start with health insurance plans. In India, it’s often said that health is wealth. Illness strikes when one least expects it, leading to a significant financial burden. The cost of healthcare has skyrocketed in recent years, and without adequate health insurance coverage, it can burn a hole in your pocket. A comprehensive health insurance plan covers the expenses arising out of hospitalization, such as room rent, doctor fees, diagnostic tests, medicines, and surgical procedures, among others.
Different types of health insurance plans are available in the market, including individual health insurance plans, family floater plans, group health insurance plans, senior citizen health insurance plans, and critical illness plans. Each plan has its unique features, benefits, and premium rates, depending on the coverage and sum insured amount.
Investing in a health insurance plan has numerous benefits. First, it provides financial protection in case of any illness or injury. Second, it allows you to avail of quality healthcare without worrying about the expenses. Third, it helps in tax savings under section 80D of the Income Tax Act.
Now let’s move on to Jeevan Jyoti Bima. It is a type of life insurance plan that provides financial security to your family in case of your untimely death. The policyholder pays a premium amount, and in return, the nominee gets a lump sum amount if the policyholder dies during the policy term. It acts as a protection plan against the financial loss that may arise due to the death of the breadwinner of the family.
Jeevan Jyoti Bima is a pure life insurance policy, meaning it does not offer any investment or savings component. It is a term plan, and the premium rates are relatively low as compared to other life insurance plans. The policy term ranges from 5 to 30 years, and the sum assured amount is predetermined at the time of buying the policy.
Investing in Jeevan Jyoti Bima has several benefits. It provides financial stability to your family in case of your sudden demise, ensuring that they can continue to fulfill their financial obligations. It also helps in tax savings under section 80C of the Income Tax Act, wherein the premium paid up to ₹1,50,000 is eligible for tax deduction.
Now comes the critical question- do you need both health insurance plans and Jeevan Jyoti Bima? The answer is a resounding yes. Both policies are essential and offer different types of protection. Health insurance plans provide financial protection in case of hospitalization and medical expenses, while Jeevan Jyoti Bima provides financial protection to your family in case of your death.
While health insurance plans help in mitigating the medical expenses, there are times when illness or injury may lead to prolonged hospitalization, resulting in loss of income. In such a situation, Jeevan Jyoti Bima can help your family maintain their lifestyle and fulfill their financial obligations while they take care of the critical recovery process.
Investing in both health insurance and Jeevan Jyoti Bima ensures holistic financial protection for yourself and your loved ones. You can customize both policies as per your requirement and risk appetite, providing you peace of mind and financial security.
In conclusion, health insurance plans and Jeevan Jyoti Bima are crucial for your financial planning. You should consider investing in both of them to ensure comprehensive protection against any unforeseen circumstances such as medical emergencies and death. Research well, compare different policies, understand the features and benefits before investing in any policy, and then make a sound financial decision that suits your requirements.
