Combination insurance plans, bringing together life and health covers, seem to be the flavor of the season. Offered jointly by companies specializing in one or the other, they could grab the interest of the buyer, not least because they come slightly cheaper than regular policies.

But before you get carried away by the price factor and finalize your purchase of such policies, here are some factors you may like to consider:

Insurance experts feel there will be better value for money if the plans are bought separately – the individual offerings carry more flexible options as regards sum assured, for instance. The cover amounts of combi-plans will be rigid, and it would be wise for the buyer not to commit himself unless he is fully convinced that the sum fits his requirements.

Tip: Shop around, look at all the covers available, study the price differences before making up your mind.

One or the other component of the combi-plan may be just what you need. But look hard at the other part. The two parts are likely to have individual pricing and renewability features. Commit to the combination only after due diligence.

Tip: If the two halves of the combination don’t make sense individually, avoid the combi-plan.

Bottom line: Buy combi-plans only if all clauses satisfy your needs, don’t go just by the lower price tag.


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