Are combi plans a good idea if someone has no insurance?
Combi-plans offer a protective component of both life and health cover. Combi-plans are ideally suited for those who do not have either life or health insurance. Being a single plan it removes any tracking issues to keep a check on both life and health plans separately but do not offer any real cost advantage to the buyer.
The Insurance Regulatory and Development Authority (IRDA) has laid down new rules where insurers can issue combi plans that cover both health and life. Earlier, insurers were allowed to offer combi plans, which included Term Life Insurance and Health Insurance only. But this new rule lets them include any Life Insurance plan (be it Term Plans, Endowment Plans, Money-back Policies, ULIPs, etc.) along with a Health Insurance plan in the combi plans offered.
Combi plans have a ton of benefits. With such combi plans, the insurance agents will be able to offer complete packages (any Life Plan and a Health Plan) to the customers. And the customers can enjoy benefits of both Health and Life Plans in a single policy. It will also be easier for them to manage both the plans since it comes in the form of a single policy. You could also check if you can save on those premiums. However, the cover offered might be inadequate.