The Insurance Regulatory and Development Authority (IRDA) has put in 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.
What’s the benefit? 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.
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