Dual-benefit insurance products combine health and life insurance, allowing customers to manage their healthcare expenses while ensuring financial stability.
Many insurers are coming up with dual-benefit insurance products of late amid customers' growing interest in these policies. ICICI Lombard General Insurance and ICICI Prudential Life Insurance have launched 'iShield,' a dual benefit insurance solution for their customers.
Similarly, HDFC ERGO General Insurance Company has recently partnered with HDFC Life to launch Click2Protect Optima Secure to provide customers with a holistic protection package.
In a press release on Wednesday, iShield promoters said that it offers their customers comprehensive health and life insurance coverage.
Key Features of iShield
IShield policyholders can manage their health and life insurance needs with a single product instead of two separate policies. The policy simplifies the insurance process, offering customers convenience and peace of mind. The health component covers hospitalisation, day-care treatments, pre- and post-hospitalisation, and homecare treatment. Life insurance coverage lasts until age 85, ensuring financial security for the policyholder's family.
In a press statement, Sanjeev Mantri, executive director at ICICI Lombard, says: "iShield is a one-of-its-kind offering that is synergistic in capabilities. The overarching principle is to provide customers with a comprehensive dual benefit of health and life insurance solutions along with a seamless single-window customer experience. Our aim is to provide customers with a cover that provides them and their family complete security for physical and financial well-being."
Key Features of Click2Protect Optima Secure
Like IShield, Click2Protect Optima Secure is a comprehensive insurance plan combining life and health insurance under one roof. This integrated approach facilitates uncomplicated financial planning for customers. The term life insurance component safeguards against life's uncertainties, while the health insurance component provides a flexible sum insured, from Rs 5 lakh to Rs 2 crore. The plan offers both individual and family floater options.
Benefits of Click2Protect:
Life Insurance Protection: Coverage up to 85 years, ensuring financial security for the policyholders and their families.
Secure Benefit: Instantly doubles the base health cover upon purchase without filing a claim.
Plus Benefit: Offers additional coverage equivalent to 100 per cent of the base sum insured within two years, regardless of any previous claims.
Protect Benefit: Covers non-medical expenses during hospitalisation, including gloves, food charges, and other consumables.
Automatic Restore Benefit: Restores 100 per cent of the base health sum insured automatically upon partial or complete utilisation of the sum insured.
Attractive Premium Discounts: Loyalty, long-term, and family discounts provide cost-saving opportunities for policyholders.
Comprehensive Coverage: Covers pre- and post-hospitalisation medical expenses, ambulance expenses, and critical illness add-ons.
According to financial advisors, dual-benefit insurance products, such as iShield and Click2Protect Optima Secure, mark a significant milestone in the insurance industry. These solutions offer policyholders the convenience of managing their health and life insurance needs through a single plan. These products protect physical and financial well-being by providing comprehensive coverage for medical expenses and financial security.