Key Differences between Term Insurance, ULIPs and Health Insurance

Health insurance is extremely important as it holds a lot of relevance in your life and has various factors depending on it. Every plan offers its own set of features, advantages and can have a severe impact on the living standards as well as the financial requirements of your present and your family. Many of the commonly bought insurance policies also include an insurance plan, a Unit Linked Insurance Plan, etc. In the article below, you will find out the difference between such plans and how you could purchase a proper health insurance policy for yourself.

What is a term insurance plan?

Term insurance plans are used primarily for life protection. Whenever you purchase term insurance, you could also buy the usual premiums along with the sum that’s assured. Once the sum assured has been paid towards your family in an unfortunate case of events during the whole term of the policy. Term insurance plans are well designed as they meet the needs of your family and cover all costs of the routine expenses as well. Term plans also offer a higher sum assured at prices that are low. Not just that, term insurance is also quite affordable and something you can rely on.

What’s a health insurance plan?

Health insurance plans act as a financial cushion for all extra healthcare expenses. Whether it is an illness, accident, or injury, an insurance plan can cover them all. You can also claim the sum assured during the diagnosis time. The amount of money can cost you a lot of money for many reasons like pre/post-hospitalization, medicinal bills, ambulance fare, room rent, etc. Your health insurance plan might not offer you protection for the rest of your life.

What Is ULIP?

Next comes Unit Linked Insurance Plan. This is one that secures the future of your family with the help of a life cover. Using a ULIP, not only will the future of your family be secure but can also be used for returns in the future. Not just that, you’ll be able to get returns on the investments with rewards, bonuses, etc. Hence, you could also build a savings fund and use it for all your goals in the long term. The investment along with the sum assured could be chosen as per your requirement along with the premiums.

We hope that by the end of this post you have a good idea about the term plan, health insurance, and ULIP is. Now that all these terms are clear, we are sure that you will be able to make better decisions about your present financial situations, investments, expenses along with taking your financial objectives into consideration as well. Doing so will help you make better decisions whenever it comes to choosing any of the plans. You can now browse all the term insurance and health insurance plans that are available from top brands at One Assure.

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