Buyers of insurance policies can now buy a product that is a combination of a health and life insurance policy.

A general and a life insurer on Monday have joined hands to introduce a combi product that will remove the need of two separate policies.

Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance have launched Bajaj Allianz Total Health Secure Goal, which comprises a health insurance and a term insurance plan.

A joint statement from the two insurers said the plan was designed to take care of customers’ health and life goals, through one policy, removing the inconvenience of two separate policies.

The insurers are offering customers an additional 5 per cent discount on the total premium payable, apart from the flexibility of availing the service or communication on the product from either of the companies.

“It’s important to have an appropriate health insurance plan and a term insurance plan to have a secured life and a life of dignity.

“While a health insurance plan ensures financial security to an indivdual in case of any medical exigency, a term insurance plan takes care of financial needs of the family if the insured were to unfortunately pass on.

“With this thought in mind, we collaborated with Bajaj Allianz Life Insurance to launch Bajaj Allianz Total Health Secure Goal to provide a comprehensive insurance solution to our customers,” Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said.

Two products

The plan is a combination of two products: under the Health Guard policy, customers can opt for a silver or a gold plan with a sum insured that ranges from Rs 1.5 lakh to Rs 50 lakh that will take care of hospitalisation expenses incurred by the customer.

The Bajaj Allianz iSecure plan offers a term insurance cover. For a 25 year old male, the premium comes to Rs 8,899 (excluding GST).

The iSecure has a 10-year term, whereas the Health Guard (Silver) is a yearly renewable policy.