Do Life Insurance Policies Come With Health and Wellness Benefits?

When you think of life insurance, you probably think first about financial protection for your family. But can a life insurance policy also offer support for your health while you are alive?

Some life insurance policies may come with health and wellness benefits that eligible policyholders can use while the policy is active. Depending on the product, these may include services such as annual health check-ups, medical consultations or second medical opinions.

For example, Bandhan Life iTerm Elite offers Health Management Services^!, including medical consultation and international second medical opinion services. Eligible policyholders can also access an annual health check-up through the Visit App.

These are additional services, however. They should not be confused with health insurance or the core financial protection provided by life insurance.

What Are Health and Wellness Benefits in Life Insurance?

The primary purpose of a life insurance plan is financial protection. If the life insured passes away while the policy is in force, the applicable death benefit can provide financial support to the nominee, subject to the policy terms.

Some life insurance products may go a step further by providing health and wellness services that can be used during the insured person's lifetime. Depending on the policy, these could include medical consultations, preventive health check-ups or access to a second medical opinion.

Such services are not standard across all life insurance policies. Their availability, eligibility and scope depend on the product and its terms.

What Health and Wellness Benefits Can Life Insurance Offer?

Health and wellness features can differ considerably between policies. Here are three types of services you may come across.

Annual Health Check-Ups

Regular health check-ups can help you track certain aspects of your health, even when you are feeling well. A life insurance policy may, if specifically provided as a feature, give eligible policyholders access to periodic or annual health check-ups.

The tests included, how the service can be accessed, and other conditions should always be checked before using the benefit. A health check-up offered with a life insurance policy should also not be assumed to cover every diagnostic test you may need.

Medical Consultations

Some policies may provide access to medical consultation services as part of their health-management benefits.

Bandhan Life iTerm Elite, for instance, lists medical consultation among its Health Management Services^!. These services are offered through independent third-party service providers registered with Bandhan Life and are complimentary and optional for eligible life insured persons while the policy or rider is in force.

Availability is subject to the applicable conditions and service-provider arrangements.

Second Medical Opinions

A second medical opinion gives you an opportunity to have your medical case reviewed by another medical expert.

This can be particularly relevant when dealing with an important diagnosis or treatment decision and you want an additional expert perspective before deciding what to do next.

Under Bandhan Life iTerm Elite's international second medical opinion service, eligible policyholders can access medical experts from Malaysia and Singapore across specialties including:

• Cardiology
• Oncology
• Gastroenterology
• General surgery
• Orthopaedics
• Neurology

Depending on the case and applicable service conditions, the second opinion can provide confirmation of the diagnosis, written advice on the suggested course of action and an evaluation of treatment options.

It is important to remember that a second opinion is an additional medical perspective. It does not replace your treating doctor or guarantee a particular diagnosis, treatment or medical outcome.

How Do Health and Wellness Benefits Work with Bandhan Life iTerm Elite?

Consider a simple example.

Amit has purchased a term insurance plan primarily to provide financial protection for his family. A few years into the policy, he wants to be more regular about monitoring his health.

As an eligible Bandhan Life iTerm Elite policyholder, he can access the annual health check-up, subject to the applicable terms.

Now suppose Amit later receives a diagnosis for which he would like another expert perspective. Depending on his eligibility and the applicable service conditions, he may be able to use the international second medical opinion service.

He could have his case reviewed by an appropriate medical expert and receive a written opinion covering areas such as diagnosis and treatment options.

This illustrates an important difference in how we think about the policy.

The life cover remains the core financial protection. Health Management Services^! are additional features that eligible policyholders may use during their lifetime.

Why Can a Second Medical Opinion Be Useful?

Receiving a significant medical diagnosis can leave you with several questions.

Is the diagnosis clear? Are there different approaches to treatment? Is there another option worth discussing with your treating doctor?

A second medical opinion can provide another qualified perspective on these questions.

For example, it may be useful when:

• You have received a significant or complex diagnosis
• More than one treatment approach may be available
• You want another expert to review your medical information
• You would like greater clarity before discussing the next steps with your treating doctor

The objective isn't necessarily to find a doctor who disagrees with the first opinion. Sometimes, having another expert confirm the diagnosis can itself provide useful clarity. The second opinion can then become an additional input for your discussion with your treating healthcare professionals.

Are Health and Wellness Benefits in Life Insurance the Same as Health Insurance?

No. This is an important distinction. Health and wellness services offered with a life insurance policy should not be treated as a replacement for health insurance. A life insurance policy is primarily designed to provide financial protection in accordance with its life cover and policy terms.

Health insurance, on the other hand, is designed to cover eligible medical expenses in accordance with the health policy's terms. This can include specified hospitalisation or treatment expenses, depending on the policy.

An annual health check-up, medical consultation or second medical opinion attached to a life insurance policy is an additional service or benefit. It does not mean the life insurer will pay for subsequent hospitalisation, surgery, medicines or treatment unless such a benefit is expressly covered under the applicable policy or rider.

Think of the two as serving different financial needs rather than as substitutes for each other.

What Should You Check While Choosing a Life Insurance Policy with Health Benefits?

Health and wellness features can be useful, but they should not be the sole reason for choosing a life insurance policy.

Before deciding, check the following.

1. Does the Life Cover Meet Your Family's Financial Needs?

Start with the purpose of life insurance. Consider whether the sum assured, policy term, and overall protection are appropriate for your family's financial responsibilities.

2. What Health Services Are Actually Included?

Don't assume that “health benefits” means every healthcare service is covered. Check whether the policy specifically provides a health check-up, consultation, second medical opinion or another service.

3. Who Is Eligible?

A benefit may be available only to eligible insured persons and may be subject to specific conditions for its use.

4. How Often Can You Use the Service?

For check-ups and other recurring services, find out whether they are available annually or at another specified frequency.

5. How Do You Access It?

Check whether you need to use a particular app, diagnostic network or registered service provider.

6. Can the Service Change?

It depends on the policy terms. For Bandhan Life iTerm Elite, health management services^! are provided by independent third-party service providers, and the company may update, substitute, or withdraw these services.

Look Beyond Protection, But Keep Protection First

Life insurance has an important job: helping protect your family's financial future. That should remain at the centre of your decision. At the same time, certain policies can offer useful services that you can access during your lifetime. Annual health check-ups, medical consultations and second medical opinions are examples of how health and wellness features may add another dimension to a life insurance policy.

When comparing term insurance plans, start with the cover your family needs. Then consider whether additional features such as these are relevant and useful to you.

FAQs About Health and Wellness Benefits in Life Insurance

Do all life insurance policies offer free health check-ups?

No. Health check-ups and wellness services are product-specific features and should not be assumed to be available with every life insurance policy. Check the policy's features and applicable terms before purchasing.

Is an annual health check-up covered by life insurance?

It can be offered as an additional benefit under certain products. For example, eligible Bandhan Life iTerm Elite policyholders can access an annual health check-up.

What is a second medical opinion in life insurance?

It is a health-management service through which an eligible insured person can have an existing medical case reviewed by another medical expert. The exact scope of the service depends on the product and service-provider terms.

Does a second medical opinion pay for my treatment?

No. A second medical opinion provides an additional medical perspective; it should not be confused with insurance coverage for treatment expenses.

Are life insurance health benefits a substitute for health insurance?

No. Life insurance and health insurance serve different purposes. Additional wellness services under life insurance do not replace health insurance designed to cover eligible medical expenses.

Can health and wellness benefits change during the policy term?

They may, depending on the applicable terms. For example, with Bandhan Life iTerm Elite, its Health Management Services may be updated, substituted or withdrawn by Bandhan Life depending on the situation.