INSURANCE
It cannot be denied that you will have more peace of mind if you know that you and your loved ones are financially protected from various unexpected situations. Uncertainties in life can arise at any moment, such as an unfortunate death or medical emergency. These circumstances include accident or damage to your vehicle, property etc.
Bearing the financial impact of these conditions can burn a hole in your pocket. You may need to dip into your savings or your family’s hard-earned money. Thus, there is a dire need for insurance for you and your family to provide adequate coverage and financial support against all risks associated with your life, health and property.
Why insurance is essential?
Insurance plans are beneficial for anyone who wants to protect their family, assets/property and themselves from financial risk/loss:
- Insurance plans will help you pay for medical emergencies, hospitalization, contraction and treatment of any illness, and future medical care.
- The financial loss to the family due to the unfortunate death of the sole breadwinner can be covered by insurance plans. The family can also pay off any debts such as home loans or other debts incurred by the insured during his lifetime.
- Insurance plans will help your family maintain their standard of living if you are no longer around in the future. This will help them cover the cost of running the home through the insurance lump sum payment. The sum assured will provide your family with some much-needed breathing space along with coverage of all expenses in case of death/accident/medical emergency of the policyholder.
- Insurance plans will help protect your child’s future in terms of education. They will ensure that your children are financially secure by pursuing their dreams and ambitions without compromise, even when you are not around.
- Many insurance plans come with savings and investment schemes along with regular coverage. They help in building wealth/savings for the future through consistent investments. You pay regular premiums and part of it goes towards life coverage while the other part goes towards savings plan or investment plan, whichever you choose based on your future goals and needs. .
- Insurance helps protect your home in the event of an unexpected disaster or loss. Your home insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or reconstruction, whichever is necessary. If you have coverage for valuables and items inside the home, you can purchase replacement items with the insurance money.
- Helps with long-term goals
One of the most important benefits of life insurance is that it enables you to save and grow your money. You can use this money to fulfill your long-term goals, like buying a home, starting a project, saving for your child’s education or marriage, and more. - Useful for retirement planning
Life insurance enables you to remain financially independent even during retirement. Annuity plans like life insurance plans provide you with a fixed income for life. These are low-risk plans that help you maintain your current lifestyle, cover medical expenses, and meet post-retirement goals.
Types of Insurance
There are many types of insurance plans available in the insurance market. Some of the common favorites include the following:
- Life insurance :
Life insurance is what you can get to protect your family in case of your death during the policy term. The most basic form of life insurance available to buyers is term insurance. Life insurance helps protect your family financially with a lump sum that is paid out in the event of the death of the policyholder within the policy term. - Health insurance :
It is purchased to meet medical expenses revolving around various health problems, including hospitalization, treatment, etc. These insurance plans come in handy in medical emergencies. You can also avail the cashless facility at the insurer’s network hospitals. - Child Insurance Plans :
These insurance policies are savings instruments that help build lump sum funds whenever children reach a certain age for pursuing higher education. In these plans, the life insured is the child or beneficiary while the parents own the policy. - Home insurance :
These insurance plans cover any damage to the home due to accidents, mishaps and natural calamities apart from other such events. - Auto Insurance :
These are vehicle insurance plans, including cars and bikes. They provide protection against natural calamities, damages to third parties (people who are damaged or injured in an accident with the policyholder’s vehicle) and accidents and damage to the vehicle along with accidents. - That’s why insurance is the need of the hour in today’s uncertain times — assess your financial situation to choose the best plan for your future financial needs.