5 Types of Insurance Policies Everyone Should Have
Jan 04, 2019 17:37
The desire to protect you against unforeseen circumstances is understandable. It is not every day that you buy an insurance policy like watching Netflix/Amazon Prime or shopping online. But certainly, something to seriously brood over just like you think about your loved ones and yourself. Especially when you have to pay a huge amount of premium to avail the benefits.
Be it life insurance or general insurance, both compensate for the damage and loss, which otherwise can lead to both emotional and financial strain.
There are a number of general and health insurance providers such as The New India Insurance Company Limited, Oriental Insurance, Bharti AXA to name a few.
1. Health Insurance is Must!
Health is wealth goes the old adage. Healthcare expenses are increasing every year and health issues do not come with prior notice. No matter how much good care you take of yourself, health problems still remain unpredictable.
It is wise to get a medical cover with an adequate health insurance policy if you do not want to run from pillar to post to arrange funds at the eleventh hour.
It not sensible to pay expensive hospital bills, when you can buy a medical insurance policy to reimburse your healthcare expenses. There is no worrying about arranging the funds to avail the best medical treatment. You just need to pay the premium every year to avail the benefits.
But before purchasing a health plan, you should compare different policies based on your needs and then select the one.
And if you buy health insurance at a younger age, you will be able to enjoy more benefits at a lower premium. Moreover, insurance companies settle allow quick settlement of claims to young people. You can buy health insurance for yourself and your family from New India Assurance, TATA AIG health insurance etc.
Here’s a quick rundown of things that you should consider in your health insurance policy-
•Select the sum assured options
•Decide the total members to be covered – self, spouse, parents, children and other family members
•Check the room rent capping, coverage, deductibles, limitations etc.
•Check the list of network hospitals
•Check the number of illnesses that are covered
•Understand the claim settlement process
You can buy an individual plan or a family floater plan based on your needs and budget.
2. Motor Insurance
For every vehicle owner, it is essential to have a motor insurance policy. Third-party vehicle insurance is mandatory as per the Motor Vehicles Act. And the other one is a comprehensive car insurance policy that covers own damages and third-party damages as well. So, for new vehicles and expensive vehicles, comprehensive vehicle insurance is recommended.
Why do you need it? A comprehensive car/bike insurance policy safeguards you and your car against natural disasters such as earthquake, flood, vandalism etc.
Simply put, the insurance company will recompense for the damages that are listed in your motor policy. Also, you can opt for add-on benefits such as zero depreciation cover, personal accident cover, NCB Protection, Key Replacement cover and the likewise.
So, if you own a four-wheeler or two-wheeler, simply relax, buy and compare vehicle insurance products online and enjoy a secure ride. You can check-out different vehicle insurance plans from the Oriental Insurance, New India Assurance etc.
3. Life Insurance Policy
If you do not want your loved ones and dependents to suffer in case of a sudden demise, then you should consider buying a life insurance policy. To secure their future in your absence you must consider buying life insurance cover.
It will offer financial security and will help your dependents continue living a similar lifestyle. There are various plans that you can consider such as term whole life insurance plan, life insurance plan, variable universal life insurance plan, and a universal life insurance plan.
Assess your life insurance needs and buy a plan after considering various life events such as divorce, house loan, marriage, education etc. If your untimely death can lead your family in a financial trauma then you should definitely get a life insurance policy.
Why life insurance plan?
In case of unfortunate death of the policyholder, the insurer will compensate the dependents with the amount equal to the sum assured, which is called as the death benefit cover. There are numerous benefits like accelerated death benefit rider, waiver of premium rider and accidental death benefit rider.
Every life insurance plan offers unique benefits. Therefore, always read the policy documents before making the purchase.
Here’s why you need a life insurance policy:
•If you are the only earning member in the family
•If you have taken some kind of loan
•If you doing family planning
Here’s what you should do -
•Think about inflation
•Evaluate your financial needs and financial goals
•Compare different life insurance plans online like –
➢Money Back Plans
•Compare a few policies that meet most of your needs
•You can even seek financial consultation
You can even buy a life insurance policy at a younger age.
4. Accident Insurance – You can also consider buying an accident insurance cover. Accidents do not come knocking on the door. And such plan will prove to be helpful in case of accidental injuries and death. Your heirs will get compensation as per the coverage provided in the policy. This policy is a must buy for people who work in a precarious environment and if their routine involves a lot of driving.
However, please note that there are various exclusions to every policy or rider, so if you are dealing with a denied AD&D claim it's best to consult with experts who can sort the issue for you.
5. Critical Illness Insurance Policy– Due to the sedentary lifestyle, life-threatening diseases such as cancer, heart attack, stroke, kidney failure are on a constant rise. The cost medical treatment for such major disease is exorbitant. And a critical illness insurance policy will save you from paying insurmountable hospital bills from your own pocket. The insurer will pay you in a lump sum on diagnosis of the illness.
The Bottom Line
Future is Anyways Unpredictable, Plan in Advance and buy insurance cover to live a stress-free life. Take some time out of your hectic routine and buy a suitable insurance policy for yourself and your loved ones. Hope this article will help you make an informed decision.
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