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Buying a life insurance policy early in life is one of the smartest financial decisions you can make. Given the kind of hectic lifestyle we have in today’s day and age, it is important to plan and save up to secure your financial future and that of your family. One instrument that can help you do so at an affordable cost is a life insurance plan.
Life Insurance can be defined as a contract between a policy holder and an insurer, where the insurer promises to pay the beneficiary a sum of money in exchange for a premium, upon the death or survival of an insured person. Simply put, it financially aids the family of the policyholder in case of his/her unfortunate death.
With the rising instances of diseases and accidents, the demand for health insurance has shown significant growth. A health insurance plan can provide you with financial security in times of a medical emergency. Every individual has certain risks and uncertainties in life. The best way to tackle health risks is to purchase a health insurance cover.
Health insurance is a coverage which will pay for your medical expenses incurred in case of hospitalisation or illness. The insurance will reimburse you for the expenses you incur for an injury, illness or it will pay the care provider directly. Apart from providing you with a much-needed financial backup, health insurance will also ensure that you get access to quality healthcare services across the country. There are several reasons to have a health insurance policy, and if you have a family, you could opt for a family health insurance plan to look after the medical needs of your loved ones.
This Standard Fire & Special Perils Insurance policy will cover you against losses or damage incurred to your valuable property and belongings caused by threats like fire, explosion, natural calamities etc. The policy is an ideal cover that ensures your property, including buildings, fixtures, furniture, machinery, trade stocks, tools, etc. is safe from the many accidents that can potentially destroy it.
The Industrial All Risk policy covers major damages like disasters and sudden calamities that can lead to shutting down of the factory, and also offers a separate Business Interruption section. The policy, therefore, guards you and your business against the varied risks of loss of profits.
Comprehensive insurance coverage provides another level of coverage in the event of an accident with another vehicle. It may help pay for damage to your car due to incidents like damage from inclement weather, flood, fire and theft. It also covers the regular risk factors for the vehicle, driver, passengers, third party vehicle and its driver/passengers.
Comprehensive car insurance comes with a wide range of coverage options, as mentioned above, and it makes sense to cover your car under this kind of policy so that you can rest assured about almost every kind of claim to be taken care of. This is the complete form of insurance policy you can buy for your car. It also provides you protection from damage resulting from accidents, even if the driver is at fault.
As the number of vehicles on roads increases, accidents, and related unfortunate incidents. It is not compulsory that accidents have to happen due to your negligence; it can be due to the other party’s negligence. Apart from the injuries, damages to the vehicle and associated stress, it also takes a toll on your finances. All these reasons make buying a two-wheeler insurance a prudent choice.
Consequent to the directive of the Supreme Court of India, effective from 1st September 2018, all General Insurance Companies are required to issue a five-year third party (TP) insurance cover for new two-wheelers. Vehicles running on roads in the country without a valid insurance policy are liable to attract heavy penalties. Hence, every owner of a two-wheeler is required to hold at least a mandatory third-party liability insurance cover, which is the minimum coverage for two-wheelers.
Travel insurance is a comprehensive insurance policy that covers both medical and financial emergencies which might arise while travelling abroad. To that end, there are several travel insurance plans that offer protection during overseas travel.
These insurance plans offer benefits like loss checked-in baggage loss or delay, loss of crucial documents like passports, personal accidents, unique facilities like personal liability and personal accident coverage, allowance in case of distress related to hijacking, coverage for financial emergency assistance. Travel insurance also provides health coverage for medical expenses, dental treatment, transportation to the hospital and a daily hospital allowance.
A group insurance plan meets the insurance needs of a group of people. Typically, an employer/association opts for such an insurance plan to insure the employees or members. There are different types of group insurance plans available in India, including health insurance cover, life insurance, personal accident cover, travel insurance and many more.
Types of Group Insurance Plans available in India:
An accident can occur at any time without any warning, and sometimes it can cause serious harm. Any such untoward incident can have a significant impact on your finances; not only can the treatment be expensive, but if you suffer from any form of disability, it can affect your earning potential. To protect yourself and your family from such a situation, it is paramount that you purchase a personal accident insurance policy.
Personal accident insurance is useful to get financial assistance to you and your family in the event of an accident that leads to death, bodily injuries, temporary total disability, permanent total disability and permanent partial disability. In the event of death, the insurance company will pay 100% compensation (equal to the sum assured) to the appointed nominee. Also, the insurance companies offer compensation for an accident disability such as loss of speech, limbs and eyes.
