No financial plans would be complete without a sound insurance plan. And well, if you thought ‘Insurance is not for the person who passes away, it is for those who survive’, then continue reading….
There are many forms of insurance and, unfortunately, no one-size-fits-all policy. However, you need to base your insurance decisions on your family, age & economic situation.
You could choose from these categories of insurance:
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Motor Insurance
Car Insurance or motor insurance covers for losses might be incurred if one’s car gets damaged or stolen. The premium amount of the car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If the IDV increases, the premium rises and if you lower it, the premium reduces.
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Term Insurance
Term is the cheapest form of life insurance that provides full financial coverage for a defined period of time. In the event of any unforeseen situation the policyholder’s family is taken care of and financial stability is ensured. Death benefit is payable to the nominee who is usually a family member. You can choose to get a lumpsum amount or combination of lumpsum and monthly amount as per your requirement. Some companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.
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Health Insurance
We all know about the importance of having medical insurance in a country like India that ranks very low on human life index. A good health plan should cove medical costs, hospitalization costs, treatment and laboratory test costs and even critical illness. One must be prepared to manage such a situation in life. A compressive Health Insurance plan will include the following:
- Base Health Insurance
- Top Up Health Insurance
- Senior Citizen Health Insurance
- Personal Accident Insurance
- Critical Illness Insurance
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Other Insurance that you might require
- Insurance for your Home
- Insurance for your Office
- Mobile Insurance