4 Insurance Policies Everyone Should Have

Insurance is a form of risk management which allows individuals and business to protect their assets from harm or any potential loss. The insurance provides monetary compensation as premium for the damaged assets. The basic purpose is to protect the valuables from unforeseen loss. Purchasing the right insurance policies go a long way and will provide a peace of mind knowing that there is something to fall back on during crisis

Here below are 4 insurance policies that are a must and everyone should consider getting

1. Life Insurance

An Untimely demise is the worst thing that can happen to a family and can put your dependents in a state of financial crisis. These events can’t be predicted and the safest way is to protect your family against such events. Getting a life insurance plan is the most important and most secure way to your family and dependents from financial constraints during times of trouble.

There are various life insurance policies such as the Term Policy, Endowment Policy, Whole Life Insurance, Money Back Policy and Unit Linked Insurance Policy. Most of the policy holders opt for the term insurance because it is the simplest and cheapest form which offers protection for a specified tenure.

2. Health Insurance

Medical bills are enough to give one a heart attack and the cost of treatment just seems to be going up consistently. Even a simple treatment or consultations can result to a hefty bill.  The cost of medical care is enough for one to get a health insurance.  The cost health insurance has been growing and that shouldn’t prevent you from insuring for you and your family because a visit to the hospital can cost much more. 

If you are planning to get a health insurance, you should look at getting a mediclaim policy which has a maximum coverage of 10 lakhs. These mediclaim policies can be for just an individual or a family in whole. People who are entering their late 40’s should ideally go for the critical illness policy which covers most of vital diseases

3. Home Insurance

Your home is probably the most valuable asset and wit tremendous growth in the real estate sector, the prices of houses have been going up. Even a slight renovation could leave your pockets empty. In case of any unforeseen events like burglary, fire etc., you could be left with a huge bill for replacement or renovation. Having the right insurance can simplify the process.

Get a policy which covers both the content and structure of the home and secure your assets. Do buy home insurances at lower premium rates than other insurance policies.

4. Automobile Insurance

Every household in India has one car at least and these cars are real expensive. No one can ever predict automobile accidents and these accidents can happen with seconds and sometimes the results are tragic. Having no automobile insurance would result in you spending a lot of money to repair damages and sometimes it might be as expensive as the price of a car.

For automobiles, there are two types of insurance. Third party liability, comprehensive insurance and collision coverage. The third party liability is mandatory in India.

Insurance is an integral part of the financial plan and avoiding policies would just mean, you are on the brink of danger. Get in touch with Insurance agents and secure your assets.