Protecting your most valuable assets is very much important and Insurance is the only way by which you can create a firm financial support for yourself. Insurance provides you safety from unplanned financial burden and loss. These days you can get anything and everything insured. But buying Insurance is a very difficult task. There are so many options available in the market that you don’t know what’s necessary and what’s not required.
Today, we are going to list down three types of insurance which is a must have for everyone.
We all have one question and that is why do we need Life Insurance? Life Insurance is not for you but for your loved ones. It is basically providing for those you leave behind. It is very important to have a life Insurance Policy if you are the sole bread earner of your family. Life Insurance Policy also gives you tax benefits. The premium you pay is deducted from your total taxable income. There are various types on life insurance e.g. Term Plan, Whole Life, Retirement Plan, ULIP, Endowment Plan, Money Back & Child’s Plan. The most common type of life insurance is Term Insurance, in which your life is insured for a particular period e.g. 5 years, 10 years, 25 years etc. You free to choose the term period. And if something happens to you after that period then no claim is given.
Health Insurance is also mandatory for everyone. It covers all the medical expenses. You can also opt for add-on benefits like maternity benefits, accident covers, pre existing disease cover etc. It’s very easy to buy health insurance. Eg. You want to buy a health insurance for heart illness. Just search for best heart insurance and you will get various options and you can choose the one which meet your needs. You can buy it for yourself, your family or your parents. There are two types of claims in health insurance. You can opt for cashless or reimbursement claim. In cashless insurance, you don’t have to pay anything in cash to the network hospital. You just have to show your cashless card and the insurance company will pay on behalf of you. And in reimbursement, you will do the payment at the hospital and the insurance company will reimburse you later. Cashless is always better than reimbursement claiming.
Another Insurance which everyone should have is a Motor or Automobile Insurance. Motor Insurance protects your vehicle from loss to your vehicle due to theft, accident, damage, fire etc. It is mandatory to have a motor insurance, you cannot drive your vehicle until and unless you have a motor insurance of that vehicle. Be it two wheeler or car, insurance is a must. Car insurance is for 1 year only and you have to renew it every year and in two wheeler you can opt for one year or three year insurance and can renew it accordingly.
These are three types of Insurances which everyone needs. Don’t avoid buying these. The earlier you buy, the more benefits you get.