For self-introspection, ask yourself. How many times have you seriously seen the insurance advertisement on television, or heard a policy on radio, didn’t delete an insurance SMS without reading it or overlooked the hoarding right in front of your house/office/shop?
In today’s world, INSURANCE IS AS IMPORTANT AS THE FOOD WE EAT, THE WATER WE DRINK AND AIR WE BREATHE. PERIOD.
The need is real and we need to move forward to ensure not a luxury but tension-free lifestyle (at-least) with minimum premiums (as low as one pizza!). There are different types of insurance policies present in the market. Insurance companies offers you a plethora of options, which is absolutely your choice based on your budget and requirement but let us tell you the broad and the most important insurance you need as of date.
1.Life Insurance (Zindagi k sath bhi, zindagi k baad bhi)
Need: The uncertainty of life, long-term retirement investment to meet any unforeseen medical emergencies in future, dependents in family.
Benefits: To surpass any unexpected medical expenses related to illness/accident when alive or to ensure financial security for your dependents in case they are left behind in the event of your demise, tax benefits, etc.
- Term Plan – covers you for a specific time period, typically five to 30 years. Is flexible and comparatively cheap
- Permanent life insurance plan – covers you for your entire life, as long as premiums are paid. Can be used to build cash value for borrowings or investment growth.
2. Health Insurance (Apni sehat, apnae hanth)
Need: Increasing propensity to disease, reducing immunity, unmanned lifestyle, inflation and more. A health insurance is very use helpful when there is a medical emergency.
Benefits: To meet any health-related expenses or injuries in the near future, tax benefits, etc.
- Individual Health Insurance – Covers health expenses of the insured individual
- Family Floater – Covers medical expenses of the whole family including, parents, spouse and children
- Group Health Cover – Suitable for corporate houses
- Senior Citizen Health Insurance – Covers medical expenses for senior citizens above 65 years of age
- Critical Illness Health Cover – Covers costs and expenses of expensive operations/treatments
- Super Top-Up Policy – Is used when sum insured of the existing policy is exhausted
3. Motor Insurance (Kyunki musibat samay dekh k nai aati)
Need: Rising traffic congestion, poor road administration, commercialization of cities, traffic violators, theft, natural calamities, legal mandate
Benefits: Third party expense surpass, own accident claims, vehicle damage refunds, comprehensive coverage, avoidance of penalties, etc.
Types available: (for both two-wheeler and car)
- Comprehensive Cover – Includes coverage against any damage caused to vehicle/self by natural disasters, theft, third party accidents, own damage, etc. Also includes liabilities for any third party expenses.
- Third Party Insurance – Mandated under the Motor Vehicle Act; Covers all expenses related to any third party accidents initiated by you.
4. Property Insurance (Apne ghar ki hiffazaat, uff! bada mushkil kaam)
Need: Mandated by bank during home loan initiation, irresponsible renters, increased rate of burglary and theft.
Benefits: Safeguards against burglary, fire or damage to your belongings inside the house, etc.
- Homeowners Insurance – Mandatory if one has a mortgage and wants to avail loan for building/purchasing a property.
- Renters Insurance – Issued if the house is rented.
5. Travel Insurance (Safar ka mazza, suraksha k sath)
Need: Irresponsible travel companies, rough handling of baggage at airport, increased theft cases, technical mishaps.
Benefits: Covers you against any expenses on injuries/death/accident during the travel, damages caused to baggage, if any, compensation for lost goods, free of cost cancellation, etc.
- Vacation Plans – Comprehensive package that includes cancellations, medical emergencies, evacuations, loss or delays, luggage, assistance, and more.
- Travel Medical Plans – Covers all medical expenses while travelling and emergency evacuations.
- Others – Evacuation only plans, travel accidents, rental car).
6. Mobile Phone Insurance (Kyunki ye mobile ab hamara sab kuch hai)
Need: Preference for expensive smartphones, loads of personal data, everything is logged in and, on our fingertip,, unforeseen accidental damages, increased chances of cyber theft.
Benefits: Coverage against fire, burglary, mechanical or electrical breakdown, and accidental damage, mobile screen damage, worldwide cover, reimbursement up to insured sum.
- New Phone – Covers all the expenses incurred against any damage, theft/loss.
- Old phones – Covers any expenses to be incurred on repairs, theft, hardware or internal damage.
Apart from these insurances, there are several other insurances which can prove beneficial for you, however, we have herein listed the general applicable types. Now, since you know what you need, all you have to do is research and compare policies offered by insurance companies and take an informed decision towards a bright and secured future.