General insurance isn’t something you’ll read, talk about, or buy every day. But it’s something to think about as much as you feel about yourself and your family, significantly when it can cost you and your family far more than you can imagine. In layperson’s terms, insurance is a financial safety net against a loss that may cause a hole in your pocket.
Furthermore, it would help if you had insurance to avoid losing your life savings. ##
What kind of financial protection do you have?
No matter how healthy you believe you are, or even if you go to the gym every day and follow a diet, an unforeseen event. Such as suffering from a chronic disease, terminal illness, or disability caused by accident, or even demise, can turn your life upside down. It is common knowledge that anyone, regardless of age, gender, or lifestyle, can become a victim of such occurrences.
There are various types of insurance. It is critical to understand the multiple types of insurance, their purposes, and which one you should choose. The interesting fact is that almost all insurance products are now available online. Furthermore, insurance products can be researched, analysed, and purchased online. Compare various insurance products online and choose the ideal one for you.
The fundamental question is, what type of insurance plan should I choose, and when should I choose it?
Here’s a quick guide to assist you.
What kinds of insurance should young professionals purchase?
1. Do you own a vehicle (two-wheeler or car)?
Purchase a motor insurance or a bike insurance policy:
Respect your self-esteem. Cover your vehicle, so that you can legally drive and ride.
You must have vehicle insurance if you own a car, a motorcycle, or both. A motor/car insurance policy protects you and your vehicle against damage or loss caused by natural or man-made perils such as an earthquake, fire, explosion, accident, theft, etc.
2. Young professionals must find health insurance:
Health equals wealth. However, the following statement is true: wealth is required to recover from and maintain good health, along with travel insurance to safeguard any future traveling plans you may have.
3. To marry or not to marry first, build a corpus with life insurance before marrying:
Aside from providing life insurance, it also allows you to build a corpus. These savings will benefit you in the long run and in an emergency. ##
4. Long-term strategy:
Ensure the future of your family:
A term insurance policy is a risk-only policy. Simply put, it’s a death benefit plan. The sum assured assists the life assured family in overcoming financial difficulties.
5. Personal accident insurance:
Insurance compensates for an accidental injury and permanent or temporary disability. In addition, if the life assured passes away in an accident, the nominee/beneficiary will receive a significant lump sum as specified in the policy. *
6. Critical Illness plan:
A critical illness plan is available as an optional rider with a term or health insurance policy. Cancer, tumours, coma, paralysis, kidney failure, heart attack, severe stroke, and other complex conditions are all covered. The diseases that are covered differ from one insurer to the next.
Suppose the life assured is diagnosed with any diseases listed in the general insurance policy document. In that case, the cover amount is paid as compensation, which can be a lifesaver and a helping hand during a medical financial crisis. As we all know, the cost of treating such diseases is far beyond the average person’s means.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
