The Complete List of Insurances You Need In Your Lifetime – The New Indian Express

The Complete List of Insurances You Need In Your Lifetime

A policy of life insurance is the cheapest and safest mode of making a certain provision for one’s family. – Benjamin FranklinInsurance serves as an invisible protection that comes handy when you land into trouble. Life is unpredictable and rainy days often come unwarned. When everything is going hassle-free, it is difficult to realize its importance. However, when the time comes, and you need it, you will be more thankful to have an insurance policy. With the boom in the insurance industry, there is a wide range of options available. Some are necessary while some are superfluous. It is essential to be covered, but it is all the more important to be covered under the right insurance policy. So, here we have a list of insurance you may need in your lifetime.

Life Insurance

There is a famous saying by Will Rogers – “A man who dies without adequate life insurance should have to come back and see the mess he created.” The most compelling reason to have life insurance is to provide for your loved ones that would be left behind if something happens to you. It is all the more important if you have a family that is dependent on you. When purchasing a life insurance, consider the mortgage payments, lifestyle, living expenses, child care, and their future education cost. It is advisable to purchase a term insurance plan to avail maximum coverage in the lowest possible premium. You can buy a term insurance plan from Aviva for as cheap as Rs. 17 per day and get a cover of 1 Cr. ​

Health insurance

No one wishes to get sick or hurt, but you don’t know when you would need medical care at some point. Your health is precious, and the rising medical cost can make a big hole in your pocket.
Medical trend rate will be 10 percent in India, while inflation will be at 5 percent. – Money Control
Living without a health insurance is leaving yourself to the potential financial catastrophe you don’t even know when it may land. Out of pocket healthcare cost can even push you in debt. Avoid all these by purchasing a medical insurance plan that covers you as well as your entire family. Also, lifestyle diseases leading to critical illness, especially heat diseases among are on the rise. It is recommended to purchases critical illness plans such as Aviva Heart Care which covers you under all major heart conditions!​

Auto Insurance

Having a car is allows you to enjoy the mobility to move around and also eliminates the dependency on public transport. However, driving without auto insurance has its own perils. Auto insurance is vital for multiple reasons:
• Vehicles are expensive, and the repair cost is high. Your vehicle may get damaged due to someone else’s negligence. A car/auto insurance policy pays for the damages and saves you from unnecessary repairs out of your pocket.
• A car insurance policy saves your liability in case you are involved in an accident that results in damage to another person’s property or injury or loss of life to another driver or pedestrian. The insurance company will pay you for their treatment or loss and save you from legal repercussions that might arise of the case.
• Auto insurance pays for the hospitalization charges if you suffer serious injuries.
• Road accidents are unfortunate, and in many cases, it leads to loss of life. However, motor insurance policy helps pay the family’s expenses in case of an unfortunate event.

Homeowner’s Insurance

A house is undoubtedly the costliest asset a person acquires in his/her lifetime. Home insurance is a type of property insurance that protects your most precious assets from various kinds of dangers, like accidents, thefts, and damages. A house insurance comes with liability coverage which covers you against personal injuries, as well as property damage by guests or third parties. A comprehensive policy also covers your house against damages caused due to natural calamities, like flood, lightning, earthquake, storm, etc. In addition, home insurance also provides coverage against man-made hazards, like thefts, strikes, riots, vandalism and any malicious intent that cause harm to your property. House insurance helps you financially recover from the loss and fund you to rebuild your home.

Conclusion

There are countless insurance products in the market. Your choice largely depends on your needs. If you are looking for a product that offers insurance + return, it is better to opt for ULIPs – unit-linked insurance plant that comes with multiple benefits, like the flexibility to withdraw money for your key milestones and lump sum payout. Some insurance plans also offer you a guaranteed regular stream of income and a bonus at the end of your policy term. If you want to achieve your financial goals, you can rely on wealth builder plans – they give a good return. Similarly, if you want to secure your child’s educational milestone, a child plan would be great. Before you purchase an insurance product, decide your financial goals and potential risks that may come in life. Stay safe, stay insured!

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