Life can take unexpected twists
and turns at any moment. Sudden exigencies may lead to precarious financial
situations. Insurance policies are designed to provide financial protection
against such unknown risks. Although you do not have the power to prevent the
many eventualities of life. The least one could do is be prepared for it, so
that life is not affected in an adverse manner. In order to maintain financial
stability in life, every individual must own five basic insurance policies:-
Life insurance policy
Life insurance plans are essential to provide
financial protection to your family in case of your untimely demise. A life
insurance policy secures the future of your family in exchange for a small
amount of premium. Apart from providing financial protection to your family in
the time of need, a life insurance policy is also a good investment option. The
amount received at the end of the maturity period can also be used for
important things such as the marriage of
children or retirement planning. Moreover, life insurance policies also offer
tax benefits.
Health insurance
Cost of medical treatments are
increasing day by day. Hence buying a health insurance plan has become more
important than ever. Hospital stays and diagnostic tests can eat away a huge
chunk of you savings. A health insurance policy covers all the costs that are
involved in the treatment of illnesses and injuries so that you can focus on
recovering, rather than worrying about the costs involved.
Automobile insurance
Vehicles are a prized possession
for everyone. At times, accidents could occur even if you are not at fault.
Accidents cause damage to the vehicles and may also result in legal
liabilities. An auto insurance covers the costs of damage to your vehicle as
well as covers damage caused to the third parties involved. Furthermore, it also
provides protection against any legal liabilities arising out of an accident.
Home insurance
A house is perhaps the most
precious asset of all. Home insurance in India covers all the damages caused to your home in case of accidental
damage. Building your home from scratch might cost you a lifetime of savings. A
Homeowner’s insurance pays for the cost of rebuilding your home in case of
damage due to natural calamities, vandalism etc. For additional safety, you can
also purchase a fire insurance plan for
your home.
No comments:
Post a Comment