Why Insurance ?

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Overview

Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home.

Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans.

Importance of Insurance

Need of Insurance

Insurance plans will help you pay for emergency medical care, time spent in the hospital, illness and treatment, and future medical care.
The monetary misfortune to the family because of the appalling passing of the sole worker can be covered by protection plans. The family can likewise reimburse any obligations like home advances or different obligations which the individual guaranteed may have caused in his/her lifetime
Protection plans will assist your family with keeping up with their way of life in the event that you are not around from now on. This will assist them with taking care of the expenses of running the family through the protection singular amount payout. The protection cash will give your family some genuinely necessary breathing space alongside inclusion for all consumption in the event of death/ mishap/health related crisis of the policyholder
In the event of an unanticipated catastrophe or damage, insurance aids in the protection of your home. Your home insurance policy will assist you in obtaining coverage for damages to your property and pay for any necessary repairs or reconstruction. You can use the insurance money to buy replacement items if you have coverage for your house's valuables and other items.

What are the Different Types of Insurance Available?

1. Life Insurance

The major kind of Life Insurance Policies in India are:

Term Insurance
Whole Life Insurance
Endowment Policy
Money Back Policy
Pension Plan
Unit Linked Insurance Plans
Child Plans

Benefits of Life Insurance

The essential and premier advantage that Disaster protection gives is monetary security. It is the cushion that guarantees that the family's finances will not be affected even if the breadwinner dies.

You can also get tax benefits with a life insurance policy. According to section 80C of the IT Act, the premium paid for a life insurance policy is exempt from tax. In addition, the IT Act's Section 10(10)D exempts returns, whether they are bonuses, maturity benefits, or sum assured returns.

With Life Insurance in place, you can be stress-free about a loan repayment even in case of death. The loan repayment will be handled by your insurance, preventing your dependent family from having to deal with this financial strain.

Child Education Plans not only build a foundation for higher education, but they also guarantee that your child's educational objectives won't change in the event of a calamity like the death of the earning parent.

Retirement Plans are annuity based and provide you with the option of periodic payments after retirement. In addition, they serve the primary function of providing life insurance and financial protection for your dependents.

2. General Insurance

The major kind of General Insurance Policies in India are:

Health Insurance
Motor Insurance
Travel Insurance
Property Insurance
Commercial Insurance
Asset Insurance
Pet Insurance
Bite-Sized Insurance

Benefits of General Insurance

The majority of categories need carrying insurance, which is required by law. The Motor Vehicles Act of 1988, which mandated the purchase of auto insurance, is one such. As a result, you assure both the financial security of your cherished automobile and compliance with the law.

Plans for general insurance offer protection against losses. Thus, they all have the same main function, which is to protect your money and give financial security in the event that an unfavourable circumstance happens.

Tax advantages are offered by a lot of general insurance plans. For instance, Section 80D of the Income Tax Act provides tax advantages for the premium paid for health insurance.

Which insurance Product customer should buy?

There are five types of insurance that every individual should have:

Life Insurance
Home or Property insurance
Health insurance
Motor Insurance
Personal Accident Insurance / Disability Insurance