What is Life Insurance?
Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises.
In addition to serving as a protective cover, life insurance also acts as a tax-saving scheme.
Need for Life Insurance
Life insurance, especially tailored to meet financial needs. Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. Let us look at these unique benefits of life insurance in detail.
From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.
In India, the prevailing health care scenario has not been of a high order compared to the developed nations. The kind of medical facilities that are provided by the governments falls grossly inadequate to meet the ever increasing needs felt by citizens. Hence, most often, people are dependant upon private medical facilities, which over the years, have become increasingly costly with the advancement in the field of medicine. This has thrown up the need for going for voluntary health insurance commonly named as Mediclaim Policy.
How Does it Work?
Health insurance give the person a control over the choice of provider, facility and timing of treatment. It provides a general peace of mind that their medical expenses are covered. The policy provides for reimbursement of Hospitalization / Domiciliary hospitalization expenses for illness / disease suffered or accidental injury sustained during the policy period. The policy pays for expenses incurred under the following heads:
Relevant medical expenses incurred during period upto 30 days prior to and period of upto 90 days after hospitalization are treated as part of the claim.
Travel Health Insurance:
There's a lot you're exposed to while traveling abroad. And even though you've planned everything down to the smallest detail, there's no telling when a calamity might strike. A sudden illness, loss of baggage, a financial emergency... with Travel Health Insurance from you can be sure you're covered for a whole host of calamities that may occur while traveling abroad.
An accident can happen at any time. And it could leave you with permanent harm or temporary disability, both of which could affect your life and your family.
Home insurance policy is designed to cover various risks and contingencies faced by home ownersand Safeguard the structure and contents of your home against natural calamities and human misintents. Get a comprehensive coverage for the lowest premium rate.