The secret of leading a happy life is that it should be without stress. And one of the main causes of stress is worries of unforeseen events that can impact your family and put them in a financial crisis. To live a stress free and happy life you can build a comprehensive portfolio of insurance covers. You can include following covers to protect your family from any financial crisis.
Life insurance: The first and foremost cover that you should have is a term insurance cover. A term insurance plan is the best form of life insurance as it provides a very high coverage at a very low price. And an online term insurance plan is even cheaper option than an offline term insurance plan. Unlike endowment plan, moneyback plan or a unit-linked insurance plan (ULIP), term insurance does not have any investment component.
Personal accident cover: This is also an important cover as probability of becoming at least temporarily disabled during your working years is higher than the probability of dying during your working years. It covers accidental death and it also comes in handy in case of disability caused by an accident. While buying a personal accident cover, make sure that it covers death, permanent total disability, temporary total disability and permanent partial disability.
Health insurance: As healthcare costs are on the rise, health insurance has become a necessity for everyone. Firstly, you should have a comprehensive basic indemnity health cover. Then after, you can enhance it with a top-up plan or a fixed benefit plan. Based on your requirements, you can buy family floater health insurance or an individual health insurance policy.
Home insurance: Amidst rising incidents of natural calamities it has also become imperative to have a home insurance plan. And, it has also become very expensive to build a home once again after it has been damaged due to a natural calamity. A home insurance policy is different from a home loan insurance policy. While home loan insurance policy protects a family from loan liabilities in case of policyholder’s demise during the policy term, home insurance protects one’s property from manmade or natural calamities.
Critical illness cover: Along with a health insurance is also important to have a critical illness cover as a health insurance policy takes care of hospitilisation bills and other related expenses; a critical illness covers long term healthcare needs for life threatening diseases.
Motor insurance: It is mandatory by law for every vehicle plying on road to have third party motor insurance. However, if you want to enhance your motor insurance coverage you can purchase a comprehensive motor insurance policy.
Child insurance: You can buy a child insurance plan as can be a big help for your children in case you are not there. Child insurance plans are one of the tools that help parents secure the financial future of their child. It provides financial support at different milestones of a Child’s life.
While buying any insurance plan, you should read its term and conditions carefully. And to understand its fine print you can consult with experts at policymantra.com as well. You can also buy insurance policies online.
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