Latest articles on Life Insurance, Non-life Insurance, Mutual Funds, Bonds, Small Saving Schemes and Personal Finance to help you make well-informed money decisions.
For taking care of any untimely death that can leave one’s family stranded for funds, buying life insurance preferably through a term insurance plan is highly recommended.
Most investors begin to save for their long-term goals including that of becoming a crorepati, without taking care of the risks. Even as you start saving a single penny, you need to take care of the risks before venturing out on your investing journey.
For taking care of any untimely death that can leave one’s family stranded for funds, buying life insurance preferably through a term insurance plan is highly recommended. For meeting hospital bills, without having to dip into savings, is the health insurance policy. Similarly, there are other risks that need to be protected so that you don’t risk losing your savings mid-way before reaching your goals. Here they go:
Medical inflation is rising fast and you need adequate coverage for yourself and even for all family members. If you have a young family with kids, opt for Family Floater else go with individual health covers. Do not bank on employer-provided group cover unless you have a government job.
Tips to buy a health insurance plan
Accidents may result in disability impacting one’s earning capacity or may result in the death of the individual. There are accident insurance plans covering these risks. Some of them could be standalone personal accident insurance policies available with general insurance companies or they may be available as an optional rider with a life insurance policy.
Disability coverage includes four contingencies that may arise from an accident – death, permanent total disability, permanent partial disability, and temporary total disability.
Tips to buy personal accident insurance
Even though only third-party coverage is mandatory, it pays to get a comprehensive cover for your vehicle. Together with 3rd party cover and the ‘own damage cover, a comprehensive policy can help you save money when there is damage to your own vehicle. Nowadays, there are ‘add-ons’ that can provide extra coverage in your policy.
Always remember, to transfer your no-claim bonus to the new car, if you are replacing your old one. This way, you would be able to save 20-50 percent on the first premium of your new car.
Tips to buy motor insurance
Your home building and the contents too need coverage. You can either opt for a standalone fire insurance policy that protects the building of your house against fire and allied perils like earthquakes, lightning, storm, floods and riots or a more inclusive householder package policy that covers the contents of the house against burglary and mechanical or electronic breakdown, in addition to covering the building and contents against fire and other perils.
The premium is less than 1 percent of the cost of the contents or structure covered. There are two choices to cover your home or contents – cover against the present market value and against the reinstatement value, or the value at the time of the claim.
Tips to buy home insurance
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