WHY DO WE NEED INSURANCE?
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest the funds securely, so it can grow, and pay out when there’s a claim.
Insurance helps you -
- In securing future of your family.
- To maintain a current standard of living.
- To cover health care and medical expenditure.
- To provide financial stability to your family in case of any tragedy/death.
- In protecting the future of your child in terms of his/her education.
Many insurance plans come with savings and investment schemes along with regular coverage. These help in building wealth/savings for the future through regular investments. You pay premiums regularly and a portion of the same goes towards life coverage while the other portion goes towards either a savings plan or investment plan, whichever you choose based on your future goals and needs
Types of Insurance
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Life insurance :
Life insurance is what you can avail in order to safeguard your family in case of your death during the tenor of the policy.The most basic form of life insurance available to buyers is term insurance. Life insurance helps secure your family financially with a lump sum amount that is paid out in the event of the policy holder’s death within the policy period -
Health insurance :
This is purchased for covering medical expenses revolving around various health issues, including hospitalisation, treatments and so on. These insurance plans come in handy in case of medical emergencies; you can also avail of cashless facility across network hospitals of the insurer. -
Child Plans :
These insurance policies are savings instruments that help in generating lump sum funds whenever children reach a certain age for pursuing higher studies. In these plans, the life assured is that of the child or the recipient of the funds while the parents are the policy owners. -
Auto Insurance :
These are insurance plans for vehicles, including cars and bikes. These offer protection against natural calamities, damages to third parties (people who have incurred losses or been hurt in an accident with the policyholder’s vehicle) and also damages to the vehicle along with mishaps and accidents
Insurance is thus the need of the hour in today’s uncertain times -- evaluate your financial situation to choose a plan best suited to your future financial needs
Take the time to review your policies and contact one of our helpful Financial Advisors to answer your questions or get advice. A little knowledge can make a big difference when it comes to buying the right insurance to help protect what matters most for you and your family.
