Life has always been uncertain, and it is impossible for the human being to assert what the next moment holds in reserve for them. This uncertainty regarding the future is the sole reason why countless people opt for distinct types of life insurance policies every year. The principal aim of an insurance policy is to guard things and people that hold utmost importance in your life.
In the present times, people can receive multiple insurance policies like health insurance, car insurance, life insurance, etc. The coverage rendered for these insurance policies will always assist you in ensuring a secured future along with safeguarding your earnings and assets.
Benefits of Insurance Policies
Insurance is a venture management mechanism that not only serves the people and companies but also profits the community and nation's economy in diverse ways. Mentioned below are some of the significant advantages of insurance policies.
- Bestows tranquility of mind
Insurance policies protect individuals against numerous contingencies that can put them or their families in a monetary crisis. By capping the intricacies of human business and life and businesses, insurance renders a feeling of safety, providing you with financial stability.
- Encourages financial growth
The funds collected by insurance are invested in diverse projects like power, roads, water supply, etc., assisting in the overall financial growth of our country. Apart from this, insurance policies also contribute to economic growth by receiving FDI and investing funds in capital markets.
- Develop savings habit and render tax advantages
Many life insurance products arrive with investment cum security advantage, and these products are responsible for inculcating a consistent saving practice among people. Apart from this, insurance policies also render various tax benefits under section 80C and 80D of the Income Tax Act, 1961.
5 Must-have Insurance Policies
Insurance policies refer to the policies that enable its claimants to avail coverage for a specific time or a set term of years. Comprehending the significance of insurance policies is the urgency of the hour, and it has become very important for every individual to hold an insurance policy. While the insurance policy requirements differ from person to person.
Mentioned below are the 5 must-have insurance policies for all individuals in modern times.
1. Life Insurance
A life insurance policy is a must-have term life insurance for individuals who are the sole bread earner of their family or who hold a large number of dependants and financial liabilities. Under life insurance, the amount secured or the coverage sum will be given out to the nominee or dependent on the person insured in case of the untimely demise of the policyholder.
Life insurance is a significant requirement to warrant the financial and economic well-being of your family, and the coverage sum selected must be competent to render comprehensive financial security. As life insurance products are rendered by various financial institutions, it is essential to choose the one that renders adequate coverage.
iSelect Star term life insurance plan and Invest 4G plan provided by Canara HSBC Oriental Bank Of Commerce Life Insurance is amongst the topmost life insurance plans that you can trust upon for safeguarding the future of your loved ones. These life insurance plans provide absolute protection to the insured person till the age of 99 years, along with an option of paying the premium in affordable monthly, quarterly, or yearly instalments.
2. Health Insurance
Health risks are an unavoidable element of any individual's life. Holding in mind the skyrocketing price of healthcare and an increasing number of ailments, it's essential to hold the financial buffer to guard yourself against health emergencies. Therefore, health insurance policies are again a must-have to remain protected against financial pressure during medical contingencies.
Health insurance policies come in various kinds and comprise personal health insurance, family health insurance, senior citizen health insurance, and severe ailment health insurance.
While selecting a health insurance policy for your family, you must always keep in mind that getting this policy at an early age can be more beneficial, and you must also consider the amount of sum covered so that you do not face any difficulty during pressing times.
Health first plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the most celebrated health insurance plan in the country. This plan holds the provision to cover your life from the gravest illness along with rendering high coverage with the most economical premiums.
3. Car Insurance
Car insurance policies are the compulsory legal obligation in India for each car owner under the Motor Vehicle Act, 1988. To protect oneself from any claims during a motor accident, the government has made it mandatory for car and commercial vehicle owners to hold a third-party liability motor insurance.
These car insurance policies arrive in a comprehensive package where your vehicle is insured against the multiple ventures of injury or accident along with the accidental bodily cover to the car owner. Considering the increasing road accidents and the cost of your valuable car, this policy has again become a must-have for every individual.
4. Home Insurance
A house is one of the most valuable and precious possessions that hold many priceless memories and belongings of a person. Hence, every person wants to completely protect their home against numerous risks like theft, losses due to natural catastrophes, etc., that you may not be capable of alleviating effectively.
Due to all these reasons, many people today avail home insurance. These home insurance policies safeguard you and your family against all the plausible threats that may arise anytime. One can easily receive home insurance from a reputable financial institution like Canara HSBC Oriental Bank of Commerce Life Insurance to ensure that their precious and beloved home is covered completely.
5. Disability Insurance
Accidents are unforeseen and unavoidable, and sometimes these accidents can occur in inabilities that can additionally hold a tremendous influence on your earning capability. Hence, to save yourself and your family from the financial burden that might arise during these times; you must invest in disability insurance.
This disability insurance policy presents monetary compensation in the ill-fated event when a person becomes disabled due to a mishap and cannot work either for an elongated period or permanently. This insurance policy includes temporary, permanent, partial, and complete disability, and the coverage amount varies accordingly.
Insurance policies work as a shield to protect you and your valuable possessions against numerous uncertainties in life. Hence, it has become very important for every individual to invest in an insurance policy. However, you must always assess your needs before choosing the best term plans in INDIA to ensure that it completely secures you and your family from any unforeseen events.