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  • Thursday, 18 August 2022
How insurance can be helpful for you ?

How insurance can be helpful for you ?

To say Insurance is a contract or agreement, represented by a policy, in which people receives financial protection or compensation against losses from an insurance company.

This policies are used across the world to protect against the risk of many small and big financial losses . In brief this is a safeguard policy .

There are variety of insurance policies available, and virtually any individual or business can find an insurance company willing to insure them—for a price .Most common of them are auto, health, homeowners, and life.

You will have greater peace of mind if you know that you and your loved ones are financially secure from various unforeseen situations. Uncertain situation and sudden problems in life could crop up at any moment, such as an unfortunate death or a medical emergency. These situations also include an accident or damage to your vehicle, property etc.

 

Bearing the financial impact of these situations can make you mentally weak . You may need to dip into your savings or your family’s hard-earned money. Thus, this is most important that there is a great need of insurance for you and your family for proper coverage and financial support against all risks linked to your life, health and property.

Types of insurances : There are several types of insurance plans available. Some of the commonly preferred ones include the following: Life Insurance :In today's world Life insurance is became basic need for what you can avail in order to safeguard your family in case of your death during the tenor of the policy. 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. Home Insurance:  To cover any damages to the home on account of accidents, mishaps and natural calamities, among other such events these insurance plans is much needed. Auto Insurance: These are insurance plans for specially vehicles, including cars and bikes. These policies offer protection against natural calamities, damages to third parties and also damages to the vehicle along with mishaps and accidents. Thus insurance is 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.

Why insurance is needed? Insurance plans are beneficial to whom who wants to protect themselves from uncertainities , looking to protect their family, property and themselves from financial losses: • Businesses require special types of insurance policies that insure against specific types of risks faced by a particular business. For example, a restaurant needs a policy that covers damage or injury that occurs as a result of cooking with a deep fryer. An auto dealer is not subject to this type of risk but does require coverage for damage or injury that could occur during test drives. The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans. The family can also repay any debts like home loans or other debts which the person insured may have incurred in his/her lifetime. Insurance plans will help your family maintain their standard of living in case you are not around in the future. This will help them cover the costs of running the household through the insurance lump sum payout. The insurance money will give your family some much-needed breathing space along with coverage for all expenditure in case of death/accident/medical emergency of the policyholder. Insurance plans will help in protecting the future of your child in terms of his/her education. They will make sure that your children are financially secured while pursuing their dreams and ambitions without any compromises, even when you are not around. •Insurance helps protect your home in the event of any unforeseen calamity or damage. Your home insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or rebuilding, whichever is needed. If you have coverage for valuables and items inside the house, then you can purchase replacement items with the insurance money

Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. Many insurance plans come with savings and investment schemes along with regular coverage. Tese 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.

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