If you are to buy insurance online, then you should definitely get the three types of plans which are a must in your life. Here is a basic guide to the same.
Health Insurance
Health insurance is also referred to as medical insurance. It is the contract between the policyholder and the insurance company in which financial coverage is provided by the latter against medical expenses incurred as a result of diseases, illnesses, accidents, major or minor injuries and so on. A predetermined amount is paid by policyholders in order to avail of the coverage benefits related to the health insurance policy.
Six different types of health insurance plans are available, including individual health insurance, senior citizen health insurance, family floater health insurance, critical illness health insurance, group health insurance, and top up health insurance plans.
There are many reasons for buying a health insurance plan in India, including lifestyle changes, medical inflation, protecting the savings of the policyholder, tax benefits, and securing the entire family. Some of the other coverage benefits associated with health insurance plans include pre and post-hospitalization, coverage for daycare treatments, home hospitalization, annual medical checkups, and preventive health checkups and so on. The coverage offered under health insurance in India includes in-patient hospitalization, OPD charges, lifetime renewability, ambulance charges, hospital daily cash, and so on.
Life Insurance
Life insurance refers to the contract between the policyholder and the life insurance company in which it is promised that the company will pay a predetermined sum to the nominee in case of the policyholder’s death or after the maturity of the policy (if a premium return plan is chosen or there are other maturity benefits associated with the policy). In return, a premium amount is paid by the insured person over a certain time period.
Optional rider coverage such as critical illness riders, accidental riders etc. are also offered by various life insurance companies of India.
There are various types of life insurance in India including term insurance, whole life insurance, endowment life insurance, child protection plans, retirement plans, ULIPs (unit-linked investment plans), and money-back plans.
Some of the key features associated with life insurance in India include death benefits, tax exemptions, investment options, flexibility in premium payments, collateral for loans, maturity benefits, and so on. Furthermore, life insurance ensures financial stability for the family in case of the policyholder’s demise. There are several factors affecting life insurance premiums, such as age, type of policy, sum assured, coverage benefits, height and weight, family history, medical history, occupation, and so on. Some of the documents that need to be submitted to buy the best life insurance plans include ID proof, address proof, age proof, and income proof.
Motor Insurance
Motor Insurance is essential for almost every type of vehicle operating on the roadways of India. Therefore, an active motor insurance policy is required for every driver/owner. Besides third-party liability, the physical losses or injuries of an insured vehicle is protected by own-damage coverage in the event of a manufactured or natural calamity. Third-party insurance of a vehicle is compulsory by law, and the owner is likely to incur penalties under the Motor Vehicles Act of 1988 if they do not have motor insurance.
A comprehensive plan might as well be considered if the owner needs insurance against damages to the insured vehicle. Motor insurance ensures less stress for owners, significantly reducing their financial burden in case of sudden mishaps. If a traffic collision leads to the death of the car owner, the motor insurance organisation compensates the owner’s family. There are multiple benefits for owners if they buy insurance online. It is less consuming to fill out the documents online, and the owners are able to compare various motor insurance policies, enabling them to choose the best policy with the lowest premiums possible. With online infrastructure, digital-first insurers are able to issue insurance policies efficiently and settle claims quickly while serving policyholders.
There are three major categories for motor insurance including car insurance, two-wheeler insurance, and commercial vehicle insurance.
You should thus check out these three basic insurance types and get them swiftly in your portfolio for future peace of mind and financial protection for the entire family in the event of unfortunate and sudden events.
Disclaimer:
Deccan Herald does not vouch, endorse, or guarantee any of the above content, nor is it liable for any claims arising thereof
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