5 Major Insurance Policies Everyone Needs

Most relevant insurance policies everyone needs to invest in India – Having one’s valuable possessions financially secured has always been a foolproof way to ensure peace of mind in the long run. Thus many people resort to insurance because it acts as a safety net people can fall back on. But the only challenge people face regarding insurance is picking the best and most relevant from the rest. Every insurance policy comes with a premium, meaning investing out of FOMO will only waste money.

If you’re worried about securing your assets, health, and life, we’ve something excellent for you. To save you time, we’ve curated a list of the only insurance policies you’ll need in your life to secure things that matter the most to you.

What are the 5 types of main insurance policies everyone needs?

So let’s head quickly understand and read about the insurance policies everyone needs in India.

Health Insurance Policy

Owing to the sedentary and unhealthy lifestyle people are subjected to in current times, the rising number of medical cases and diseases shouldn’t come across as a surprise. Even you may have to deal with a medical condition that requires substantial treatment expenses at a future date. If you don’t want to drain your entire savings on your short-term or long-term treatment, investing in a health insurance policy can help.

This policy covers you and your dependent family members (in case of family floater plans) against any unexpected medical treatment costs that are covered in your insurance. This is why it is extremely important to have health insurance, you could consider looking online at the Florida health insurance marketplace (or amending this to your local area) for yourself as well as your family, to ensure that if any medical issues arise, then you will be covered – this will take the extra stress off you that comes with not having insurance. Most insurers offer cashless treatment expenses, coverage of pre and post-hospitalization costs, ambulance charges, critical illness coverage, and much more. If your policy has good coverage, you don’t have to worry about financially draining yourself to get quality treatment.

Also, Read – Protect Your Family’s Future with Term Insurance Policy

Car Insurance Policy

One of the insurance policies everyone needs – If you own a four-wheeler, you should know the law of the land mandates vehicle owners to secure their cars under insurance before taking them on roads. Driving uninsured cars on Indian roads will attract heavy penalties and fines from the concerned authorities. Moreover, you can find yourself entangled in legal obligations and financial burdens if your uninsured car meets an accident, damaging a third-party property or third-party individuals. If you want to stay away from the financial and legal repercussions of road accidents involving your vehicle, you should get car insurance at the earliest.  

Depending on your budget and requirements, you can pick anything between third-party and comprehensive car insurance. The former is affordable but offers limited coverage, while the latter is reasonably priced and offers enhanced coverage. You can also upgrade any of your car insurance coverage by purchasing additional add-ons you deem necessary.

Also, Read – Top 5 Car Maintenance Tips for Everyone

Life Insurance Policy

Some people tend to confuse health insurance with life insurance. They feel there is no need to invest in life insurance if they’ve already invested in health insurance. Just to be clear, having health insurance looks after you and your family members’ medical expenses when you’re alive. In contrast, life insurance looks after your family members when you’re not around. No one likes to think of their untimely death, but turning a blind eye to it is not a wise option.

Having life insurance with a reasonable sum insured or coverage will give financial protection to your spouse, parents, and children that are dependent on you. If you’re the family’s sole earner, you should not ignore having life insurance.

Also, Read – 6 Reasons Why You Should Buy Life Insurance

Travel Insurance Policy

Love traveling to foreign countries? If yes, you should seriously consider getting good international travel insurance before flying to the desired location. Travel insurance from a reputable firm like GMS Insurance has several benefits that ensure you have a worry-free travel experience. Whether you missed your flights, had to change the travel dates at the last moment, encountered a medical emergency at a foreign location, or lost baggage or your passport, the travel insurance will have your back.

No matter how hard you try, there are always chances of something going the wrong way. To better prepare for any unpleasant and unplanned experiences, you should always bank on an excellent travel insurance plan.  

Also, Read – 7 Travel Tips To Travel Smarter and Have a Fine Travel Experience

Property Insurance Policy

Lucky are those who own a house. If you have a valuable residential or commercial property of your own, you should protect it at all costs against financial damages arising from any unfortunate event. Be it man-made disasters like riots or natural disasters like earthquakes, floods, etc., these are enough to damage property to an unimaginable extent. Even if your property gets ravaged by fire, you’ll end up bearing a hefty loss. If you don’t want any such event to affect your financial position, you should get all your properties secured under property insurance.

Having one will ensure you can live in peace without any property-related worry. The premium amount will vary depending on various factors like the value of your property, location, property age, etc., but every penny spent will be well worth it. So if you haven’t got your properties insured yet, it’s time you get it done at the earliest.

Also, Read – Sell Your Property with or Without an Agent What is the Best Choice

Get Insurance for Maximum Financial Security   

Those who understand the true purpose and value of insurance know how important it is to get one. Now that we’ve listed above all the essential insurance policies, along with the purpose they serve, you shouldn’t delay getting these for your overall security. They come at a recurring premium but offer a long-term benefit for policyholders.

Disclaimer –

Insurance is a subject matter of solicitation. The information provided on this website cannot substitute for the advice of a licensed professional.

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