Everyone invests in different places to meet their financial needs. Everyone needs financial security before or after retirement. Some see it as being able to meet basic needs without worry, while others see it as having money to meet their goals.
If you are looking to meet the financial needs then insurance can be of great help in this. If you want to take insurance, then there are many options available in the market, which you can take advantage of. It can get enough coverage. Here are the complete details on how to get the right insurance and complete coverage for you from Tarun Mathur, Co-Founder & Chief Business Officer General Insurance, Policybazaar.com.
Apart from the corporate policy, a personal health insurance policy is necessary.
Insurance provided by the companies is a beneficial for the employees, but it does not provide comprehensive coverage for them and their family members. For this reason, it may be a good idea to take a comprehensive retail health insurance policy. Given today's rising health care costs and the varying health needs of individuals, relying only on basic company insurance may not be enough to protect everyone. Hence it is essential to consider a complete retail health insurance policy to enhance the security layer.
Why is it important to have a personal health insurance policy?
Restrictions like low sum assured or not covering advanced medical treatment can drain your finances in no time. Money is needed in serious diseases.
Insurance plans of companies usually have a limit of around Rs 5,000 for room rent during hospitalisation. In this case you may have to pay extra.
Company offered insurance plans may allow you to go only to certain hospitals where they will pay the bills directly, but if you want to go to any other hospital, you will have to pay the hospital bill yourself first And then to get that money back from the insurance company one has to go through the whole process.
There may not even be a policy covering the family. In such a situation, a personal insurance policy can help you.
Term life insurance cover for the family
Term life policy can be more helpful for you. This policy will not only ensure that your dependents get financial support for important stages of life like higher education, but will also ensure that your family can live as per their wish without any financial troubles.
- Strong term plan is highly affordable, offers coverage as high as Rs 1 crore to Rs 5 crore and offers no maturity benefit
- Term Return of Premium (TROP) plans return the premium paid to the policyholder on maturity, but cost 2 times more than regular plans.
- No cost return of premium plans come with one time withdrawal option, also return all the premiums paid but the cost is same as regular term plan.
- Independent housewife term plan covers the life of a housewife independently, irrespective of whether her husband or wife has a policy or not.
investment cum insurance policies
Apart from financial security, insurance policies can be a good option to accumulate money. Whether you want to secure your retirement or save money for your child's education, these are the right plans for you.
No Risk Guaranteed Returns
New types of guaranteed return schemes now available in the market give returns of 7 to 7.5 per cent, which is the highest rate among traditional schemes. These returns are absolutely tax free up to the annual premium of up to Rs 5 lakh. Suppose you invest Rs 20,000 per month in these schemes for 5 years, then by the end of 5 years you would have invested Rs 12 lakh. Now, in the 10th year, you can have around Rs.20.5 lakhs.
unit-linked insurance policy
Unit-linked insurance policies are for those investors who do not want to take risk. These schemes are subject to the market, when the market is on the upswing, these schemes usually give good returns. Sometimes 12 to 15 percent returns are available under these schemes. Along with this, it also helps in saving tax.
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