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Insurance Coverage

In a world full of uncertainties, insurance coverage acts as a protection cover. Having insurance coverage is a necessity because it can provide people with financial protection and help lessen losses. It also offers safety to the insured and their loved ones, knowing the financial losses can be secured. There are various types of insurance coverage available in the insurance market, i.e., life insurance, term insurance, health insurance, auto insurance, and more.

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What is Insurance Coverage?

Insurance coverage is the risk coverage for a person by way of insurance services. It helps an entity or an individual to protect themselves from unfortunate events. Insurance cover is a protective net that protects the policyholder and his/her family from unexpected conditions.

In order to be covered under the insurance plan, an individual is required to pay a small amount yearly or monthly for a specific period. In exchange, the insurer will pay for all the financial damages in case the individual or object insured is damaged. One can easily transfer the financial risk by paying a small premium to the insurance company.

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Why Insurance Coverage is Important?

As we have discussed, availing of insurance in a world full of unforeseen events is very important. Businesses, individuals, motors, properties, cars, and others are exposed to different levels of risk. Most of them include health issues, loss of life, loss of property, accidents, etc. It is not always possible to avoid these kinds of losses; so, one can compensate for such losses by insurance coverage. Here’s a quick laydown of reasons why insurance coverage is considered so important:

  • Offers security and balance in life

    Insurance companies provide protection against unfortunate events. Every person and business faces unpredictability at every phase of their life, and insurance protects them from these risks. A risk-mitigating system is used by insurance against any event that destroys the individual’s life balance.

  • Provides support to the family

    Medical emergencies can strike you anytime, anywhere. Though financial advisors suggest that an emergency fund is to be required, not all hospital expenses are covered by this amount. With increasing medical inflation, even a single treatment procedure can cost you a lot. Medical insurance helps a family in critical times and to meet unexpected hospital expenditures.

  • Promotes growth economically

    Insurance cover not only helps businesses and individuals but also promotes the economy to a large extent.

  • Produces long term resources financially

    Insurance is a long-tenure commitment. Hence, when insurers gather premium amounts from thousands of policyholders, they can select to invest them in long-term projects that help in developing and growing the nation.

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Types of Insurance Coverage Policies

There are a wide variety of insurance coverage policies available that aim to safeguard certain aspects. Following are the different types of insurance:

  1. Life Insurance

    Life Insurance is a protective cover or policy that ensures the financial security, and protection of your loved ones and offers wealth creation benefits under the same plan. In case of the policyholder’s demise, the family would be financially and mentally devastated. In such cases, life insurance coverage provides beneficiaries with money i.e., the life insurance coverage amount. The beneficiary is the one appointed by the policyholder, such as it can be a friend, child, or spouse. The main objective of life insurance is to help the family financially after the death of a dear one by providing funeral expenses or paying for their outstanding loans. There are different types of life insurance available:

    Types of Life Insurance Policies

    • Term Insurance Plan: Term insurance is the purest and simplest form of life insurance. It offers financial protection to your family in the form of a death benefit for a long policy term at pocket-friendly rates. The benefit amount is paid to the nominee in case of the life assured’s demise during the policy term.

      Note: Know what is term life policy first and then buy a term plan for your loved ones.

      Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

    • Endowment Policy: Endowment plans are the type of life insurance policy in which a part of your paid premiums goes towards the death benefit, and the rest is invested by the insurer. Death benefit, maturity benefits, and periodic additions are also provided by the endowment plans.

    • ULIPs or Unit Linked Insurance Plan – In this, a portion of your premium goes for the MF (mutual fund) savings, while the rest of the money goes towards the death advantage.

    • Whole Life Insurance: Whole life insurance policies provide life insurance coverage for the entire life of the policyholder (till 99/100 years) and offer wealth accumulation benefits along with a loan facility.

    • Child Plan: This is an insurance cum investment policy that provides financial help for your children. The death advantage is also available as a lump sum after the parent’s demise.

    • Money Back: These plans pay a fixed percentage of the policy’s SA after regular time intervals i.e., called survival benefit.

    • Retirement/ Pension Plan: These plans combine insurance and investment. A part of the premium goes towards forming a retirement amount for the insured. This is offered as a monthly or lump sum after the retirement of a policyholder.

    Benefits of a Life Insurance Coverage

    Here is a list of benefits of getting life insurance coverage:

    • Protects the financial future of the family: Life insurance coverage ensures that your family can maintain their current quality of life in your absence by providing them with the applicable death benefits.

    • Wealth Creation Benefits: Vaqrious life insurance plans offer the chance to create wealth in the long run by investing your premiums in market-lined funds or providing company participation bonuses.

    • Helps Secure Retirement: Pension and retirement plans help secure your post-retirement life and help your spouse lead a financially stable life in your absence.

    • Tax Savings Benefits: As per the prevailing tax laws, you can claim life insurance tax benefits under sections 10(10D) and 80C of the ITA, 1961. Therefore, you can save a considerable amount in taxes by opting for life insurance coverage plans.

    • Encourages the habit of saving: Since you must pay premiums on time, purchasing such an insurance plan promotes the habits of investing and saving money.

    • Provides Peace of Mind: Getting life insurance coverage for you and your family gives you peace of mind of knowing that your family will be financially protected in the event of your unfortunate demise during the policy term.

  2. Health Insurance

    Health insurance is general insurance that provides financial help to policyholders when they are suffering from medical emergencies or are admitted to hospitals for treatment. In addition, some policies also cover the treatment cost undertaken at home, before hospitalization, or after getting discharged from the same.

    There are eight different types of health insurance plans available in the market: individual health insurance, family floater insurance, critical illness coverage, senior citizen health insurance, group health insurance, maternity, personal accident, and preventive healthcare insurance.

  3. Motor Insurance

    Motor insurance provides financial help in the event of an accident, including a car or bike. Motor insurance can be purchased for 3 categories of motorized vehicles: car insurance, two-wheeler insurance, and commercial vehicle insurance.

  4. Property insurance

    Property insurance is a protection cover for immovable structures or properties. If any damage befalls these properties, then the coverage will compensate for it. This insurance also covers the content present inside the property.

  5. Travel Insurance

    A travel insurance plan ensures the financial security and protection of the traveler during any trip. It is short-tenure insurance coverage, unlike most other plans. It provides coverage for baggage loss or delays in travel, flight delays, cancellations that might lead to the loss of a passenger.

Steps to Choose the Right Insurance Coverage Policies

  • Assess your requirements carefully: Before purchasing any policy, consider certain factors such as the number of dependents, any other member sharing responsibilities, having young children whose education needs to be taken care of, or weddings in the family.

  • Involved costs: Always consider the cost factor while purchasing insurance coverage policies. Check the premium rates, mortality charges (if any), riders, and how much must be paid. Compare different plans before making a decision.

  • Claim Settlement Ratio: The main purpose of buying insurance is that your family members do not face any financial hassle in case of your absence. Always check the CSR value. The higher the value, the more reliable the company is.

Wrapping It Up!

Insurance plans come in a wide variety of sizes and shapes and claim different benefits, features, and prices. Choose carefully after reading the policy documents to ensure the coverage and the cost. Always make sure that the policies you purchase are sufficient for your requirements.

Note: Check out the best term insurance policy in India and choose one that suits your requirements.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.

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