Life is all about surprises, but not always the pleasant ones. It’s only when we are expecting good things, bad things happen to us. And because we are always overly confident about our crisis management capabilities, we tend to miss out on things and become victims of such situations. So there is something called Insurance that gives you a helping hand when life throws unexpected situations. Insurance comes in many forms provided  by several companies called insurers. So it’s time to become insurance savvy in order to understand what kind of insurance you need and when.

Broadly we can categorize the most important components of our daily lives under health, home and conveyance. These three elements are an inseparable part of our lives and consume fair amount of expenses in maintenance. But how do we ensure their security even when we can’t afford to maintain them in case of accidents? The answer is ‘Insurance’.

The financial experts recommend the following must-have insurance policies that will keep you guarded from any abrupt expense due to mishaps toward the aforementioned vital elements of life.

Life Insurance

Life insurance is nothing but simple agreement between the insured and the insurer who promises a payment of a certain amount to the insured or their nominee in the event of death of the insured or upon maturity of the policy.

The policy necessitates a set premium amount that the insured shall pay to the insurer on regular intervals. Life insurance is a global concept and is an institution within itself. It helps mitigate financial risks that the nominees may face after the insured person dies. Additionally it also provides survival benefits to the insured under the return of premium plan, which is deductable for tax under section 80C.

Life insurance is a must if you have your family dependent on you financially. A reasonable sum assured could be a life saver for your family when you are gone. The most important thing you need to remember when deciding upon the sum to assure is your loans and mortgages, credit card payments, taxes and other liabilities. You don’t want your family to bear the burden of these payments after you.

Health Insurance

This is a one stop shop for all your needs when it comes to health expenses. Today, affording medical treatments is not an easy victory for all.. Metaphorically stating, paying for the staggering medical expenses can cause another shock to the patient’s health. There are many instances of families running out of their bank balances just because they couldn’t afford a medical treatment of their family member. Health insurance will not let that happen. If you have a health insurance policy, it is the insurance company that will pay for your medical expenses in the event of any unfortunate health disaster.

May it be critical illness or a road accident, medical insurance is going to be your guardian angel. Discuss with your nearest medical insurance agent today and get one for yourself and your family.

Automobile Insurance

Your vehicle is as much exposed to unforeseen disasters as your life. After all our roads are not a safe place for a ride. Automobiles today are an expensive property; both from buying and maintenance stand point. A car redo after an accident can be almost as expensive as buying a new vehicle. Luxury never comes cheap.

Auto insurance provides you with your insurer bearing all the necessary expenses for any damages caused to your vehicle due to accident. Of course there are pre-defined clauses with every insurance policy that must be discussed with your insurer before you buy the insurance. As it is with the other insurance policies, there is a set premium you need to pay for your automobile insurance too, but this is non-refundable.

Insurances may come with high premium costs that you pay periodically but it’s important to note that the return is very high in terms of covering your financial risks in case of tragedies . The above three insurance policies are no more the luxuries of life  but necessities to ensure mental peace and financial help.