While you cannot ensure a risk-free life for you and your loved ones, you can always choose an insurance policy to be well prepared for any unforeseen emergency in life. A right insurance cover will not only protect you against any financial setback but also offer the much-needed help in times of any unforeseen event.
Every individual has different needs. Therefore, a one-size-fits-all approach doesn’t work when it comes to buying an insurance policy. There are different types of insurance policies that provide coverage against different kinds of risks. As a buyer, one should be aware of the factors to consider while buying an insurance policy.
In India, insurance companies can be broadly classified into Life, General and Health insurers. Let's review each
General Insurance
General insurance plans protect you from any financial loss caused to your assets including home, car, property, and others due to fire, burglary, theft, or accidental damage. It also provides personal insurance cover against health and travel emergencies.
General Insurance can be further divided into the following categories:
A health insurance helps you take care of your & your family’s health without any financial distress. A policyholder can claim the cost of their medical care until the maturity period of insurance by paying a nominal premium every year. You can choose from a wide range of health, critical illness, and accident insurance policies available in the market. A tax rebate can also be claimed against the premium paid for these insurance policies.
If you have wanderlust, then a good travel insurance policy is a must. The policy covers unforeseen expenses arising due to loss of baggage or passport, medical emergencies, trip cancelation, accidents, and more.
Motor insurance offers a cost-effective plan for all motor cars, including the commercial ones with optimum coverage against theft, accidental damage, and more. You can insure your car or two wheeler with a third party liability motor insurance policy or a comprehensive motor insurance policy . A commercial vehicle can also be insured in the same way.
Home insurance policy safeguards you against financial losses resulting from damage caused to your house due to natural calamities, fire breakout, accidental damage, and burglary. There are different types of home insurance policies, some of which not only provide coverage for the structure of the home but also the valuables inside it. Both tenants, as well as home owners, can buy a home insurance policy.
A life insurance policy provides financial protection to the family of the insured in case of the policyholder’s demise. It offers a decent lumpsum amount that can be used to meet future expenses, in the absence of the policyholder.
There are different types of life insurance policies; depending upon the type of coverage offered:
A term insurance policy offers benefits to the family of the policyholder only if he/she dies in the specified term period as per the policy. If the insured remains to be living until the policy ceases, then there is no pay-out of any claim.
Benefits:
There are different types of life insurance policies; depending upon the type of coverage offered:
Whole life insurance policy covers the entire living period of the policyholder. It includes a cash value component that increases exponentially over a period of time.
Benefits:
A Child Insurance Policy helps you start saving and investing your money to secure your child’s future financial needs. You can withdraw the accumulated sum when your child reaches adulthood.
Benefits:
Retirement policy ensures the policyholder a regular income even after retirement. With this plan, you can secure yourself financially in the old age.
Benefits:
Endowment policy ensures an amount to be paid either to the policyholder or their beneficiaries as per the maturity date. This policy serves both the purpose of insurance and savings.
Benefits:
An Insurance policy safeguards you against financial risks due to loss or damage to your assets or valuables. Delaying the purchase of an insurance policy exposes you to multiple risks and hazards. Most insurance companies come with an upper age limit for entry, so you may not be eligible to apply for health insurance after you cross a certain age. If you have had insurance since a young age, you can have a lifetime renewability. Some insurance policies also offer you tax benefits.
You can buy an insurance policy offline through an insurance broker or you can buy the same online from our website. Purchasing insurance online is more convenient as the whole process hardly takes a few minutes and you get your policy document emailed to you almost immediately.
Here are some of the benefits of purchasing an insurance policy online.
Here are few factors to consider before choosing an insurance plan:
An insurance policy is a contract between the insured and the insurer to reimburse the amount of incurred loss in exchange for a nominal premium amount.
Insurance policy is designed for a specific purpose covering certain risks for an individual. This is highly subjective and differs from person to person.
Life insurance policy is further divided into different categories like term insurance, whole life insurance, endowment policy, and more. You can analyse the available options and choose the one that caters to you in the best possible way.
Insurance policy gives financial security to your near and dear ones. You must not risk your family’s future if you are the only bread earner of the house. Even delaying the purchase of a insurance policy can be risky. Instead, be an early bird and buy it right away to avail its benefits.
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”
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