The right insurance coverage will meet all your money needs! Know which insurance policy is best for you.

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 money to fulfill their goals.

If you want to meet financial needs, insurance can be very helpful. If you want to take insurance, there are many options available in the market, which you can avail. It can get a lot of coverage. Here are complete details on getting the right insurance and complete coverage for you from Tarun Mathur, Co-Founder & Chief Business Officer General Insurance, Policybazaar.com.

A personal health insurance policy is essential in addition to the corporate policy.

Insurance provided by companies is a benefit to 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 out a comprehensive retail health insurance policy. Given today’s rising health care costs and the varying health needs of individuals, relying on primary company insurance alone may not be enough to protect everyone. Hence it is important to consider a comprehensive retail health insurance policy to add a layer of protection.

Why is it important to have a personal health insurance policy?

  • Restrictions like low sum assured or non-coverage of advanced medical treatments can wipe out your finances in no time. Serious illnesses require money.
  • The companies’ insurance plans usually have a limit of around Rs 5,000 for room rent during hospitalization. In this case you may have to pay extra.
  • The insurance plans offered by the company may allow you to go to certain hospitals only where they will pay the bill directly, but if you want to go to another hospital, you have to pay the hospital bill yourself first and Then to get that money back. The insurance company has to go through the whole process.
  • There may not even be a policy covering the family. A personal insurance policy can help you in such a situation.

Term life insurance cover for family

A term life policy may be more helpful for you. This policy will not only ensure that your dependents get financial assistance for important life stages such as higher education, but will also ensure that your family can live the life they want without any financial worries. can spend

  • The fixed term plan is extremely affordable, offers coverage from 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 premium plans come with a one-time withdrawal option, all paid premiums are also refunded but the cost is the same as a regular term plan.
  • An independent housewife term plan covers the life of a housewife independently, irrespective of whether her husband or wife has a policy or not.

Insurance policies with investments

Apart from financial protection, insurance policies can be a good savings option. 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 Return.

The new guaranteed return schemes now available in the market offer returns of 7 to 7.5 percent, which is the highest rate among conventional schemes. These returns are completely tax-free up to an 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 will have invested Rs 12 lakh. Now, in the 10th year, you can have around Rs 20.5 lakh.

Insurance policy attached to the unit

Unit-linked insurance policies are for investors who do not want to take the risk. These schemes are subject to the market, these schemes usually give good returns when the market is booming. Sometimes 12 to 15 percent returns are available under these schemes. Along with this it also helps in tax saving.

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