The Right Insurance Coverage Will Meet All Your Money Needs! Know which insurance policy is better for you

The Right Insurance Coverage Will Meet All Your Money Needs!  Know which insurance policy is better 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 having the money to fulfill 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 for you and complete coverage from Tarun Mathur, Co-Founder & Chief Business Officer General Insurance, 

A personal health insurance policy is necessary in addition to the corporate policy

The 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. Therefore it is essential to consider a complete retail health insurance policy to enhance the security layer. 

Why it is important to have a personal health insurance policy 

  • Restrictions like low sum insured or not covering advanced medical treatment can drain your finances in no time. Money is needed for critical illnesses.
  • Companies’ insurance plans usually have a limit of around Rs 5,000 for room rent during hospitalisation. In this case, you may have to pay extra.
  • Company-provided insurance plans may only allow you to go to certain hospitals where they will pay the bills directly, but if you go to any other If you want to go to the hospital, you will have to pay the hospital bill yourself first and then go through the whole process to get the money back from the insurance company. 
  • The policy that covers the family also Can’t be. In this situation, a personal insurance policy can help you. 

Term life insurance a safety net for the family 

Term life policy can be more helpful for you. This policy will not only ensure that your dependents get financial assistance 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.

  • The robust 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 Pay the policyholder on maturity Returns the premium paid, but costs 2 times more than regular plans.
  • No cost return of premium plans come with one time withdrawal option, also returns all 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 spouse has a policy or not.&nbsp ;

Investment cum insurance policies

In addition to 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 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 lakh. 

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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