It is imperative that you stay covered in life so that neither you nor your loved ones suffer during an unforeseen event. Get the right insurance portfolio in place to stay safe and secured. Here we listed out some important insurance policies that are worth being a part of your kitty. Read through to learn each of them and be wise in building your insurance portfolio.
- Life Insurance: Life or term insurance would ensure that your dependents do not encounter a financial setback in a case of your untimely death. Opt for a coverage that is at least ten times higher than your annual income. Life insurance also offers tax benefits, so a worthy investment option.
- Medical Or Health Insurance: Health or medical insurance is more a necessity than a choice, given the continuous rise in the healthcare costs. Everyone today needs adequate health cover for self and the family as a guard against the unexpected medical expenses. Else, unexpected hospitalization does not just eat away your savings, but may also push you into the vicious debt cycle.
- Motor Insurance: A motor package policy protects your vehicle against loss or damage, apart from the third party liability coverage. A motor insurance also covers you. Add-ons include roadside assistance, zero depreciation, engine protection etc.
- Home Insurance: A home insurance helps deal with tackle financial setbacks occurring due to home repairs and replacement costs. It covers both the structure of the house and the internal repairs. Extra premiums also cover natural disasters like landslides and earthquakes, while additional cover offers protection even from terrorism.
- Travel insurance: A travel insurance protects against any financial or medical emergencies that arise while vacationing or traveling. You get covered against risks associated with travel like cancellation cover, stolen luggage, medical costs due to hospitalization while traveling. Family floater plans cover entire family for a single abroad trip.
- Accident Insurance: In the case of an accident that reduces the earning capacity of an individual, an individual personal accident policy (IPAP) replaces the income loss. An IPAP covers death, temporary total disability, permanent disability, or permanent partial disability of the insured. A comprehensive coverage covers all the contingencies.
A right insurance portfolio is a must-to-have to stay covered any day. Stay protected and rest assured. For more personal finance advice, approach ArthaYantra – online fiduciary established to bring expert advice affordable to every household.