1) Life Insurance
Life insurance protects the people that are financially dependent on you. If your parents, spouse, children, or other loved ones would face financial hardship if you died, life insurance should be high on your list of required insurance policies.
Think about how much you earn each year (and
the number of years you plan to remain employed), and purchase a policy to
replace that income in the event of your untimely demise.
A) Aditya Birla Sun Life Insurance:
Aditya Birla Sun Life Term Insurance Plan offers multiple
coverage options, namely increasing sum assured and level sum assured. Under
level sum assured, the sum remains the same for the entire year and under
increasing sum assured the sum increases at the rate of 5% or 10% every year.
- Minimum age at entry- 18
- Maximum age at entry-65 years
- Minimum term period- 5 years
- Maximum term period- 30 years
- Minimum sum assured- Rs.30,00,000
- Maximum sum assured-No limit on the maximum sum assured
- Premium payment mode- Monthly, quarterly, half-yearly or annually
- Premium term- Equal to the policy term
B) HDFC Life Click 2 Protect Plus:
Click 2 Protect Plus is a term insurance plan launched by HDFC life that assures extensive protection to your loved ones against life's uncertainties. Even their timely necessities will be taken care of with a monthly income under the Income and Income Plus Option.
- Life option: It offers a lump sum at the death of the policyholder
- Extra life option ( Accidental Death Benefit): It provides an extra sum assured in addition to the lump sum offered on death
- Income Option: Provides 10% of the sum assured on death and the remaining is paid out every month for 15 years
- Income Plus Option: The option provides 100% of the sum assured on death and also arrears on 100% of the sum assured which is paid every month
- Minimum age at entry-18 years
- Maximum age at entry-65 years
- Minimum sum assured-Rs.25 lakhs
- Maximum sum assured-No limit (subject to underwriting)
- Premium payment mode-Yearly, half-yearly, quarterly, or monthly
- Premium paying term-Regular, limited, or single
2) Health Insurance
The soaring cost of medical care is reason enough to make health insurance a necessity. Even a simple visit to the family doctor can result in a hefty bill. More serious injuries that result in a hospital stay can generate a bill that tops the price of a one-week stay at a luxury resort. Injuries that require surgery can quickly rack up five-figure costs. Although the cost of health insurance is a financial burden for just about everyone, the potential cost of not having coverage is much higher.
A) Apollo Munich Optima Health Restore
This unique plan offers the facility of restoration, wherein, the basic amount is restored by the insurer in case it is about to get exhausted before the policy term's end.
The Plan:
- A coverage of 180 days or more is provided to the insured after the period of hospitalisation
- The plan offers the facility of lifetime renewal
- The basic amount is restored in case it is about to get exhausted
- The plan offers coverage for domiciliary treatment
- The plan also covers expenses incurred while donating organs
The best insurance company.
The Plan:
- The plan offers fixed terms of 1 year, 2 years, and 3 years
- The plan offers coverage for expenses incurred in daycare
- The plan gives the facility to avail cashless treatments and also has tie-ups with multiple hospitals
- The plan offers coverage for preventive health check-ups
- Additionally, the plan also offers coverage for homoeopathic and other Ayurveda treatments.
3) Long-Term Disability Insurance
The prospect of long-term disability (LTD) is so frightening
that some people choose to ignore it. While we all hope that "nothing will
happen to me," relying on hope to protect your future earning power is not
a good idea. Instead, choose a disability policy that provides enough coverage
to enable you to enjoy your current lifestyle even if you can no longer continue
working.
Long-term disability provides a monetary benefit equal to a
portion (e.g., 50% or 60%) of the insured's salary for covered disabilities.
Long-term disability typically begins when short-term disability ends. To
receive benefits, the disability must have occurred after the policy's issuance
and then, typically after a waiting period. Medical information, often
confirmed by a physician, must be provided to the insurer for consideration.
A) Max Life Insurance
- Disability insurance in India is a contract between insurance firms and policyholders. The insurance company agrees to give you a monthly benefit amount in exchange for your payments if you experience a condition that prevents you from working.
- Generally, standard disability insurance policies include coverage for entire incapacity due to an accident, whether temporary or permanent. If you become totally and permanently incapacitated, you will receive the entire sum assured if you are covered under permanent disability insurance. If the disability is partial, the policy will pay a proportion of the covered amount, based on the degree of disability.
- Before purchasing disability insurance, make sure you thoroughly assess your family’s financial situation. It will aid you in determining the appropriate coverage level if you require assistance in the future.
- When purchasing disability insurance, consider your liabilities, life goals, dependents’ demands, lifestyle requirements, pre-existing medical issues, and other relevant aspects.
- Do your homework and compare the various disability benefits insurance available in India. To choose the best benefits, it is ideal to understand short-term disability insurance, long-term disability insurance and permanent disability insurance coverage.
- For complete protection, choose a disability insurance policy that includes expanded coverage for a variety of eventualities.
- Read the terms and conditions of the disability insurance policy before purchasing it to avoid any future disappointments.
Benefits:
- A weekly benefit is provided as compensation for lost income due to short-term impairments up to the policy period when the benefits are payable.
- In the event of a disability caused by an accident, the insured will get a certain per cent of the sum covered, depending on the accidental disability insurance terms.
- A disability insurance policy may also provide a premium waiver as part of the basic coverage.
- Some of the conditions recognized as a disability under disability insurance include blindness, low vision, leprosy, hearing impairment, mental illnesses and more.
4) Automobile Insurance
Some level of automobile insurance is required by law in most places. Even if you are not required to have it, and you are driving an old clunker that has been paid off for years, automobile insurance is something you shouldn't skip.
If you are involved in an accident and someone is injured
or their property is damaged, you may be subject to a lawsuit that could cost
you everything you own. Accidents happen quickly and the results are often
tragic. Having no automobile insurance or purchasing only the minimum required
coverage saves you only a tiny amount of money and puts everything else you own
at risk.
A) Reliance General Insurance Company Limited
- The company promises hassle-free purchases as the policy is delivered within 10 seconds
- You get free roadside assistance coverage in your car insurance policy worth up to INR 500
- The company enjoys ISO 9001:2015 certification which makes it trustworthy
B) Bajaj Allianz General Insurance Company Limited
- The company’s car insurance policy can be bought within 3 minutes
- The Motor On-The-Spot feature in the company’s car insurance plans lets you make instant claims through your Smartphones. Small claims can, therefore, be settled within 20-30 minutes
- The company recorded a high claim settlement ratio of 98.48% in the financial year 2020-21
- Bajaj Allianz offers several insurance plans for car insurance. It is one of the most trusted brands in India and offers a lot of flexibility for insurance policies. It is the most used policy.
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