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4 Insurance Plans Everyone Needs Regardless of Their Financial Status

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Last Updated: Apr 25, 2019

Gone are the days when only a few individuals purchased insurance to cover against eventualities. Today, with life’s increasing uncertainties, insurance plans have become a necessity for one and all.

Although there are numerous insurance plans available these days which cover nearly everything a few plans are essential for everyone, in spite of one’s financial status.

Even though insurance is basic to our financial well-being, we cannot deny the fact that it’s a complicated (and uncomfortable) subject. So, to help you make a prudent choice, we have compiled four types of insurance plans you can’t go without.

1. Health Insurance

The stressful life of this fast-paced world has resulted in major health conditions among individuals today. Further, it’s no surprise that millions of Indians are grappling against rising air pollution levels[1]. Apart from this, heart diseases, kidney disorders, and respiratory diseases are likewise widespread.

This makes health insurance essential as it financially shields you and your loved ones from medical emergencies which directly affect your hard-earned savings. Besides, the fact that healthcare costs are spiralling each day makes investment in health insurance a smart decision.

With the best health insurance plan in place, you can procure the best treatment to overcome health problems. Therefore, we strongly recommended that you purchase health coverage at an early age. Why? Because when you are healthier in your younger years, the premium rates for health insurance plans are lower as well.

2. Term Insurance

Term insurance is increasingly important if you are married and have children. However, even singles can benefit from having online term insurance coverage. With a term plan that is 10 to 15 times your annual income, your loved ones won’t have to worry about making ends meet in your absence.

Online term insurance plans not only replace the lost income but also help to pay any outstanding debt after your demise or pay for your children’s higher education. In case you are single, online term insurance can provide financial support to your parents and pay off any debts you leave behind. Therefore, term insurance should be a priority for everyone- singles, married individuals, middle-class groups and even wealthy individuals.

Today, reputable insurers like Future Generali offer ample benefits with term life insurance plans, including rider facilities, tax benefits, monthly income payout option and so forth. So, shop for term life insurance at the earliest. But don’t forget to compare plans to get a better deal.

3. Personal Accident Insurance

Accident Insurance
Term insurance covers the risk of untimely death, and health insurance acts as a cushion against hospitalisation costs. However, there is another kind of protection that is equally essential Personal Accident Insurance.

Individuals often tend to neglect the need for personal accident insurance. However, the fact that more than 400 people are killed in road accidents[2], every day in India, makes this insurance a must-have cover.

Consider that an individual meets with an accident that causes him disability and he is not able to work for an extended period of time. In such a case, term insurance won’t help since the person is alive. Also, health insurance will just address the hospital bills.

However, a personal accident insurance cover could come to rescue in this situation by providing financial aid depending on the nature of the disability (total disability, temporary total disablement and permanent partial disablement).

Thus, the unique feature of this insurance cover is that it supplements lost income by providing income replacement when a person is disabled.

4. Critical Illness Insurance

Treatment of critical illnesses, for example, heart diseases, cancer, strokes is very costly, and in specific cases, hospitalization isn’t required. Meaning, treatment is possible through regular visits to hospitals.

This is especially true in case of cancer, where a person may not require to get hospitalized but rather pay regular visits for chemotherapy or radiation sessions. In spite of this, the treatment may cost a great deal of money anywhere between Rs. 5 to Rs. 25 lakhs depending on the treatment, hospital and cancer stage.

Therefore, a critical illness plan is a must for everyone, considering the rising incidences of such illnesses in India. Critical illness cover offers a lump sum amount on diagnosis of any illness mentioned in the policy document. The amount received can be used for anything, be it medical treatment, debt payments, or travel/accommodation during the treatment.

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Summing Up

Today, there are numerous insurance policies available online, each with unique benefits and features. However, it’s best to start with the plans mentioned above.

Before making the final purchase, research and compare different plans online. And if required, speak with the insurance representative to ensure that you completely understand the plan, its coverage and cost.

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