Life Insurance:
Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crisis.
In addition to serving as a protective cover, life insurance also acts as a tax-saving scheme.
Need for Life Insurance
Life insurance, especially tailored to meet financial needs. Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. Let us look at these unique benefits of life insurance in detail.
Health Insurance:
In India, the prevailing health care scenario has not been of a high order compared to the developed nations. The kind of medical facilities that are provided by the governments falls grossly inadequate to meet the ever increasing needs felt by citizens. Hence, most often, people are dependant upon private medical facilities, which over the years, have become increasingly costly with the advancement in the field of medicine. This has thrown up the need for going for voluntary health insurance commonly named as Mediclaim Policy.
HOW DOES IT WORK?
Health insurance give the person a control over the choice of provider, facility and timing of treatment. It provides a general peace of mind that their medical expenses are covered. The policy provides for reimbursement of Hospitalization / Domiciliary hospitalization expenses for illness / disease suffered or accidental injury sustained during the policy period. The policy pays for expenses incurred under the following heads:
- Room, Boarding Expenses in the hospital / nursing home
- Nursing expenses
- Surgeon, anesthetist, medical practitioner, Consultants, Specialist fees
- An anesthesia, blood, oxygen, OT charges, Surgical appliances, Medicines and drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy,
Relevant medical expenses incurred during period upto 30 days prior to and period of upto 90 days after hospitalization are treated as part of the claim.
Household Insurance Policy
The most popular domestic insurance cover available in the Indian market is the Householders’ Insurance policy.
To an average Indian, home is a cherished and precious possession, not just in terms of money, but also in terms of the sentiments attached to it. Any loss or damage to the house or household goods would cause not only financial strain but also sentimental setback. Household insurance helps to mitigate, at least the financial losses, arising out of risks like fire, theft, natural disasters, breakdown of household appliances, personal liabilities.
**The particular risks covered under each section are:
- Household contents & building (cover for fire and allied perils)
- Household contents (cover for burglary, housebreaking and theft)
- Jewelry and valuables
- Plate glass
- Breakdown of domestic appliances
- TV, VCR
- Pedal Cycle
- Baggage
- Personal accident
- Third party legal liability & workmen’s compensation.
**Certain general exclusions are applicable to all the sections.
