Essential Insurance Policy Every Individual Must Have in India.
In today’s world, it is hard to predict what will happen to you, because you have so many responsibilities, that you have to fulfil yourself.
Social security is provided in the United States America and European Countries, these include Old-Age, Survivors, Disability Insurance, Health Insurance, Rights to Education and many more.
But if you look at it, India is not yet developed and few welfare schemes have been made but its condition is known. Then what to do in this situation of common public. If you are a Multi-Millionaire or a Multi-Billionaire then there is no need for Individual Insurance, but rich people get insured, and those who really need insurance are not fully insured.
On the grounds of these reasons, every Indian must have these four Individual Insurance
- Term Insurance
- Health Insurance
- Personal Accident Policy
- Critical Illness
Term Insurance– You will never get the benefit of this insurance because, after the death of the insured person, only his nominee or any legally close relative gets the benefit. This insurance is necessary so that after the death of the insured person, his family does not get insurance. They are getting the amount so that his family does not suffer financial loss in any way. Term insurance is not available to everyone, you have to keep in mind what are the eligibility criteria and up to what amount of insurance cover will be available.
Health Insurance – If you work in a company and the company has also given you health insurance along with your family, still you should take your personal health insurance because if you are jobless, you will not be able to avail its benefits and if any of the stars become incurable. If your disease gets treated and if you get incurable disease, you will lose your job, then the company will also lose it and once you get such disease, you will not get personal insurance.
Personal Accident Policy (PA Policy ) – While term insurance and health insurance prove to be useful for your death and health, the PA policy covers your liabilities.
Critical Illness Cover– This type of policy is useful when the insured person suffers from some incurable disease and he gets 100% of the sum insured so that apart from the treatment of his disease, the insured person can use this amount anywhere.
