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3 basic types of Insurance policies you should take.

Insurance is one of the best financial planning tools available for every class of people. The amount of return that can be obtained from insurance is far better than any other investment options. The amount paid as premium will provide protection against any uncertainties by settling the claim amount.


Hence, it is adequately important to understand the coverage of insurance and the type of insurance policy to be taken. Paying too much amount for insurance could leave you financially vulnerable while paying too less amount can get you less coverage which might not be sufficient to cover your insurance needs.

Here are the 3 basic types of insurance every earning and self dependent person should have:

1. Health Insurance:

Health insurance is an agreement between the insured and the insurer in which the former pays a considerable amount as premium to cover the necessary medical costs for illness, diseases or accidents by the latter. Health insurance has become a must have policy due to the rise in health care costs. The health care in our country is advanced and any kind of treatment is available.

Health insurance covers the cost of medical treatment for illness, diseases and accidents. It also covers the day care treatments and domiciliary hospitalization.

Health insurance premium is based on the Age of the insured and the Sum Insured opted. Higher the age, higher would be the premium. Young and healthy persons may require less coverage compared to that of elderly, or people with some kind of illness.

It is advisable to read the terms and conditions in the health insurance policy before finalising the deal. Waiting periods and exclusions are to be known and agreed upon before the purchase.

Having a good and adequate health insurance policy can save you and your family from severe financial crunch.

2. Personal Accident/ Disability Insurance:

Personal accident or Disability insurance is the least opted insurance in our country. This is due to the lack of awareness regarding the benefits offered by this product. This is also the cheapest insurance product available in the market with exclusive range of coverage.

Under the personal accident or disability insurance financial coverage is provided if the policyholder meets with death or disability.

The percentage of compensation depends on the type of disability such as Permanent total disability, Permanent partial disability and Temporary total disability. Some types of personal accident policies also cover the medical costs due to an accident up to a certain limit.

Any person with income earning capacity should have a personal accident or disability insurance policy to protect one’s family by providing financial assistance at the time of disability. As the disability renders the person workless, the disability insurance policy helps with financial assistance as claim payout.

3 Life Insurance:

Life insurance is a contract between the insured and the insured in which the insured pays a certain amount as premium and the insurance company promises to pay a designated amount up on the death of the policyholder.

Life insurance is one of the best tolls for financial planning as it provides your family with financial assistance in case of your sudden demise. Having a life insurance policy can help you pay off your debts and other outstanding mortgages.

Term insurance is the most commonly opted life insurance tool. Life insurance can also be used as a savings account where the money saved is returned with accrued bonus, if any.

The premium in life insurance depends on the age of the policyholder and the sum assured opted. Higher the age, higher would be the premium. This is due to the fact that the old age people have higher mortality rates compared to that of the young people.

Mr. Ranjan has purchased a Health insurance policy for Sum Insured of Rs.4 Lacs, Life insurance policy for Sum Assured Rs. 50 Lacs and a Personal accident insurance policy for a Sum insured of Rs. 25Lacs as a part of his financial planning. One bad day while he was travelling with his family he met with an accident and was rushed to a hospital immediately. He was admitted in the ICU and treated for the wounds. Due to the severity, both his legs were amputated and he would not be able to walk without support for the rest of his life.

His health insurance policy settled the hospital bill amounting to Rs.4 Lacs and the personal accident policy had paid him Rs.25 Lacs thereby providing him financial support.

For best online term insurance quotes, please visit www.policybachat.com and get the best online term insurance quotes using the online term insurance calculator.

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