Insurance is your invisible protection to look after your lives and your loved ones in the case of mishaps. People take the best health insurance policy, the best term insurance policy, car policies and so many other types based on their lifestyles. You can choose the best insurance policy in India with the assistance of the professional Insurance Advisory Services from the Findynamics team
What is Insurance?
Insurance for Individuals
This is a legal contract established between two parties. It includes the Individual (common man like you and me) and the insurer (the insurance company). The insurance is taken to compensate for any contingencies that may occur in the due course of normal life. It can cover various unforeseen events like home damages, death, education, marriage, and medical treatments.
Insurance for Retail & Corporates
Just like individuals, corporate and various types of businesses will be faced with hidden problems and contingencies during their work. This can be met only with Corporate Insurance. It is a legal contract signed by the Corporate Company and the Insurance Company and will benefit the business, the assets, and the employees involved.
Why do we need to take Insurance?
Medical Expenses
Sickness and accidents can come across our lives at any time. This can be taken care of with the right medical insurance policy. Insurers can plan diagnosis, hospital rent expenses, medicines, and even meet IT costs with the pre-determined medical plan.
Stabilized Future
Since the future is uncertain, it is the only insurance that keeps man prepared to face the problems. For instance, accidents have accidental insurance, calamities can be met with home insurance, life insurance; marriages, and education can be handled with good insurance plans.
Mental Peace
With a sound insurance policy in hand, you can enjoy your life, retirement, medical treatments, and dream in peace. Monthly expenses can be managed and even you can enjoy more disposable income in life, as with insurance – life’s contingencies are secured.
Tax Benefits
Apart from assured living, when you insure your lives, vehicles, and homes, it means a lot of comfortable tax deductions. You can reduce your taxable income, and thereby enjoy the benefits of your hard-earned money through a couple of policies.
Safeguards Family
In case of the demise of a main earning member in a family, it will naturally cause a lot of mishaps, sorrow for the family dependents. With certain insurance policies like life insurance, this gap can be met to a highly considerable extent.
Fights Inflation
Our Indian and world economy experiences a rise in prices every 2-3 years. This cannot be met properly by our normal income. Additional sources of financial security that we get from Insurance amounts will help meet certain life goals at ease.
How Does Insurance Work for people?
You can choose the right insurance policy for your needs
Choose the insurance premium and tenure that you can manage
Understand the financial benefits and tax support from our insurance experts.
Understand the financial benefits and tax support from our insurance experts.
Withdraw the insurance amount in case of contingencies
Life Insurance is a written legal contract established between an insurance provider company and the policy holder, to give financial protection to the policy holder and their family.
Features of Life Insurance
Premiums: Monthly premiums are paid in exchange for Life Insurance protection.
Premiums: Monthly premiums are paid in exchange for Life Insurance protection.
Lump sums: Amount depending on premiums paid will be paid to the policyholder/ nominees.
Demise/ Maturity: Life insurance is paid on the demise or when the policy matures, depending on terms.
Features of Life Insurance
Unit Linked Insurance (ULIP)
Considered as an Investment and Protection scheme for policyholders.
Term Life Insurance Plans
They are affordable and people can avail of life cover with no money or income source.
Money-Back
A comfortable plan where one gets insurance along with periodic installments in their accounts.
Retirement Plan
This is a profitable post-retirement source of income that can assure old-age times.
Child’s Plan
Plan education, foreign trips, and marriage for the children in advance with these policies.
Whole Life Insurance
The complete coverage for the policy holder as per the premium and terms.
Tax Benefits of Life Insurance
Section 80C
A deduction of up to Rs. 1.5 lakh on the policy is permissible.
Section 10 (10D)
This income is tax-free on maturity if the premium is below 10% of the sum assured.
Health Insurance
Health Insurance focuses on helping individuals cover the hospital expenses arising from illness after submission of medical bills. It will include rentals, consultation, and also hospitalization procedures. Depending on the age, lifestyle, illness, the terms and premiums will change for each coverage plan.
Medical Insurance is different from Health Insurance. It covers only the costs, ailment treatments up to a pre-determined amount. They are not as flexible as Health Insurance and will not assist in terms of any add-ons during the treatment time.
Features of Health Insurance
Room Rent Limits
Understanding the rentals of hospitals rooms is crucial as the insurance company will repay only what is permitted in the terms of the contract. Good coverage would be more coverage, So, learn the terms properly.
Copayment Terms
Some insurance companies share the payment proportion with the policyholder. For eg: they agree to pay 80% of the bill, and the rest by the holder itself. So, understanding the coverage limit is crucial.
Hospitals Inclusion
Check the list of hospitals that have been listed for cashless facilities. Good insurance companies that we tie up with will network with plenty of premium hospitals so that patients get access to quality service.
Premiums
When buying health insurance plans, the premiums matter a lot. You need to know how many monthly payments have to be made for your plan. Also, learn the amount they will reimburse when you need it the most.
Why do we need to take Insurance?
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