The Indian insurance market is thriving with different types of insurance policies. Many public and private companies offer services in the life and health insurance sectors. They also launch new types of insurance products to meet financial needs. LIC was once the dominant Indian insurance company for a long time. Currently, India has 23 life insurance companies with assets totalling at least Rs.16 Trillion. The largest insurance company, LIC, has Rs.13 trillion in assets.
People are having difficulty choosing the right type of insurance product due to the increased number of options. Many people choose the wrong type of insurance, which is not right for them and not fully covered.
Many people are at risk of becoming under-insured, even if they have multiple insurance policies. These people face the risk of not being adequately insured and can also be financially straining due to high premiums they have to pay.
We have collected some essential insurance policies to help you and your family to protect your financial future.
Term Insurance – to cover financial needs for your dependents Life is full of uncertainty. We don’t know what the future holds. A life insurance policy can help you to eliminate insecurity and live a comfortable life.
Term insurance is the best type of life insurance that offers complete coverage to the insured’s dependents at a low price. This insurance policy is best for the person who is sole breadwinner in the household. Term insurance replaces income and allows family members to pay rent, home loan EMI, or kid’s education fees in the event of the insured person’s death.
LIC, HDFC Standard, ICICI prudential. ING Vysya. Birla Sunlife. Reliance Life. Aviva, Kotak. SBI Life. Metlife. Tata AIG. Bharati AXA. IDBI Federal. These are the top players in India offering term insurance.
Insurance for medical expenses
India’s medical inflation is increasing at an alarming rate. This means that India’s healthcare costs are rising day by day. There are many other reasons for rising health care costs, including the increased number of private hospital players, the lack of interest by the government in designing health policies that offer affordable health care to the common man, and the increasing sedentary lifestyle of Indians, which can lead to various complex diseases.
Many insurance companies offer medical/health insurance policies to assist people in this situation. There are two types available in health insurance: individual or family floater policies that provide coverage for all regular and emergency medical expenses as well as hospitalization costs.
There are currently 27 non-life insurers in India. Of these, four are public sector entities that provide major services in the health insurance segment. Some of India’s major insurance companies include National Insurance, New India Assurance and United India.
Accidental insurance – to cover the risk of accidents
Accidents are unpredictable and most common in India, as we all know. In the event of an accident, they can cause financial hardships for you or your family. The term plan will only provide financial security for your dependents in the event of your death. It does not cover income loss or medical expenses if the accident renders the person unable to work. This is the purpose of an accident insurance policy.
Accidental insurance covers the risk of injury/disablement/death arising from an accident that can be caused by external, violent and visible means. Accident insurance is a way to help the family financially in case of a catastrophic event. This is the cheapest insurance product in India that covers both death or disablement.
Having adequate insurance provides peace of mind
By insuring yourself, you can take care of your financial needs and those of your family. Insurance is designed to protect against unfavorable mishaps and unexpected events. Insurance helps you to maintain a high standard of living, even under adverse circumstances. It can be concluded that insurance can help you live a happy life.
It is not necessary to have multiple insurance policies to cover all your risks. It is important to have enough insurance to cover all your risk.
