Insurance

  Health Insurance

Heath Insurance is type of insurance that safeguard you and your family against medical expenses that arises due to an accident, illness, or critical disease. Most health insurance policies come with benefits like cashless treatment, coverage for pre and post-hospitalization expenses, ambulance cover, etc. As per the economic survey of government of India , Medical inflation in the country stood at 7.14% which was twice the CPI for the period. A decent hospital has the potential to sweep away your saving in a few days, and the most of the time a situation arises where one cant even afford good hospital or doctors due to cost.

  Vehicle insurance

A vehicle insurance policy is a compulsory requirement for your vehicle if you own one. The Motor Vehicles Act, 1988 mandates that each vehicle on Indian road should carry a valid insurance policy on it to run legally. If your vehicle does not have an insurance cover and you are caught without it, you would face penalties in the form of fines and even imprisonment in extreme cases. Having a vehicle insurance policy, therefore, is necessary if you wish to drive your vehicle in India legally. When it comes to vehicle insurance, there are different types of policies available in the market. These policies cater to the different coverage needs of different vehicle owners. The different types of motor insurance policies are categorized based on the vehicle that they insure, the coverage offered and the duration of the coverage.

  Life Insurance

Life Insurance is an arrangement between the Insurance company/Government which guarantees of compensation for loss of life in return for payment of a specified premium. In Life Insurance, the beneficiary whose name has been mentioned in the contract receives the specified sum, from the insurer in case of happening of the event i.e. Loss of Life. Risk Coverage: Insurance provides risk coverage to the insured family in form of monetary compensation in lieu of premium paid. 2. Difference plans for different uses: Insurance companies offer a different type of plan to the insured depending on his need for insurance. More benefits come with the more premium. 3. Cover for Health Expenses: These policies also cover hospitalization expenses and critical illness treatment. 4. Promotes Savings/ Helps in Wealth creation: Insurance policies also come with the saving plan i.e. they invest your money in profitable ventures. 5. Guaranteed Income: Insurance policies come with the guaranteed sum assured amount which is payable on happening of the event. 6. Loan Facility: Insurance companies provide the option to the insured that they can borrow a certain sum of amount. This option is available on selected policies only. 7. Tax Benefits: Insurance premium is tax deductible under section 80C of the income tax Act, 1961.