All of us know that life is unpredictable. We also know that our respective life will end one day. For any person, it is tough to imagine what would happen to his beloved family when he is no more. When the sole earning member in a family is no more or is incapacitated and not in a position to earn, financial hardships are likely to appear. It is better to plan early and plan well to meet such contingencies. Insurance planning helps you plan in advance for such unforeseen contingencies.
We recommend the appropriate Life Insurance plan for you and your family members that help you sleep peacefully. With insurance planning, we help you overcome the risks to your life and your health. By insuring your life, you achieve financial security for your family.
Insurance plans also come with added protection like cover against accidents or cover against critical illness. Insurance plans offer tax benefits and also serve as a savings product. You can also plan for your child’s education or marriage by taking suitable insurance plans.
Health Insurance
Health risks and uncertainties are a part of life. The rising expense of medical care, especially, in the private sector has made health insurance a necessity for everyone.
Hospitalisation expense for seeking treatment can disturb anybody’s finances and put one under a lot of stress. Buying a health insurance policy for yourself, your family and your parents is of supreme importance. Health insurance provides people with a greater degree of financial backup during medical emergencies. One cannot forecast one’s hospitalisation timing, but one can certainly secure oneself financially for meeting any medical contingency.
One must be prepared against uncertain health risks by buying a health insurance policy from a reputed company with track record and sound credentials. There are different types of health insurance plans, such as individual health insurance, family health insurance, critical illness insurance, personal accident and overseas travel insurance.
When you buy a health insurance cover it is suggested that you consider taking a critical illness insurance also. A critical illness insurance cover pays you a fixed sum upfront if and when you are diagnosed with any of the critical illnesses which are covered under the policy taken by you. You can also buy a critical illness policy as a standalone insurance or you can combine it as a rider with your health insurance policy.
Five major reasons for getting a health insurance:
- Changing lifestyle – exposure to numerous health disorders.
- Rising medical costs: critical medical emergency / procedure costs are huge
- Income tax benefit: under section 80D of the Income Tax Act.
- Coverage of pre and post hospitalisation expenses: covers costs related to OPD and diagnostic tests
- Additional benefits: cover for ambulance, day-care surgeries, health check-up, Ayush treatment etc.
When to buy a Health Insurance
People are often undecided about when to buy a health insurance policy. It must be noted that there is no right age as such to buy a medical cover. Health insurance premiums vary with age amongst other factors. So, it is always better to buy a health insurance plan as early as possible. As age increases, the risk premiums also increase and hence the ultimate premium for medical cover. Other factors that could affect the end premium for a health insurance policy are individual’s medical history and life style habits.
Purchasing a health insurance plan is an integral part of financial planning.