3 Must-Have Insurance Policies That are Neglected By Many
27 Jun, 2013 04:04 PM
If you are planning to get an insurance policy make sure that you look for the best package that rightly suits you and your family.

Deciding to buy an insurance policy differs from person to person. There are many insurance policies that banks and financial institutions are providing, but you as a policyholder should first know which insurance policy is important.

“Rediff” has listed out three insurance policies that one must have in their portfolio.

1. Travel insurance

If you are planning to go on a holiday, then don’t forget to make travel insurance at the earliest because when you are in an unknown place, you may not know what could come-up next.

Perhaps, losing an air ticket or cancellation of the ticket are situations that you can deal with, but circumstances like accidents, loss of your wallet, passport or other important documents might result in havoc.

Added to this, don’t forget that health care costs in other countries are far notch higher when compared to India. Infact, most of the health insurances do not cover you when you go abroad. If you have travel insurance by your side, surely it will help you enjoy a pleasant journey.

Buying travel insurance should be your first priority before you set on a tour.

2. Home insurance

Buying a home tops the list for most of the individuals. Many people do not understand the importance of having home insurance. It is estimated that, there are less than 1 percent homes that are insured in India.

It is imperative to get your home insured because if your home gets stricken by some unexpected events, you may never want to think about the cost that you will spend to rebuild your home.

To avoid spending all your savings on rebuilding your home, have a home insurance. Through this, you can cover all the losses and damages that have occurred. Be it a natural disaster or a manmade, having a home insurance will provide coverage to your valuable property.

Today life has become unstable and your homes have become a duck soup for thieves and burglars. The only option left to protect your home is getting it insured.

3. Child plan

Children is the most valuable assets in everyone’s life. Getting your child insured offers dual benefits of maturity and death benefit. Infact, it is one of the best forms of insurance available that will provide financial support to your child.

Child plan is considered to be the most neglected of them all, as there is lack of awareness as to how valuable this plan could be.

The most important concern for all the parents is to provide best education for their children. Considering this, people fail to realize the increasing rate of educational expenses that they will have to incur. Having insurance for your child can dwarf your savings; no matter how huge are the expenses you are paying.

To match up to the educational expenses of your child, it is better to make an insurance at the earliest, as it will also protect your child financially in case of your untimely death.
Source : SiliconIndia finance

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