Many people buy a term insurance policy without estimating the actual requirement of life cover. Buying a term insurance plan for inadequate coverage may not serve the purpose for which it is purchased.
Depending on the period of stay in a hospital, the cost of hospitalization can run into a few lakhs of rupees. Those who had health insurance policies saw the insurance companies pay up the hospital bills.
For anyone with financial dependents buying a term insurance plan is a must-have even before a single rupee is invested for long-term goals and will remain the most important financial decision in one's life.
While buying a health insurance plan, there are several varieties of plans to choose from. Ideally, buy an individual health plan for yourself and family members
A term insurance plan is a tool to help the surviving family members maintain the same standard of living. In a way, it ensures that there is a replacement of income even if the bread earner is not there to support.
Term insurance plans, the purest form of life insurance, can be purchased online either directly from the insurer’s website or by accessing the website of an Insurance Aggregator.
Health insurance is all about covering unforeseen medical exigencies.
If you are young and earning, there's a fringe benefit of buying a health insurance plan as well.
With the premiums being low, the insurance companies have become increasingly careful in offering the plan to customers whom they perceive as risky.
The answer is - Risk Management. For meeting long-term goals, one invests in various asset classes such as equities and debts, based on one's risk profile.