Are you underinsured, overinsured, or just plain insured?
Life insurance in its purest sense is protection against a financial loss / uncertainty which includes the risk of illness, disability, damage to property, and the most final of them all – one’s demise. The value of your loved one’s life is a very sensitive issue as your loved ones are priceless.
Unit Linked Insurance Plans
What should you opt for?
- Health Insurance (Mediclaim) – this is a must have for every family member. It can be taken as an individual policy or as a family floater. This will cover regular hospital expenses in case of any hospitalization.
- Personal Accident Policy – this will cover you from loss of income in case of an accident. This is a common policy for those who are employed as the policy partly covers you from loss of income.
- Critical Illness policy – this will pay out a lump sum upon diagnosis of any critical illness from the defined list of illnesses stipulated. This policy can be opted for by any member of the family – it is not meant only for people who are employed as a critical illness might strike anyone, and costs incurred in case of such illnesses can be very high.