All Major insurance plans other than Life and Health Insurance. Must read for everyone. Click to know full details 👇👇👇
All Major insurance plans other than Life and Health Insurance. Must read for everyone to know full details
Hello folks, welcome back to my blog. In our last blog post, we discussed which are two insurance instruments everyone should take even before doing any kind of investments.
Those two insurance products are gonna take care of yourself, your family members. You can sleep well and enjoy your life without any worries.
If you missed it from knowing those insurance products, then you can follow this below link to visit that page and understand more about that:
Like I said in last blog, below are a few more insurance products you can take apart from life and health insurance, only if you have those assets or liabilities.
Table of Contents
2. Child plans
5. Home and Property Insurance
8. Commercial and Agricultural Insurance
9. Assets and Liabilities Insurance
All Insurance Plans:
1. Endowment Plans
This is a kind of plan where insurance coverage, maturity benefits and savings components are combined together. Meaning you will get insurance coverage along with some portion of your premium will go towards building some savings component over the period of time.
You will also get Tax benefit as well under section 80C of Income Tax. The maturity amount may be tax free, just check the plan properly. Read carefully the policy features, documents, terms, conditions etc.. to get complete view of the endowment plan.
2. Child Plans
This is a kind of same endowment plan, but this is for the children. It is a combination of insurance coverage and investment portions and major investment focuses in securing the child's future needs like higher education expenses, marriages etc..
Many child plans include a special feature/benefit such as "Premium Waiver". This says that if the policy holder or the parent passes away, then there is no premium to be paid anymore and the policy continues to accumulate the funds till maturity for child's needs.
They too come under 80C of income tax act for tax deductions and maturity value or death benefits value normally come up as tax free. I recommend you to assess different plans and read the documents carefully before taking any plan.
3. Pension Plans
These are the retirement time helpers meaning these policies help people to get regular income or pensions during the retirement periods.
These plans mostly come up with death benefits to ensure financial security for the family members or legal heirs.
Since there are various annuity options are there, such as : lifetime annuity, joint-life annuity, annuity with a guaranteed period etc. The choice of your annuity option determines the amount and duration of pension payment.
These come under 80CCC section of India income tax act, but return mostly is taxable.
I recommend you to assess different plans and read the documents carefully before taking any plan.
4. Motor Insurance
Motor insurance provides protection to people related to vehicles. As you know in India, almost every house is having some sort of vehicle now a days or they are planning to have one vehicle soon.
It's mandatory also for all vehicles to have insurance before plying that on public road.
Having a motor insurance ensures that it will compensate for damages or losses to the insured vehicle due to accidents, theft, vandalism, natural calamities and fire.
They come up with so many add on covers, no claim bonus feature, etc.
So, I recommend you to compare policies from different insurance providers, and consider all these factors as well such as coverage, premium, add-ons, claim settlement process, and customer service and read all documents, terms and conditions before purchasing any plan.
5. Home and Property Insurance
Home and property insurance provides financial protection to you if there is any damages or loss happens to your home or real estate or your belongings.
It's covers various risks such as natural calamities or disasters, fire, theft, burglary, etc..
I recommend you to assess all the best plans from different insurance providers and compare their premium, coverage, exclusions, add on etc and read the documents, terms and conditions before taking any plan.
6. Fire Insurance
This fire insurance is in particular to the loss and damages occurred to properties due to fire or smoke.
I recommend you to assess all the best plans from different insurance providers and compare their premium, coverage, exclusions, add on etc and read the documents, terms and conditions before taking any plan.
7. Travel Insurance
I must say the travel insurance is a must for everyone if you are travelling anywhere. This provides financial assistance and protection to you for domestic or international travels. This gives a sense of peace while you travel.
This covers risks and emergency related to trip cancellation or interruption due to injury, illness, natural disasters, deaths etc.
It's even covers your medical expenses during the trip like hospitalisation, emergency treatment, medicine so etc along with loss, theft or damage to the baggage or personal belongings during the trip.
Now a days you will get option to add this insurance in the page where you book train, flight or bus tickets online.
I recommend you to read the documents, terms and conditions and exclusions carefully before booking this insurance.
8. Commercial and Agricultural Insurance
These are kind of insurance related to business and Agriculture like property, inventory, equipment, cargo, commercial vehicles, workers compensation against injury or disability, cyber attack, crops, livestock, farm equipment and machinery, etc..
I recommend you to read the documents, terms and conditions and exclusions carefully before booking this insurance.
9. Assets and Liabilities Insurance
These kind insurance provides you financial protection against theft or loss or damage to the assets or Liabilities you own. Such as home or land property, artwork, jewellery, machinery, electrical or electronics equipment, vehicles such as bike, car, bus, truck etc.
It's recommended you to read the documents, terms and conditions and exclusions carefully before booking this insurance.
Conclusion :
In this post, I have shared with you the details all major insurance plans other than life and health insurance. If you like our post, then do share it with your friends and family and stay connected with our website (newswisestories.blogspot.com) to get other such lovely and exciting information related to Insurance.
Happy Investing 🙏
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