16 March 2018 Business Sponsored Feature

Types of insurance policies you must have in your 30s

During the monsoons, an umbrella definitely comes handy. Even though it may not rain every day, you just never know when it might, and that’s why you carry an umbrella with you anyway. It might be cumbersome, annoying, or even frustrating at times, especially when you have to make space for it in your bag, but when it does rain suddenly, you couldn’t be more thankful for having carried it. The concept of insurance is based on the very same logic, to come to your rescue on a rainy day.

To think that you don’t need insurance would be rather foolish. Everyone needs insurance, because no one has a perfect existence, devoid of troubles and problems. The need for insurance arises from the fact that with every passing year, an individual’s responsibilities, needs, and liabilities change, with a change in their life situation. On an average, an individual in their 30s is likely to be married, with or without children, and may also have some assets like a vehicle, or a house. They may also have some liabilities like credit card dues, or loan repayments, etc. Having insurance in such a situation becomes an absolute must. If you are approaching 30 and wondering about which types of insurance plans to purchase, here are a few that you definitely must get.

Life insurance

Life insurance, as the name suggests, is the get a term insurance plan, which provides pure risk protection against the risk of death. Besides term plans, there are various other types of life insurance plans that you can choose from including endowment plans, ULIPs, retirement plans, whole life plans, etc.

Health Insurance

Innovations and inventions in the field of medicine have helped save countless lives. However, over the years, the cost of medical care has become so prohibitively expensive, that it is no longer affordable for many people. Those who can manage to afford it often use up all their savings on getting quality treatment. The idea behind health insurance is to be protected against the risk of costly medical expenses which can follow an unexpected illness or injury. There are several health insurance companies in India which offer health insurance not just for individuals, but also for families. Health insurance plans are typically renewable on a yearly basis and provide benefits such as cashless hospitalization, cover for pre and post-hospitalization expenses, cover for domiciliary treatment, hospitalization-related expenses, in-patient treatments, daycare procedures, room rent charges, hospital cash benefit, ambulance charges, among several others.   

Motor Insurance  

Having a vehicle of your own can definitely make life much easier, especially if one has to commute long distances for work. However, in case of an accident, if the vehicle suffers any damage, the cost of repairs can make quite a dent in one’s wallet. A vehicle, be it a car or a two-wheeler, is also an asset which requires adequate protection, and that is what a motor insurance policy provides. Also, not to forget, that it is mandatory as per the Motor Vehicles Act, 1988, for all motor vehicles to be insured, at least under a third-party liability policy, before they can ply on public roads. If you have a two-wheeler, you must ensure that you have taken two-wheeler insurance for your vehicle as well.

Purchasing insurance can be a challenging task for most people, given the complicated jargon and terms involved. However, with a little research, and guidance from a trusted source like an expert, this task can become much simpler. Besides this, one must always assess their requirements before looking for plans, in order to choose a plan that is suitable. It is equally important to not purchase the very first policy that is found to be suitable. You must always compare insurance plans based on various parameters like premiums, benefits, coverage, premium payment flexibility, among other factors. There are plenty of third-party aggregator websites which you can visit to compare different plans offered by multiple providers, and then make your choice based on your requirements.

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