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What are the types of general insurance policies you need in your investment portfolio?
by Kanika Shelatkar Insurance ConsultantOne of the best gifts you can give your
family and you are an insurance policy. It is a commitment to protecting the
financial interests of your loved one in varied scenarios such as
hospitalisation, accidents, illnesses, and debt repayments. It also brings down
the financial obligations to a great extent. As an investor, when you plan your
annual investments, you must include general insurance in the portfolio.
Here are the different general insurance products you can
consider –
Health insurance: If there is any kind of insurance every person needs today is
without a doubt health insurance. If you are a parent, you need one within days
of the child’s birth. You can choose from the range of policies such as
standard insurance to critical illness. There are plans for pre-existing
medical conditions too. These are further divided into individual and family
floater plans. The premium payable depends on the sum assured you opt for.
Life insurance: Many consider life insurance as an unnecessary expense, owing to
its premiums being slightly high. If you are the only breadwinner of your
family, it is your responsibility to make sure you invest in a decent plan. A
life insurance policy secures the financial future of the dependent ones in the
event of your untimely death due to natural cause or accident. It is better to
invest in them in your 30s as these plans are usually valid only up to a
specific age.
Vehicle insurance: Be it a two-wheeler or four-wheeler, vehicle insurance becomes a
necessity at some point. Also, the policies are mandatory according to the
Motor Vehicle Act, 1988. Driving without a third-party plan is a punishable
offence. You could also opt for a comprehensive plan. Such general insurance in India is one
the person must hold while riding or driving the bike. Moreover, you can add
additional riders for all-round protection from incidents such as vehicle
damage, theft, engine damage, urgent roadside service, and so forth.
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About Kanika Shelatkar 
Insurance Consultant
11 connections, 0 recommendations, 73 honor points.Joined APSense since, March 18th, 2019, From mumbai, India.
Created on May 25th 2020 23:14. Viewed 456 times.
