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Life Insurance Plans & Insurance Policies in 2019

Insurance Policies in 2019

Insurance Policies in 2018

Insurance Policies in 2019  The earning member would always want his/her family to continue enjoying the same lifestyle if something has to happen to him/her.

In such cases, it becomes of utmost importance that we ascertain the amount of insurance required correctly. Once that is ascertained, an appropriate plan should be selected. Following are the various types of life insurance policies available.

Term Plan: This is the basic and the simplest form of insurance. It provides death coverage for a specified period.

The premium paid towards this is an expense. This money is received only if the insured passes away.

There is no element of investment involved. It is a pure risk cover.

Whole Life Insurance: This type of plan offers insurance coverage for entire life or 100 years whichever is earlier.

Premium payment term for such policies is usually longer. The Certain portion of the premium is invested to generate returns.

Endowment Insurance: This insurance offers returns from investment along with insurance cover.

These plans are generally for a fixed duration. Upon completion of the term, the benefits are paid to the insured (if alive) or to nominees (in case of death of the life insured).

Investment-linked plans: These are popularly known as Unit linked insurance plans (ULIP’s).

AS the name suggests, these are bought predominantly for investment purpose.

After keeping aside a certain portion of the premium for insurance cover, the balance is utilized for investment purpose.

Best Insurance Policies in 2019

Non-Life Insurance: Any insurance that is not a life insurance is not life insurance.

Nonlife insurance is also known as general insurance. It aims to protect the assets held by a person by placing the affected person in a position before the damage was done.

As far as areas of personal finance are concerned, general insurance includes insurance of property, personal insurance in the form of health and accident and liability insurance for legal obligations.

The amount of cover required is usually quantifiable as Types of Insurance

Personal insurance: Personal insurance cover includes policies for Health, Accident, etc.

Obtaining a personal insurance in form of health plan, the personal accident is the first step in any financial plan.

The amount of cover should be decided based on the expenses likely to be incurred in case of hospitalization.

Property insurance: This type of insurance protects the property against any damage caused due to fire, burglary, earthquake, etc.

While obtaining property insurance, it is advisable to cover the actual value of the property to avoid any penalties at the time of claim. There are also policies that cover the valuable content of the house.

Liability insurance:

Liability insurance covers the losses that arise to a third party. An example of this form of insurance could be workman compensation policies, whereby if a worker/servant in our house is injured while working, we are liable to pay for the loss.

Apart from these, a common form of general insurance is motor insurance, which is compulsory.

Further professional indemnity insurance available for professionals; indemnifying them for losses arising while carrying out their profession.

In recent past we have seen a movie; where a shopkeeper loses all his goods due to an earthquake and he files a claim with the insurance company which is rejected on the grounds that an act of God is not covered. Movies teach us many things.

This movie also teaches us to read the fine print before taking any insurance policy.

Before taking any insurance policy is it advisable to read about the policy; understand what all is included and what is not.

This will lead to lesser hassles at the time of claim.

see more about Insurance click here Insurance Policies in 2019

Randhir Deswal

Hi, I am Randhir Singh a Solo Travel Blogger form Rohtak Haryana. I am a writer of Lyrics and Quotes.

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