Which Insurance Policy Is Best To Reduce Your Daily Life Risk?

In the course of your daily life, you face several types of risks that might either impair your health or result in death. These risks include the following –

  • The risk of premature death
  • The risk of illnesses, ailments, injuries and diseases
  • The risk of disablement

If any of these risks occur you not only suffer physiological repercussions, you also incur considerable financial losses. To cover such financial losses you need suitable insurance plans.

There are different types of insurance policies available in the market. You can, therefore, choose suitable plans depending on the risks that you face in your daily life. Here are some of the most important insurance solutions that you can choose –


1. Term insurance plans


Term insurance plans are life insurance plans that offer coverage against the risk of dying too soon. It helps you create a financial corpus for your family in your absence thereby ensuring that your family does not suffer the financial repercussions of your premature demise. Term insurance plans are cost-effective solutions for financial security both for yourself and your family. These are some of the most important insurance plans to cover the most basic life risk that you face – the risk of premature death. 

So, invest in an online term insurance policy to protect against the risk of premature death. Choose an optimal sum assured so ensure that your family receives a sufficient sum in your absence.


2. Health insurance plans


Buy medical policy online are another most important insurance plans that you need after term insurance. These plans cover the financial costs associated with illnesses and injuries. If you suffer an illness and seek hospitalisation or if you are injured and are hospitalised, the medical bills that you incur are covered under a health insurance policy. Moreover, there are critical illness insurance plans which cover major illnesses and pay a lump sum benefit for treatments or other financial obligations that you might suffer. 

Invest in a comprehensive medical policy to cover the financial risks that you face due to an injury, illness or disease.


3. Personal accident plans


Accidental injuries are quite common wherein you can suffer accidental death or accidental disablements. To protect against these contingencies, a personal accident policy comes in handy. The policy covers accidental death, permanent total and partial disablement and temporary total disablement. It pays a lump sum benefit in case of any of the covered contingencies which helps you compensate for the financial loss that you suffer.

Personal accident plans are available both as standalone plans and optional riders with life and health insurance policies. You can choose either option for coverage against accidental contingencies. Standalone plans have more coverage benefits compared to riders at affordable premiums. So, you can also opt for standalone plans for a more inclusive scope of coverage.

Besides these three plans, a motor insurance policy is also necessary if you own a vehicle. According to the Motor Vehicles Act, 1988, every vehicle should be insured under a third party policy. Invest in a comprehensive motor insurance plan for coverage against third party liabilities and damages suffered by your vehicle.

Compare insurance plans and then buy the best policies in each category of insurance that you choose to cover your daily life risk.

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