<\/span><\/h3>\n\n\n\nLife Insurance provides financial protection to the policyholder\u2019s beneficiaries (people the policyholder has chosen ex. children, husband, wife) in the event of their death. It is meant to give financial security to the policyholder\u2019s family and help them cope in case the policyholder passes away.<\/p>\n\n\n\n
For example –<\/em> Jaya is a 35 year old mother with two children. She is the sole earner of the family and she wants to protect her children\u2019s future in case she passes away. To do this, she has purchased a term insurance policy that will take care of her children\u2019s needs in the event something happens to her. <\/p>\n\n\n\nIdeally, one should buy pure life insurance such as term insurance. It costs less and you can add riders as required. (Riders offer policyholders the flexibility to modify their insurance coverage according to their needs). One should not mix their insurance and investment.<\/p>\n\n\n\n
<\/span>2. Health Insurance –<\/strong><\/span><\/h3>\n\n\n\nHealth insurance is a type of general insurance<\/strong> that covers the medical expenses of the insured individual. It offers security and reduces the burden of high healthcare expenses. You can also add riders to your insurance that will allow you to modify your health cover to your requirements.<\/p>\n\n\n\nFor example –<\/em> Richa is a 24 year old IT employee. She wants to secure her financial future. To do this, she decides to purchase Health Insurance and protect herself for any big healthcare bills that may come up in her life.<\/p>\n\n\n\n<\/span>What are the benefits of Insurance<\/strong><\/span><\/h2>\n\n\n\n<\/span>Financial Security –<\/strong><\/span><\/h3>\n\n\n\nInsurance provides safety from financial losses and unexpected events such as diseases, death, accidents etc. It ensures that you don\u2019t face a huge loss in case an unfortunate event happens.<\/p>\n\n\n\n
<\/span>Risk Management –<\/strong><\/span><\/h3>\n\n\n\nInsurance transfers the risk of an uncertain event to the insurance company. In case the event occurs, the individual is protected against the risk and any loss can be managed.<\/p>\n\n\n\n
<\/span>Protection of Assets –<\/strong><\/span><\/h3>\n\n\n\nLife Insurance can protect your assets and ensure that your family is financially secure in the event of your death. In this case, insurance can cover expenses for education, healthcare, loan-repayments etc. and this will help prevent selling of assets to fund your expenses.<\/strong><\/p>\n\n\n\nTo sum up, this blog gives you an insight into how to understand insurance policy and how insurance serves as a safety net from uncertain events in life. Understanding the various types of insurance coverage and purchasing policies for your needs should be critical for every woman. After all, insurance provides us with the security and confidence to live life knowing that we are protected from risk.<\/p>\n\n\n\n
<\/span>FAQ\u2019s<\/strong><\/span><\/h2>\n\n\n\n
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<\/span>What is the eligible age to purchase Health Insurance?<\/strong><\/span><\/h3>\n\n\n
For adults, the minimum age limit is 18 years and the maximum age limit is 65 years. However, you can buy insurance from your children when they are 15 days old.<\/p>\n\n<\/div>\n<\/div>\n
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<\/span>How much life insurance cover do I need?<\/strong><\/span><\/h3>\n\n\n
Your life insurance cover depends on multiple factors such as your income, lifestyle, dependents etc. Ideally, if you have dependents, your cover should be 20 times your yearly salary. If you don\u2019t have dependents, your cover can be 10 times your yearly salary.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n