All of us know about Insurance. It is a contract in which an individual or entity receives financial compensation against losses from an insurance company. The insurance company collects all payments towards insurance so that claims can be reimbursed, and at the same time since the company has so many clients, the payments for insurance is affordable for individual entities.
Most of us would have bought some form of life insurance. The organization one works for many times provides medical insurance. People owning four wheelers would have purchased car insurance.
Apart from these, there are some innovative products in the insurance arena which one should look at and buy if it is suitable. We have listed some here –
Disability Insurance- If you are the key breadwinner for your family, it is important that you are insured against disability. Disability might make you unable to work and in this case, your family’s living expenses would be difficult to take care of. You can take a policy for disability insurance to cover yourself and your family against such unfortunate risks.
Card Protection- We all use plastic money, which means loss of a debit or credit card can lead to significant problems like misuse of cards. Many insurance companies offer card protection plans wherein for a small premium payment, the loss due to misuse of a credit/debit card is covered. Such plans protect the card owner from unauthorised charges made on the card up to a time limit prior to report of loss of card or provide assistance in terms of hotel stay/ticket purchase in case the card is lost during travel. TATA AIG and OneAssist offer protection plans for cards.
Wedding Insurance – Wedding is an important milestone in every individual’s life and a whole lot of effort from various people and a lot of money goes into making the event successful. Suppose due to unforeseen circumstances, the wedding is cancelled, there is a lot of monetary loss as well. Wedding insurance is a product that covers a period that starts a few days before the wedding and ends when the wedding is completed. It covers cancellation of wedding due to calamities like fire and earthquake or death/ accident of persons named in the policy. Bajaj Alliance and ICICI Lombard offer such wedding protection plans.
Student Travel Insurance – Young people from India go overseas to complete their education. Their travel can be insured for risks like loss of sponsorship, compassionate visit back home due to sickness/death of family members, personal sickness/accident reimbursement. TATA AIG provides student insurance.
As you can see, there is a wide range of products designed as per lifestyle changes. Do let us know if you have taken a different kind of insurance product or think of some events/areas in our life that can be insured. #gettingyourich