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The most obvious reason anyone purchases an insurance policy, is that they are taking the necessary precautions to insure that in the future their lives won’t be severely troubled by the occurrence of an unforeseen event. Be it health and dental protection, life insurance or critical illness cover, by taking the necessary steps you are guaranteed a light at the end of the tunnel. The money you invest today will be available when you and your loved ones need it the most in the future.
It is always worth remembering that with the right policy you can prevent your family and loved ones from struggling financially. In the end no matter what your financial situation or personal requirements, there is a plan that is perfect for your individual needs. So don’t make the mistake of waiting until it is too late. Take the necessary precautions today and rest assured that no matter what coverage you require we have just the right solution for you along with the most competitive prices. |
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Life insurance isn't something people like to think about,
but if you have loved ones, you should. |
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You’re healthy, you’re fit -- you don’t need life insurance, right? Wrong! If you have people who depend on you financially, you need life insurance no matter how fit and healthy you may be.
What would your family do if something suddenly happen to you? Where would they turn to for financial relief? You wouldn’t be there to support them anymore. In addition to having to deal with the loss of you, they’ll suddenly have to deal with the loss of your income -- unless you have life insurance.
You still have the choices of the common types of life insurance such as: |
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Whole Life –
Whole life insurance combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. Borrowing against such policies is also available. At the maturity of these Policies insurance companies generally pays the sum assured plus vested bonuses’. This is the most common type of Insurance Plan.
Term Life – The insured is covered for specific period of time. Usually coverage is 20-30 years. The premium is fixed for that term, with no other attachments. The death benefit is usually more than a whole life policy.
ULIP Plans –ULIPs combine benefits of insurance and mutual funds, investing a portion of the insurance premium in debt funds or bonds or listed equities and gives a return on investment. |
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Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Who should buy general insurance?
Anyone who owns an asset can buy insurance to protect it against losses due to fire or theft and so on. Each one of us can insure our and our dependents’ health and well being through hospitalization and personal accident policies. To buy a policy the person should be the one who will bear financial losses if they occur. This is called insurable interest.
Most general insurance policies are annual – that is, they last for one year. Some policies are given for longer periods – like fire insurance for residences – and some for shorter periods – like insurance for goods transportation or for emergency medical treatment during foreign travel. |
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