Protection plans you should consider buying for you and your family

Life is full of uncertainties and emergencies can strike anytime without warning, leaving households in a financial lurch. That is exactly why having a back-up plan for such situations is at the very core of financial planning. The Coronavirus pandemic, which has killed almost four million people across the world, is a testament to this fact. Not only that, the deadly COVID-19 virus infected almost 180 million people, causing millions of individuals and families to spend a fortune to get quality healthcare. The cost of hospitalisation in any major city can run in to lakhs of rupees. And because of the highly infectious nature of the virus, there can be cases where entire families are infected and the hospital bill can become too much to handle.(1) In case of a death of an earning member of the family, the hardship for the surviving family would be even worse.

As per official figures, nearly half the people who died of COVID-19 were aged below 60 years and most of them were earning members of their families.(2)

Apart from wrecking emotionally, these situations can also trigger financial hardships for the families going through them. That is why it is critical to be prepared for such events and one can do that by taking a few simple steps like buying adequate life and health insurance coverage for themselves and their families.

Importance of Term Life Insurance

The importance of term life insurance cannot be stressed enough. It provides financial security against the death of the policyholder. In case of untimely demise of the policyholder during the term of the policy, the nominees receive the insurance payout in the form of a lump sum.

As basic financial hygiene, every earning or working individual in a family should have a term insurance policy so that the financial goals of the family are not derailed if something happens to them. The payout under the policy would help the dependents lead a stable lifestyle even in the absence of the policyholder. The amount can bring significant relief to the nominees as it can be utilised to repay debt like a home loan, or to achieve other financial goals like higher education of kids or old-age care for parents or spouse.

Also, compared to other insurance products, a term insurance policy provides a sizeable cover at an extremely affordable price. For example, if you buy a term insurance plan at the age of 30, you can get a Rs 1 crore life cover for a premium as low as Rs 8,500 per annum*.

Importance of Health Insurance

As COVID-19 is a health crisis, quality healthcare has gained even more importance in the ‘new normal’ The pandemic has shown the world that an emergency can strike at any time, and it can even put the entire families at risk with all the family members needing medical care all at once.

Having said that, the Coronavirus pandemic should not be the only reason to get a health cover. One needs to have a health insurance policy with sufficient coverage to deal with all kinds of health risks the ones that have been existent and those that the pandemic brought with itself. A comprehensive health cover can help you meet unforeseen medical expenses, provide protection against rising healthcare costs, while also offering tax benefits.

You should choose a health insurance plan that not only covers your medical expenses but those of your entire family as well. Having a comprehensive health insurance plan ensures that you get access to best-in-class healthcare services by paying a nominal price for the policy. An ideal policy would also take care of pre- and post-hospitalisation expenses, day-care procedures, maternity coverage, and more.

Where to get your insurance from?

For health insurance, you can choose plans with a coverage of up to Rs 1 Crore, with access to healthcare facilities across a network of over 6,500 hospitals in the country, where you can avail cashless claim settlements.

It is crucial to have a financial backup to protect your family from uncertainties of life so that they never have to compromise with their health or their life goals. By opting for a combination of an adequate health cover and life insurance, you can ensure that despite the uncertainties that surround us, your loved ones are always taken care of. The best part is that you can do all of this through an entirely online process in just a few clicks from the comfort of your home. Log on to Finserv MARKETS to get your insurance coverage, today!

Where to get your insurance from?

With so many options available in the market, zeroing down on the best suitable financial product can appear challenging. Finserv MARKETS makes this part of getting insurance easier for you as it only enlists products from leading service-providers with a proven record of customer-centric approach and superior service. So, whether it is term life insurance or health insurance, Finserv MARKETS offers plans only from leading insurers in the industry like Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance and Aditya Birla Health Insurance.

If you are looking for a term life insurance, Finserv MARKETS offers both individual and group term plans from leading insurance companies. You can also choose from riders like critical illness cover, accidental death rider and accidental total permanent disability benefit, among others. You can also choose the waiver of premium rider, under which the future premium payments toward the policy are waived off if you are diagnosed with a critical illness.

No Deccan Chronicle journalist was involved in creating this content. The group also takes no responsibility for this content.