Term Insurance
A term insurance plan is the simplest forms of financial protection that can help your family meet its financial needs in your absence. Term plans has relatively very less premium amount but gives a life cover that you can choose depending on your family’s lifestyle and financial needs.
Unit Linked Insurance – ULIP
ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.
This is a combination of Insurance and Investment. Here policyholder can pay a premium monthly or annually. A small amount of the premium goes to secure life insurance and rest of the money is invested just like a mutual fund does. Policyholder goes on investing through the term of the policy – 5,10 or 15 years and accumulates the units
Mediclaim
For every individual in India, health insurance has become a necessity. It provides risk coverage against expenditure which is caused by unforeseen medical emergencies. Today, when the medical inflation rates are so high, failing to hold an adequate health cover can prove costly financially. However, the awareness about health insurance is on the rise in urban India. A study jointly conducted by Max Bupa and Nielsen in 2014-15 which covered 1500 consumers revealed that 70% of the respondents felt that health insurance was more important than life insurance. 60% of the consumers were aware that health cover provided by the employer may prove to be inadequate.
According to WHO statistics 31% and 47% of the hospital admissions in urban and rural India are either financed by loans or through sale of assets. Additionally as per the statistics, 70% of Indians spend their entire income on healthcare and 3.2% of Indians fall under the poverty line owing to high medical bills.
Health insurance is one way to get an insurance which covers all expenses related to:
* Medical tests, doctor fees
* Costs of the ambulance
* Hospitalization charges
* Post hospitalization charges which include doctor visits, diagnostic tests and medicines.