No one needs to be reminded about the importance of insurance. Insurance is basically a contract that agrees to offer financial protection or reimbursement of losses. It can be the best way to prepare yourself for large expenses that occur due to accidents or other unforeseeable events. All you have to do in pay a small amount as premium so that you can avoid paying major sums to rectify whatever your “money-draining” eventuality is  

Life Insurance  

As the name suggests, life insurance is life insurance. You take out life insurance to protect your survivors financially in the event of your premature death. Life insurance is especially important if you are the sole breadwinner of your family or if your family is heavily dependent  on your income. With life insurance, the policyholder’s family receives financial compensation  in the event that the policyholder lapses during the term of the policy.  

Health Insurance

Health insurance is taken out to cover medical costs for expensive treatments. The different  types of health insurance cover a wide variety of illnesses and ailments. You can get generic  health insurance as well as policies for specific illnesses. It usually covers treatment,  hospitalization, and medication costs.  

Automobile Insurance  

In today’s world automobile insurance is an extensive policy for all automobile owners. This  insurance protects you from adverse events such as accidents. Some policies also replace  damage to your automobile in the event of natural hazards such as floods or earthquakes. It  also covers third-party liability where you have to compensate other vehicle owners.  

Home Insurance

Protection for your home and other objects of value inside it are covered by this insurance. It  can be availed only in the cases where natural calamities like fires, floods etc. This does not  cover the expense of the appliances damaged during a calamity.  

Home Warranty

Home warranty plans are different from home insurance plans. These plans cover repairs and  replacement of major appliances inside your home. This kind of appliance protection plan is a  must have if you live in areas where power supply is erratic or if you have an in-house Dexter whose experiments often burn up your household appliances. Insurance policies work as a shield to protect you and your valuable possessions against  numerous uncertainties in life. Hence, it has become very important for every individual to  invest in an insurance policy. However, you must always assess your needs before choosing  the best term plans in India to ensure that it completely secures you and your family from any   unforeseen events. 

Important links –

1. https://www.insurancedekho.com/health-insurance
2. https://www.investopedia.com/terms/h/homeowners-insurance.asp