5 Must Have General Insurance Policies

One of the most dominating factors that restrains people from going for not just travel but all other insurance plans is “Nothing is going to happen to me!” You must have spent safe life so far and rigorous traveling was one of the parts of this peaceful life. But no one knows about unforeseen future.

 

 

1. Health Insurance

Health is above wealth. Health is one thing on which you shouldn’t compromise. Thus, no matter what a health insurance policy should form part of your budget. A serious disease can even bankrupt you . Prudently, take into an account of your family size, their current health conditions and future health needs before deciding on the Sum Insured amount of your health cover. Rising medical expenses in your city, incidences and chronic ailments should also be taken into consideration. Delaying your health insurance purchase is disadvantageous and costly. It is wrong to assume that young and healthy people do not require health insurance. Recognizing your needs and get them insured.

 

 

2. Home Insurance

It is essential for every house owner to have a home insurance policy. It protects your assets from natural calamities. Your precious belongings also get covered in your secured home insurance policy. Individual premium payment can also gets your gadgets covered in the policy. Majority of people have home loans. Generally, home loan lenders suggest borrowers to go for home insurance coverage to protect their expensive investments. Your home insure policy should be for reinstatement value or market value but not for purchase value because under insurance will apply at the time of claim if the sum insured is found less than the current market value.

 

 

3. Motor Insurance

In India, motor insurance is compulsory and majority of vehicle owners generally stick to the least coverage. It is affordable and gives equivalent security. Motor vehicle insurance is designed to protect from liabilities occurring from accident which may cause damages to vehicles, property or an individual. Vehicle insurance offers a personal accident cover also to cover you in case of permanent total disability or death. It takes care of third party liability arising because of a crash. Especially car owners can buy add-ons such as zero depreciation cover, no claim rewards etc to improve basic car insurance policy. The policy term, add-on covers, claim settlement process differ from insurer to insurer.

 

 

4. Personal Accident Insurance

Personal accident insurance gives you and your family coverage against accidental risks of life. Due to high rates of accidents while traveling by rail, air or road or even at home, it is necessary to insure against such serious mishaps. Personal accident insurance plan will surely cover up for losses resulting because of an accident which may happen at any time, anywhere PA cover is available at very nominal premium rates.

 

 

5. Travel Insurance

If you don’t have travel insurance, you will be left to bear the brunt of paying loss of baggage, passport and your other valuables. Most of the people usually think that travel insurance is for trekkers, sky-divers, ice-climbers and cave explorers etc. to get their lives secured in an adventurous trip to abroad. But anyone can benefit from the security that comes from buying a travel insurance policy. These emergency situations can come across to anyone. Travel insurance plans can get you secured from burglary; break down of transport mode, delay and cancellation of fights, medical emergencies & further assistance. If you are a regular business traveler, then you must buy the best travel insurance plan.

 

A word of caution

Before signing on the dotted line, it’s advisable to check the coverage points, the scope of the insurance as well as the costs which you would need to bear in case of any issues. Be sure to do your research well and go for above 5 basic covers for a happy life.