Insurance Know How

Why do I need life insurance?

  • Who will take care of my family if tomorrow something unfortunate happens to me?

    If this question bothers you, then Life Insurance is the answer.

    Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them.

Key Benefits of Life Insurance

Life insurance, especially tailored to meet your financial needs

  • Need for Life Insurance

  • Asset Protection

  • Goal based savings

Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different life stages.

Life Stage Primary Need Life Insurance Product
Young & Single Asset creation Wealth creation plans
Young & Just married Asset creation & protection Wealth creation and mortgage protection plans
Married with kids Children's education, Asset creation and protection Education insurance, mortgage protection & wealth creation plans
Middle aged with grown up kids Planning for retirement & asset protection Retirement solutions & mortgage protection
Across all life-stages Health plans Health Insurance

Life Insurance is an effective tool to save tax.

Key Benefits of Health Insurance

Having health insurance has many benefits. It protects you and your family from financial losses in the same way that home or car insurance does. Even if you are in good health, you never know when you might have an accident or get sick. A trip to the hospital can be much more costly than you might expect. Consider these facts:

  • The average cost of a trip to the emergency room for an adult is about Rs.50,000/-, not including any tests or hospitalization, which may increase the bill to well over Rs. 1,00,000/-
  • A broken leg can cost up to Rs.2,00,000/-
  • Average costs for childbirth are up to Rs.1,00,000/-, and well over Rs.3,00,000/- for C-section delivery.
  • The total cost of a hip replacement can run a whopping Rs.5,00,000/-

These examples sound scary, but the good news is that, with the right plan, you can protect yourself from most of these and other types of medical bills.

Other key benefits of health insurance are access to a network of doctors and hospitals, and other resources to help you stay healthy. With health insurance, you'll enjoy:

  • Being able to find the help you need close to home
  • Peace of mind and less worry because you know you're covered
  • Access to affordable care and health information to keep you healthy.