Insurance Plan In India - Tulsi Wealth

 

insurance

 

Insurance is a way to manage your risk. It is like indemnity contract. insurance is kind of   your protection against your unexpected financial losses. And also, if something bad happen to you in future The insurance company pays you or someone you choose. if by any chance an accident happens, that if you do not gave have kind of insurance so this case, you may be responsible for all related costs for that. For a person Having the right insurance for the risks it will be a big impact in your life. People also get insurance not only to help with risks from unexpected events but also to help pay for routine things, like annual medical checkups and dental visits etc. basically, all the insurance companies negotiate with health care providers, so their customers can pay those discounted rates. An insurance policy is kind of a written agreement between insurer (the insurance company) and policyholder (the person or company that gets the policy. And also, a company and an individual as well, may get an insurance policy that protects another person or entity. For example, when a company buys any kind of life insurance for their employees, then employee will be the insured, and the company will be the policyholder as well.

 

 

 

 

How does insurance reduce your financial risk?

 

Imagine you’re driving your car and you hit a deer, which damages your car. If you have the right kind of auto insurance policy, the insurance company will pay the costs of the car repairs (minus the deductible — the portion you have to pay). Now, imagine a water pipe bursts in your bathroom, ruining everything in that room and in the bedroom next to it. Typically, if you have homeowner’s or renter’s insurance, the insurance company will pay to replace some or all of the damaged property, once

you pay your deductible. Insurance policies will only pay for things that are described in the policy. So, it’s important to read a policy carefully before you buy it so you’ll know exactly what’s covered.

 

 

 

 

How does an insurance policy work?

 

Insurance policies are often in place for a specific period of time. This can be referred to as the policy term. At the end of that term, you need to renew the policy or buy a new one. With some types of insurance, you choose a beneficiary, the person you want to receive the policy’s benefits or payments. When you buy an insurance policy, part of your responsibility includes paying a fee called a premium. Some premiums are paid monthly, like health insurance. Others may be paid once or twice a year, like auto or homeowner’s insurance. The cost of your premium generally depends on how much of a risk you are to the insurance company. In addition to the premiums, most insurance policies include a deductible. That’s the amount you have to pay first, before the insurance company pays their share. For example, if you have a $500 deductible on your homeowner’s policy and a storm causes $3,000 in damage, you will pay $500 and your insurance company will pay $2,500. With some policies, you can choose your deductible. Usually, a higher deductible means a lower insurance premium.

 

 

 

 

Life insurance

 

 

 

Life insurance is basically a plan that is ‘insured our life”. It is a kind human basic need so that they  are  able secure their life’s. and  life insurance also offers many benefits to their customers. It will give you a

chance to build wealth and provides your loved ones with financial security in your absence and it allow you and your loved ones to live life fearlessly as well. And also, it protects our family’s financial wellbeing from all kind of consequences of living without an income

 

 

TYPES OF LIFE INSURANCE

 

 

1.   T ERM LIFE  IN SU RANCE:  Term Life Insurance plans are designed for specified periods of years, say 10,15 or 20 years etc. These are the cheapest plans compared to other plans. The policy holder gets the claim amount only when death is happens.

 

 

2.   U NIT   LINKED  IN SU RANCE   PLAN   (U LI P ’ S):  Unit Linked  Insurance plans  (ULIPs)  offers  policyholder  ‘life  security  plus  investment opportunity’. Premium paid into this policy is bifurcated into two parts, ‘one for the purpose of Life insurance and another for the purpose of investment’. And also   policies  are ‘linked’ to market products like mutual funds, bonds, stocks, etc.

 

 

3.   ENDOWMENT PLAN:  Endowment plan is kind of a ‘life security plus survival benefits’. Basically, main motive of Endowment  plan is

‘policy holder gets assured & lump-sum amount at maturity’ are the main thing in this plan.

 

 

4.  WHOLE  LIF E  POLICY:   Whole life policy offers protection for  the

‘entire lifetime’ of an individual person. In this plan insures can have an upper age limit for maturity of policy as well as Death benefits is provided to the nominee on demise of the policyholder. If there is a maturity benefit associated with the plan, a maturity amount will be paid when the policyholder attains the upper age limit associated with the scheme.

5.   A NNU IT Y  /  PENSION  POLICY :  Annuity/pension plans can be used by individuals looking to “financially secure their retired life”. The amount collected in the form of premium and distributed.

 

 

6.   MONEY  BACK PO LICY :  In the money back policy, Insurer pay some amount or percentage of sum insured amount to the policy holder at regular intervals.  For example, let’s say 20 years  policy, the insurer pays 20% of sum assured amount after every 5 years and remaining 40% at maturity period.

 

 

7.   CHILD  INSU RANCE  P OLICY :   In child insurance policy is type  of combination of saving and investment plan to fulfill their  future financial goals. And this policy allows their policyholder to invest since  childhood  age  to  adult  age.  Some  policies  allow  you  to withdraw your savings at certain intervals.

 

HEALTH INSURANCE                            

 

In this perdrgdrtiod of time health is a first priority to human being. To human without health there is no actual life, its only kind of only a suffering as well as languor. In nowadays healthcare cost is increasing day by day and for common people it’s difficult pay such a big amount for their treatments. But if people have their health insurance so it will be able afford  treatments for their health regarding problems. And also, health insurance plan work is kind of a financial protection assets against medical expenses. It provides reimbursement or direct payment for expenses associated with illness, hospitalization and injuries etc. in this policy cost and range of protection given by health insurance policy is totally depends on the policy or insurance purchase by people. Some policies also cover pre post hospitalization expenses as well.

 

 

HEALRH/MEDICAL INSURANCE

 

➢ FAMILY   FLOUTER   HEALTH   INSURANCE: Family   Floater   Health Insurance provides health cover for entire family members, under a single insurance policyowner need not take separate policies for individually. This provides the facilities as like individual insurance policy i.e., in-patient care, pre- and post-hospitalization etc.

 

➢ SENIOR CITIZEN HEALTH INSURANCE: the era of today’s mode of living in this time it is a kind of blessing to have elders to have in our home. Period of pandemic, senior citizens became more vulnerable to the infection due to their reduced immunity and strength. So, we have to secure their lives. And in this case, we have ‘senior citizen health insurance’ policy to secure their life’s. this plan is specifically made for a person over age of 60 years. And also in this period of time health as well as medical expenses are increased. So, it will

good to take health insurance plan to bear those medical expense.

 

➢ CRITICAL ILLNESS HEALTH INSURANCE: in today’s lives there is one more important thang that we need focus on it. And that important thing is critical illness that’s includes, diseases like cancer, organ failure, kidney diseases, coma, major organ transplant and heart diseases etc. if in case any person have any one of this diseases then they have to pay big amount for the treatment for this. And in today’s society all people are not able to afford such as big amount but if they have ‘critical illness health insurance’ then they will able

to receives a lumpsum payout for that.

➢PERSONAL ACCIDENTAL INSURANCE: if we see nowadays in our  lives and society accidents are put so much effect on our health and

mode of living as well, because if accident happens it will live major effect of our physical as per as mental health as well. And this major accident could result temporary disability, permanent disability and death etc. so that why we have secured our live through personal accidental insurance.

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