Every person invests in different sectors to meet their financial needs (How To Select Insurance Policy). Everyone needs financial security before or after retirement. Some see it as fulfilling one’s basic needs while some invest keeping future goals in mind. If you are trying to meet your financial responsibilities then insurance can be of great help to you. In today’s time, there are lakhs of insurance policies in the market, but let us know how to choose the right policy for yourself.
Personal health insurance is necessary
Health insurance provided by the company is beneficial for the employees but you must take personal health insurance for your family and yourself. There are 2 reasons for this. First, your health insurance stops immediately as soon as you leave the company. In such a situation, you should not depend completely on the company.
Term plan or term life insurance
Kovid has made one thing clear that health insurance is necessary because when the disease is at its peak, lakhs of rupees are spent. During Kovid, those who had health insurance, their expenses of many lakhs were saved in treatment. Not only this, Kovid also removed the curtain from the fact that no one’s life is forever, be it young or old, death can happen at any time. That’s why it is necessary to take a term plan after your death to keep your family safe and meet their expenses.
God forbid if you die due to some reason then the term plan pays a huge amount to your family which makes the family financially strong. In today’s time, a term plan of Rs 1 crore comes in 8-10 thousand premium. If you die due to any reason, then the company pays your family an amount of up to Rs 1 crore or the maximum amount you have taken coverage.
investment cum insurance policy
Apart from providing financial security, these insurance policies can be one of the best options for saving money. If you want to save money for your child’s education or for your retirement then these are the right plans for you.
Guaranteed Return Insurance
Guaranteed return insurance gives you the highest guaranteed returns in the market today among traditional plans. These are absolutely tax free. You get 7 to 8.5 percent return on these policies. Suppose you invest Rs 10,000 per month in these schemes for 5 years, then by the end of 5 years you would have invested Rs 6 lakh. Now in the 10th year, you get a return of up to Rs 10.25 lakh. Apart from these PPF, NPS and Post Office schemes, many private banks provide you guaranteed return plans.
unit-linked insurance policy
Investors who are risk averse should consider unit-linked unit-linked insurance policies. These schemes are market based, and when the market is rising, these schemes generally give positive returns. These schemes sometimes give returns of 12 to 15 percent. Additionally, it helps in tax deduction.
