3 must-have insurance covers

Table of Contents

Overview

An insurance policy such as car insurance and health insurance protects the policyholder against financial damage as a result of specific occurrences. While there are several different types of insurance schemes, it is important to understand the basics:

Term life insurance

This policy protects the insured in the event of his or her death. Term life insurance is recommended for those with dependents. When a person enrols in a term plan at a young age, the person pays a lower premium for the term. In comparison to endowment plans or ULIPs, term plans have lower premiums by definition. Depending on the applicant’s age, a health examination may be required before the policy is published. A term plan can be purchased by an insurance adviser or through insurance aggregator sites online.

Health insurance

This coverage reimburses a variety of medical costs. There are a variety of insurance programmes available for seniors, individuals with pre-existing conditions, teachers, and families, among others. One must choose a health insurance plan that meets their medical requirements. Many employers offer health care to their employees and their families. In such a situation, knowing the amount of coverage is important, and if it is insufficient, a top-up health insurance package may be purchased to fill the void.

Car insurance

Vehicle owners in India are required to provide third-party liability insurance for all of their vehicles. Although third-party liability insurance has a low premium, it only covers the costs owed to a third party who is involved in a car accident. A robust car insurance policy may be purchased to cover other costs such as personal injuries and car damage repair.

How to buy car insurance with the Finserv MARKETS app?

Purchasing a car insurance policy from Finserv MARKETS is a simple and straightforward method. To buy the insurance policy, you simply need to follow the steps outlined below:

Go to the “Insurance” section of the Finserv MARKETS App.
Select the type of insurance you want, such as health insurance, car insurance, and so on.
Select the level of protection you need.
Fill out the application form with your personal information and any other information that is needed.
Upload the required paperwork.
Your application will be evaluated by the insurer, and the records will be checked.
You will have to pay your premium online.
You will receive the insurance in a timely manner.

Wrapping Up

Before choosing the best insurance policy for yourself, consider the incentives, riders, premia, premium settlement ratio, and business history. Insurance policies purchased online through insurance apps normally have lower premiums than those purchased offline.

Insurance can be bought online, which is not only more convenient because it needs less documentation, no personal presence, and faster responses, but it also simplifies the process. Many Indians have been prompted to purchase insurance policies through insurance apps such as Finserv MARKETS mobile app as a result of the pandemic. You will have more choices and a greater chance of having an insurance policy that will benefit you because of the widespread use of digital technologies.