The Ultimate Guide to Insurance: Secure Your Future with the Right Coverage

Why Insurance?

To explain the need for insurance in a sentence - It is better to be safe than sorry. It is common consumer behavior to only purchase insurance when the need arises. However, paying for insurance now can be a safety net for the unexpected financial circumstances of tomorrow including:

Unexpected illness - During an unexpected health emergency that requires surgery or immediate care. The out-of-pocket expenses can prove to be expensive without insurance.

Natural disaster or home invasion - Should there be a natural disaster or a home invasion of any kind, the cost of replacing your belongings can be exorbitant. Insurance coverage helps you replace these items.

Loss of a loved one - Losing a loved one can be difficult to imagine. But being prepared for the loss of an income earner can be the best way to ensure your family is protected. Life insurance policies enable the ones you care about to begin life without you on a clean slate by paying off mortgage, outstanding bills, loans and cover other expenses.

Why is it important?

Uncertainty of life - Insurance helps you ensure your loved ones are financially stable and taken care of post unexpected circumstances.

Tax benefits - Contributions towards insurance are accounted under 80C.

Safety & Security - Assets and business, when insured, are protected from natural disasters.

Medical illness covered - Critical and terminal illnesses are covered under medical insurance.

Coverage for retirement - Certain insurance plans ensure monthly pensions after retirement

Types of Insurance

• Business Insurance

• Travel Insurance

• Life Insurance

• Health Insurance

• Home Insurance

• Car Insurance

Convenience & Benefits

ELSS is more convenient in term of longevity, capital gains and initial investment. While the risk factors might prove to be the same, when compared to other Tax Saving Schemes, ELSS is still the better choice.