Individuals invest their money in various insurance plans offered by many insurance companies to protect themselves against the financial crises they would otherwise face during emergency or unforeseen events in their lives.
There are various insurance plans offered by insurance companies available in the market. Here are 3 main types of insurance plans that you should consider to ensure financial security for you and your family:
● Protection plan
A protection plan is a life insurance plan that provides you with basic coverage against death, terminal illness, and total permanent disability. You can choose to enhance the coverage by adding critical illness protection to your plan. The lump sum payout from critical illness insurance can help relief you from financial strain if you have to stop working to focus on recovery. The insurance companies offer a range of protection plans that you can get. You should do thorough research on the offerings of such protection plans and choose a plan which meets all your requirements.
● Savings plan
Saving priorities tend to be more short term than planning for the future. However, with the help of a savings plan, you will be able to plan for retirement while saving for all the milestones such as children’s education, pursuing your interest or furthering your studies as you progress through life. There are various saving plans that you can choose from depending on your needs. A savings plan can help you achieve both short term and long term financial goals or boost your savings to be well prepared for the future financially.
● Investment-linked plan
An investment linked plan (ILP) comes with both life protection as well as investment components. It provides you a basic life coverage while allowing you to accumulate your wealth and generate potential returns. The insurance coverage differs for various type of ILPs – some offers a higher level of life coverage, while some are more investment-oriented. Most ILPs offer the flexibility to adjust your insurance coverage to suit your changing needs.
These aforesaid insurance plans help you and your family safeguard your finances in times of emergency and for important milestones in your lives. Insurance provides you and your family with financial support in the event of unexpected illness or death. It is advisable that you start buying these insurance plans at the as early as possible to ensure you have the much-needed peace of mind.
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