Insurance policies have emerged as a major saving tool for the salaried class, especially middle-aged individuals. No matter what type of insurance policy it is, it helps you when the time comes. These prove to be helpful in financial security of you and your family in different ways. Experts say that if you have reached the age of 30, then you should have different types of important insurance policies. We will discuss here four major types of insurance plans that a 30 year old should consider as a good investment tool.
Life Insurance Scheme
Having a life insurance policy is one of the most important needs in your financial planning when you turn 30. At this age, one has the most liabilities and dependents. A term insurance plan provides financial security to your family in uncertain times, even in your absence. This type of life insurance is a pure protection, simple and cost-effective plan, which is affordable compared to other life insurance products. In the event of your death, a term insurance plan provides financial cover to your family that helps them continue with their normal life and expenses. The amount received by the beneficiary can be used to pay daily expenses, repay existing loans and any other costs.
Health insurance policy is very important
Medical emergency can happen anytime and at any time. Experts believe that one should be prepared for it. In this, health insurance policy is no less than a boon. These health insurance policies cover medical expenses incurred due to any sudden illness. These expenses include hospitalization cost, cost of medicine or doctor consultation fee. You must take a health insurance policy.
Mediclaim policies cover the cost of treatment in hospitals. The expenses incurred in hospitals are paid by the insurance companies. Most mediclaim plans cover the policyholder and his dependent family members. In today’s era of expensive treatment, you must buy a health insurance policy.
Long Term Disability Insurance Coverage
Long-term disability insurance is for a person who suffers from a severe disability due to which he is unable to work and earn. If an employee loses his source of income for a long time due to illness, accident or any injury, then long-term disability insurance provides him financial security. According to the ICICI director, because long-term disability insurance ensures that the employee still gets a percentage of his income. However, this type of insurance policy covers an employee only in case of a personal accident.
home insurance policy
Along with you, your home also needs to be protected from certain risks like theft or damage. A home insurance policy or Grih Bima Policy provides all kinds of protection and covers not just the structure of your home but also you, your family members and any other liabilities. Home insurance policies are classified into two parts based on the type of cover they provide. These are cover for damage and cover for liabilities. It should be noted that an insurance policy is for risk coverage and is not intended to provide returns.
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