3 Insurance policies every Indian must buy

3 Insurance policies every Indian must buy
  Protecting your assets and wealth is a fundamental pillar towards creating an exhaustive personal financial plan. The correct mix of insurance policies help you in not just safeguarding but also spend less in protecting your wealth.

Let’s look at 3 insurance policies, which are must in your portfolio

1. Term life Insurance 

Term Insurance protects people that are financially dependent on your income in case of untimely death.  Your dependent parents, spouse and kids would face financial hardships in case of your death and term insurance protects you against that.  Factors like your current income, current expenses, major financial goals and number of dependents determine the amount of term insurance you need.

2. Health Insurance

Healthcare costs in India rise faster than inflation. The basic protection against any health scare is needed. BigDecisions data shows that less than 20% of Indians have adequate health insurance cover. Health Insurance gets critical as you age as the cost of healthcare needs rises dramatically in that phase of life.

3. Critical Illness Insurance

In the time where incidence of critical diseases among Indians is more common than death having a critical illness insurance policy is a must. A critical illness policy protects your wealth and acts as a substitute for income in case of a critical illness.