Do we really Value
the importance of Insurance, or just keep on piling number of Policies just for
the sake of Tax Saving and believing that we have done so called Financial
Planning.
The meaning of
Insurance as provided in the Dictionary is ‘A contract to provide compensation for loss,
damage, or death.’ Or we can say a safeguard against loss or failure.
We should understand
that Insurance is not an Investment, but its purely an Expenditure.
So lets see what are
the different kind of Insurance available and useful for us.
1. Life
Insurance
2. Health
Insurance
i.Medical
Insurance
ii.Daily
Cash
3. Personal
Accident
You
need Life Insurance to cover the Risk of Death of the earning member of the
Family.
Health
Insurance is required as a cushion against Hospitalisation Expenses.
Personal
Accident Insurance covers the policy holder against death or disability due to
an accident.
If
you don’t have the right amount Insurance cover, then it will create a big dent
in your Family’s Financial situation even if you have a handsome Investment
Portfolio.
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