Nisha is happily married to Amit for five years. They have a beautiful one-year old girl, Kavya. They recently bought a 2 BHK in a good neighbourhood in Mumbai with excellent educational institutes. Amit works in an MNC and has just been promoted to managerial post. He is earning well so the loan taken for the new house is not a problem. Nisha took a break from work due to pregnancy. Life is perfect!
One day, while coming back from the park with Kavya, Nisha gets a call. Amit’s been in an accident and is severely injured. He is put in intensive care. Though grief-stricken, Nisha soon starts worrying about the sudden change in their financial position. Now, the loan, which previously could have easily been repaid, feels like a burden. Nisha wants to give her child a decent education and lifestyle which comes at a financial price. To top it all, she also has to manage the hospital bills and give emotional support to her husband.
Had Amit bought an Insurance Policy, they would have received the financial help that they desperately need and Nisha would have been able to focus fully to the well-being of her family.
That is why it is very important to buy insurance. But it is equally important to buy the right insurance. For example, in the above scenario, the accident could lead to temporary or permanent disability. It may also lead to death. All of this is covered under Personal Accident Insurance Policy. At the same time Amit would need a Mediclaim to help him with the enormous hospital bills. Had the accident resulted in Amit’s death, a Life Insurance would have provided financial stability to his family.
There are numerous insurance policies in the market today. They provide you protection against unpredictable events such as death, accidents, sickness, loss or damage to property. Before buying an insurance policy you need to be sure of your requirements and fully understand what is covered and what is excluded. Over insurance is also bad for your financial health.
Insurance is an essential part of Personal Finance. Financial Planners can work out and suggest you the right amount and right type of insurance suitable for your needs.
When the praying does no good, insurance does help!
– Bertolt Brecht
