digital divide network - article database

We all live in a world of dreams of buying a new house or enjoying a luxurious stay at Maldives. To fulfil these dreams we keep aside some amount of our salary as savings but what we hardly save for are the unforeseen situations that we might confront like an accident, a life taking disease, a knee replacement etc. Hence we need to recognise and understand what the role of insurance in our life is so that we can breathe an unruffled and unworried life.

Insurance is a form of risk management to hedge the risks one might be confronted with in the future. These risks can be sudden financial losses or uncertainties. An insurer pays a certain amount of premium to an insurance company which ensures you the payment in the times of crises. This process helps one to lead a more carefree and untroubled life. A best Health insurance plan includes best healthcare facilities and treatments which helps you to be treated without brooding in the fear of uncountable expenses and charges.

Life insurance includes several plans such as terms plans which means short term protection, pension plans which means security for old age, investment plans, child plans and surgery and critical illness plans which covers heavy medical bills and expenses. Also plans are categorised into individual, family health insurance plans and rural and social health insurance plans. Each plan clearly gives a detail about the policy, the role, the benefits etc. One can choose the plans according to one’s requirement and needs.

Retirement planning is another form of ensuring a peaceful living after a toiled up life. Retirement planning helps one to allocate funds for a life after work. It helps people to live a financially independent and steady life without becoming a parasite on their family. Retirements plans help people to stop working when they want to instead of when they have to. People get the veto power to decide when they want to put an end to their hard working life and enjoy a serene retired life. As this is one of the most important episodes of one’s life it must be a lovely process. Another insurance that is of utmost importance is Motor Insurance which is also called as car insurance. There are three types of

Motor insurances namely car insurance, two wheeler insurance and thirdly commercial wheeler insurance. Insurance comes with a number of benefits that hedges risks and unwelcoming uncertainties that we are clueless about .Any threat to life is an uninsured life and therefore it is always better to prevent rather than cure or regret. Most of the people usually go for retirement plans India as people earn all their lives in order to safeguard their future after retirement. Keeping this in mind, many financial institutions in India provide retirement plans suiting every individual’s needs and budget, as investment requires putting in your money and therefore one should always go in for the best plan available. Also these decisions are taken not every day and therefore one must be extremely careful while exercising their discretion.