Insurance Type

Buying insurance is becoming increasingly common as lifestyles get too stressful and people realise the need to mitigate risks to their life. But buying insurance can be confusing because there are many plans available. Your choice should depend on your needs.

When choosing consider factors like:

• Your age

• Health

• Family

• Financial status

• Other requirements

Plans you can choose from:

Individual policy

• Covers only the individual.

• Provides hedge against illnesses and medical expenses.

• Plan will be customized as per your needs.

• Policy amount will decide your premium.

• Cost advantage is better.

• Can add riders.

Tip: If you are alone or have a family but want a better and fuller coverage for yourself, then this plan is good.

Family Floater

• Covers entire family under one plan.

• If there are four members in the family all get covered under one policy.

• Premium is paid by only one member.

• Each member is allowed to make claims for hospitalisation, surgery or medical bills.

• Can add riders.

Tip: If you are looking for cheaper plans and yet want all in the family to get insurance, this plan is suitable for you.

ULIP

• Has two-fold benefits – provides protection as well as investment.

• Invests a part of the premium paid by you into market-linked funds.

• Allows wealth to be built over the long term.

• Considered one of the best tax-saving instruments.

Tip: If you are looking for investment along with protection, ULIPs are for you.

Critical Illness

• This can be an individual policy or a rider to your health insurance plan.

• Gives you a lump sum amount on being diagnosed with several critical illnesses like cancer, heart attack, paralysis, etc.

• No hospitalisation or surgery bills are paid separately.

Tip: If you are looking for specific and substantial coverage then this plan is for you.