Most of us think that buying an Insurance policy is an expense that gives no gains. But can this expense be an investment?
Let us try explaining the objective of Insurance to make things easier to understand.
Buying an Insurance policy does not primarily focus on generation of wealth but is still considered an investment as it offers financial protection. The main objective of an Insurance is to protect you and your family from unforeseen events like accidents, thefts, calamities, etc.
Since, no one can predict what is going to happen in the future. Life insurance is like a backup plan for your family and helps them with a assured amount of money when you are not there. Thus, it makes your family secured in your absence.
There are various types of policies available in the market. You can ensure your life, your health, your belongings like a car, your house, etc. You can even ensure your shop, an employee, a customer so as to remain secured on the professional front too.
Let us see the different types of Insurance:
1. Car insurance: It helps you if any damages are claimed. It will protect you from financial losses and legal issues.
2. Health Insurance: When you fall ill you will go visit a doctor and if your illness is chronic you will need the best doctors plus a financial backup. You cannot out of the blue produce money and hand it over to the doctor. You cannot predict the future happenings but can be prepared for it by investing in it.
3. Housing Insurance: Home is the largest asset you have got and losing it will be a great loss to you. Ensuring your biggest asset against calamities, burglary, fire, etc will be the best option.
4. Shop Insurance: Ensure your shop, employees, and customers so as in future if any damages are claimed you will not suffer any loss as you have already planned it way back.
5. Business Insurance: Ensure your business so as to smooth flow of your doings. Business is all about ups & downs and in this if you suffer heavy losses you can recover it easily.
The next most important step is to hire a consultant who will advise professionally on the insurance needs based on your income, spending habits and appropriate product selection.
EquitySeeds Consultants, an IRDA Registered Insurance Advisor with 40 years of experience in this domain stands out as one of the best Insurance Consultant in India.
