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Frequently asked questions
Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is a loss of income to the household.
There are 6 reasons,
1. To Pay Financial Expenses
2. To Cover Children’s Expenses
3. To Replace the Spouse’s Income
4. To Pay Off Debts
5. To Buy Business Partner’s Shares
6. To Pay Off Estate Taxes
The amount of Life Insurance coverage you need will depend on many factors such as:
- How many dependents you have.
- What kind of lifestyle you want to provide for your family.
- How much you need for your children’s education.
- What is your investment needs are?
- What your affordability is.
Accidents… illness… fire… financial securities are the things you’d like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.
A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. It is essentially a diversified portfolio of financial instruments – these could be equities, debentures/bonds or money market instruments.
Systematic Investment Plan (SIP) is an option where you invest a fixed amount in a mutual fund scheme at regular intervals. For example, you can invest 1,000 in a mutual fund every month. It is a disciplined investment plan and helps reduce the propensity to market fluctuations. It is a convenient tool that helps you preserve capital and also render significant wealth creation in the long-run.
Minimum SIP amount can be as low as ₹ 100 so that maximum people can start investing in mutual funds.
All of us should buy health insurance and for all members of our family, according to our needs. Buying health insurance protects us from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings or even lead to indebtedness. Each of us is exposed to various health hazards and a medical emergency can strike any one of us without any prior warning. Healthcare is increasingly expensive, with technological advances, new procedures and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.