Ever thought about why you should take an insurance policy. For one, it helps you to hedge risks against unforeseen circumstances and save more. If that's not all, it is:


  • Superior to an ordinary savings plan as it provides full protection against risk of death.

  • Encourages and forces compulsory savings unlike other saving instruments, wherein the saved money can be easily withdrawn.
  • Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan.
  • Offers tax relief to policyholders.
  • Hedges risk against uncertainty.
  • For a policy taken under the MWP Act 1874, (Married Women's Property Act), a trust is created for wife and children as beneficiaries.
  • Based on the concept of sharing of losses, the society will benefit as catastrophic losses are spread globally.


You need insurance if:

You own a house
You may need a Fire Insurance policy. Risk of fire accident may be remote but note that Fire Insurance policy includes risks like lightning, earth quake, cyclone, flood and inundation and damage due to rioting mob, striking workers, malicious and terrorist damage besides a host of other risks (link to housing policies)
Your house will contain furniture and fittings, utensils, clothes, beds, domestic appliances (like fridge, grinder, washing machine, ovens etc.) TV, VCR, music system, jewellry. All these assets may be covered against fire risk. The risk of loss due to burglary may be higher but unless these assets are covered against fire risk, burglary cover may not be granted

You own a computer
These days, computer has become a common household item. The computer (Electronic Equipment) policy will cover all your electronic equipment along with your computer

Health is Wealth
One can never be sure when you may require health services. Hospitalisation benefit policy is available to suit every pocket. With the policy on hand you can think of best medical services to you or members of your family.

You own a car
You have to be insured against 'Act' risks (M.V.Act). The insurance is compulsory and one should carry a certificate of insurance covering the vehicle, while using the motor vehicle. But this policy does not cover loss or damage to your own vehicle. If you are interested to cover your vehicle against loss or damage, Comprehensive policy may be opted. However, if you will be leaving the car in the garage for long periods (say while going abroad etc.) the car can be covered against "Act" risks + Fire and/or Burglary risks instead of a Comprehensive policy, thus saving the premiums.


You are a professional
You have legal liability to your clients for any negligent acts/advices and a professional indemnity Policy would put you in comfort.


You plan to go abroad
If you are going abroad please note that medical services are very expensive, and it is recommended that you take a policy in India paying premium in Indian currency while your medical services availed overseas, if any, are paid for in foreign currency.


You have a pet
A pet insurance would cover death or injury to the pet, burglary of the pet and also the liability arising due to any acts of the pet.


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