Did you know while playing cricket Virender Sehwag insured his fingers, while supermodel, Heidi Klum insured her legs?
So yeah, you can insure anything that is dear to you.

“With any contract, its important to know the basics of a contract.”

Terms to remember

• Insurer: Companies like us, that provide insurance.
• Insured: You, the customer who buys the policy.
• Beneficiary: Someone dear to you or you who receives the insurance proceeds.
• Sum insured: The maximum amount you will receive if the event takes place.

Why you must buy insurance?

• Ensures your family’s financial stability
  It doesn’t matter how well you do, in an emergency relating to hospitalization or death, you need to have the security so your family doesn’t face in hardship. In a way, you are doing it for them and not you.
• Its cheap/ It is light on your pocket
  Compared to what you would have to pay for the damage or your absence, insurance is cheap. Also, buy when you are young. The younger you, the less you pay on premiums.
• Peace of mind
  The premium you pay is a guarantee that the insurance company will cover the damage in case of an unforeseen event, letting you ease your mind.

“Find an insurance just for your needs and security.”

What are the types of insurance?

There are primarily two types of insurance – life insurance and general insurance.

• Life Insurance
  Life insurance is a policy that shields your family in case of your death.

  There are primarily three types of insurance.

  1. Term Plan: A term insurance policy is a pure life cover. Here you pay a premium for a specific number of years and in case you were to meet your untimely death, the insurer pays the sum assured to your family.
  2. Endowment Policies: An endowment plan is a combination of savings and protection. With the same benefits of a term plan, however, here if you survive the policy term, you receives a lump sum payout as the maturity benefit.
  3. Unit Linked Insurance Plans (ULIPs): ULIPs are a combination of insurance and investment. The insurer can choose to invest in debt and equities. Though there are no guaranteed returns, a lump sum amount is paid to the policyholder at maturity. However, if you die during the policy tenure, the insurer pays him/her a sum assured.
• General Insurance
  General Insurance as the name suggests gives you financial coverage for your health, vehicle or even your home.
  1. Health Insurance
  2. Motor Insurance
  3. Two Wheeler Insurance
  4. Home Insurance
  5. Loan Care
  6. Personal Accident Insurance

Still wondering, why you need insurance. You shouldn’t.
Making the right investment choices is the way to go, but also protecting what’s dear to you is also a must.