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5 Insurances You Definitely Need In 2018: Check Out What Are You Risking!

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Vishal Aaditya Kundu

With so much to think and care about, life is full of surprises. We never know what is going to happen next, but it's always a good idea to stay secure. There's a lot you need to know beyond life insurances.

India as a nation is still lagging behind when it comes to insurances and safeties.

From an accident to critical illness to fire or burglary to financial loss, there a number of insurances you should know about. This is called managing the risk. Insurances help you to arrange and transfer the risk to a financially sound entity.

We have covered all the insurances you should have.

1. Life Insurance


The death of the earning member or an untimely death can risk the future of a whole family. Proper financial planning is important. To have a ready solution and manage the risk of an early death, you should have an adequate life insurance cover.


So, it's better to go for a life cover through a low-premium term insurance plan. This will help you will lower premium with the life insurance and investment with the selected products.


2. Critical Illness Insurance

This is different than the health insurance. The critical illness insurance will help you even if you are jobless. Something like cancer or heart problem or a kidney failure is not generally covered the health insurance. The critical illness cover will ensure the total sum insured in lump sum.

This insurance covers all the respective expenses during the whole treatment. You will get the whole money even if you survive through at least one month from first detection of the critical illness.

3. Health Insurance


Health Insurance ensures that you can get good treatment at private hospitals. The treatment at any good private hospital is very costly, so a health insurance will save you in such situations. A bill nowadays is as high as all the savings a middle class family does in a lifetime.

The healthcare is getting costlier day by day and an apt health insurance cover is very important. This saves you from the unpredicted costly expenses of hospitalisation.

4. Householder Insurance


The householders insurance is related to the products present at your house. The insurance will cover you against any damage caused by some unavoidable circumstance. The insurance even covers natural disasters like fire, earthquake, flood or any other natural calamity.

The householders insurance will even cover the damages related to burglary and theft. The householders policy is very comprehensive in nature covering all the items at your house, losses due to personal accident, third party claims and more.

5. Third Party Insurance

The third party insurance is basically a liability insurance insuring the first party causing any damage to the third party. A compulsory product now for motor vehicles, the insurance covers death or injury of a third person due to an accident. The third party claim may be worth millions depending on the financial status of the that person.

The third party insurance will come handy as the whole liability will then get transferred to the third party. This insurance is available for motor vehicles, apparatus, operations and more.