Insurance Policies for the Young

 

      

A comprehensive insurance plan is required for the young population in India as they are quick to acquire assets such as vehicles, houses, expensive items once they become financially independent. They also prefer extensive overseas and domestic travel as part of their lifestyle choice. And an erratic lifestyle has given rise to many health issues among India’s young population today.

 

Young Indians today are exposed to health issues, accidents, and travel risks thanks to their lifestyle. Any such eventuality leads to a financial strain and puts their future plans in jeopardy. An insurance plan aids in minimizing the monetary loss caused due to such incidents.

 

In fact, insurance cover for all assets and risks is an important aspect of financial planning for young people. To put it in perspective, here are the advantages of getting insurance:

 

·        Health insurance policies cover the cost of hospitalization, including the costs of treatment, medication, and surgical procedures.

·        Motor insurance covers vehicular damage from accidents or theft and third-party liability.

·        Home insurance policy covers against damages due to unforeseen incidents like natural disasters, fire, or burglary.

·        Travel insurance policies losses during travel, including medical emergencies, trip cancellation, loss of checked-in luggage and more.

 

Types of insurance covers

 

Health insurance: A health insurance policy covers hospitalization costs, pre-hospitalization and post-hospitalization expenses, and outpatient department (OPD) costs in some cases. Critical illness cover is offered in some policies. To safeguard from high medical costs, a health insurance policy is advised as it minimizes the costs and provides cashless hospitalization in case of need.

                                                                                                       

Sum insured chosen may be individual or floating, depending on the family type and size & age. One may also choose add on like personal accident cover, day care procedures etc. Continuous coverage without break offers cumulative bonus which adds to the sum insured for claim free policies. Health insurance for a group can be structured as per specific requirements. The advantages of having a health insurance plan are:

·        Tax exemption under Section 80 D and seamless transition without break in cover.

·        Network hospitals provide cashless treatment, the advantage is one’s hard-earned money need not be spent to avail quality health treatment.

·        Health insurance plan can be ported to nearest branch for quick service.

Personal accident insurance: This policy covers death, disablement, bodily injuries to the employee resulting solely and directly from accident caused by external violent & visible means within 12 months of its occurrence. Accident may include events like Rail/Road/ Air accidents, injury due to any violent collision or fall etc.

Policy covers:

Table I:  Death cover

Table II: Death and Permanent Total Disablement

Table III: Death, Disablement & Temporary Total Disablement

Medical expenses can be covered on payment of additional premium. This is a worldwide cover & 24-hour cover. Compensation is paid to the nominee as detailed in the proposal form.    

 

Motor insurance: Car insurance and two-wheeler insurance are covered for damages to the vehicle, due to accidents, natural calamities, theft, and third-party liability. With more electric vehicles coming into use, especially among youth, motor insurance policies cover electric vehicles as well. Comprehensive own damage cover of motor vehicle includes loss or damage caused to the vehicle and third-party liability.

 

 

Home insurance: A new or old house must be insured against damages by fire, natural disasters, burglary, and other potential risks. Policy covers contents inside the house, including electronic gadgets, furniture, and personal belongings and all items which cause a financial loss to the home owner, should the item be lost or damaged.

 

Travel insurance: To have peace of mind while travelling and to enjoy travel, a travel insurance cover is most recommended. Policy provides cover for medical emergencies, evacuation expenses, and hospitalization while traveling. It also covers baggage loss, flight delays, and trip cancellation.

 

Customized policies are in vogue and help the young population today to decide the nature of cover, extent of cover required, according to the risks one is exposed to. An insurance plan is similar to a savings in a bank and is a security cover as it offers protection against unexpected risks which can impact one’s life.

 

 

We at Zen insurance assist in choosing the right Insurance cover to suit your needs. Please contact us for assistance.

 

 Disclaimer:   

 Zen Insurance Brokers is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products.