(Last Updated On: July 5, 2019)

Each one of us has long-term & short-term goals in life and we strive hard to achieve them. Some examples of short-term goals are getting a good job and owning a car, etc. While long-term goals could be buying a house, and settling in life (i.e. something that makes life more comfortable).

However, in the process of achieving these objectives, we may tend to overexert ourselves. And, this may take a toll on our health & well-being.

Moreover, owning a car is no longer an aspiration. In fact, it has become a necessity. Unlike the good old times, where you required a sufficient amount of money to purchase your dream car, now you have the option of taking a car loan that can supplement your dream.

If you are planning to buy a car, you should be aware that car insurance is mandatory in India. Even though many car owners are aware of the rules & regulations, they still keep fake insurance papers in order to evade paying the insurance premium.

So, let’s discuss some important points related to car insurance and health insurance in India. Since these are more or less aligned with our different personal goals. Remember, investment and insurance are two significant and separate goals to add. And, you must be familiar to anything that helps you achieve these easily.

Car Insurance: Importance & Types

While buying a car insurance policy, you must analyse few crucial factors like:

  • You should check about the overall review of the insurance company.
  • Check the spectrum of policies offered by the insurance company.
  • Know about the insurance cover provided under different categories of policies.
  • Understand the overall claim process.
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In addition to above, you should be aware of types of insurance. There are two broad categories of car insurance policies:

1. Third Party Liability Insurance:

According to the motor law of India, this is a mandatory policy for any car owner. It majorly covers the damages incurred to third parties like injured pedestrians, damage to other cars/vehicles, and other kinds of damages caused by your vehicle in the process of any untoward incident.

In a nutshell, it covers damages caused to third parties by the insured vehicle.

2. Comprehensive Car Insurance:

This policy is more costly when compared to third party liability insurance. Since it has more benefits as compared to third party policy. It covers both self. i.e. driver driving the car, damages caused to the insured vehicle, along with any third-party damages.

There are other features that customers can opt for when buying car insurance online. Some of them are cashless claims across different garages in India and free road-side assistance.

So, depending on the price of the car and your budget, you can also go for add-ons under your car insurance policy. Some of the popular add-ons are:

  • Depreciation Waiver cover
  • Loss of Baggage cover
  • Tyre cover
  • Windshield glass cover
  • Key replacement cover, etc.

Moreover, if you own a luxury car, you should choose the best kind of car insurance policy. Hence, you can have your vehicle protected in any unforeseen scenarios.

Insurance Policy in India

Health Insurance: Need & Benefits

Another popular category of insurance is ‘Health Insurance’. We should never forget that there are people who are dependent on us and you need to think about them as well. At the end of the day, you don’t want that your hard-earned money is eventually spent on hospital bills.

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Hence, it is important to opt for a health insurance policy that can provide you benefits like:

  • Cashless hospitalization facility
  • Coverage of pre-hospitalization
  • Post-hospitalization expenses,
  • One which is widely accepted across hospitals (irrespective of whether they are located in tier-1 or tier-2/tier-3 cities).

Therefore, whether you are looking out for health insurance provider or car insurance provider, you should always check if:

  • The insurance provider has a good customer support.
  • It has customer friendly policies.

Insurance In India: The Bottom Line

In addition to health insurance, there are different categories of life insurance plans also namely: Term plan, Money back plan, Family health insurance, etc.

As a customer, you should look at the Claims Process of the insurance company that you decide to go with. With the advent of technology and social media, buying a health insurance policy online or car insurance policy online has become very simple. All you need to do is select the right kind of insurance policy that suits your requirements.

Now, if you wish to invest your money for growth of your money or financial security, choose the plan very wisely.

Now, may it be health insurance or car insurance, you should make a wise decision of choosing an insurance provider that has a good number of insurance options. The one that has smooth customer on-boarding & easy claim settlement process. What do think about it? Feel free to discuss.

Why it is important to choose a well-suited Insurance Policy?https://fintrakk.com/wp-content/uploads/2019/05/Insurance-1024x683.jpghttps://fintrakk.com/wp-content/uploads/2019/05/Insurance-150x150.jpgadminInvestmentcar insurance,car insurance policy,health insurance,insurance,Insurance in India,insurance policyEach one of us has long-term & short-term goals in life and we strive hard to achieve them. Some examples of short-term goals are getting a good job and owning a car, etc. While long-term goals could be buying a house, and settling in life (i.e. something that makes...Personal Finance Blog