A dependent is someone who needs another person’s financial support. This can be a child who is a minor, your aging parents or even your spouse. Insurance is the best way to ensure that even in your absence, your dependents never struggle through any sort of financial difficulties.
But what if you don’t have dependents? Do you still need it?
The answer is a resounding yes, because insurance helps you save money, by reducing the amount you need to pay out of your own pocket.
Let’s look at 4 reasons you need insurance even if you don’t have any dependents:
You might be single and unmarried right now, but what if sometime in the future, you decide to get married, or have kids? What will happen when your parents retire?
If things do change, you’re going to need to buy insurance, but if you wait too long, the premium will rise to a point where it may become unaffordable, especially because you have nobody’s income to depend on but your own. This is why it’s essential to get insurance when you are as young as possible.
If you contract a major illness like cancer, heart disease, etc., the financial strain caused can be unimaginable. It costs an average Rs. 10 lakhs for Cancer treatment, Rs 18-20,000 a month for peritoneal dialysis for Kidney diseases, and around Rs. 20 lakhs for a lung transplant. Such expenses can burn a hole in your pocket and thus, it’s essential you have someone to fall back on, such as your insurer. Here’s your guide to picking the right plan to insure you against critical illnesses.
Most types of insurance, such as life, health, critical illness, etc., offer tax savings under Section 80 (C), 80 (D) and 10(10)D of the Income Tax Act. These provisions allow that the amount you pay as premium and receive as maturity benefits, can be deducted up to a pre-defined limit from your taxable income. Plus, it’s time to submit investment proofs, so here is how insurance helps you save tax and your guide to submitted investment proofs to avail tax deductions.
A car, a home, a trip abroad- every one of these- and more- are prone to risks of damage and destruction on a daily basis. You need to get yourself insurance because if you do not, the cost for repairing each of these will have to be borne entirely by you, a situation which can derail your entire future. Thus, here are your guides to Home Insurance, Motor Insurance and Travel Insurance.
Thus, as we can see above, insurance is all about paying a nominal amount as premium, in return for an on-demand amount that is exponentially more than what you pay, and can protect you from the financial consequences of damage and destruction to your most prized assets.
"An investment in knowledge pays the best interest"- Benjamin Franklin -
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Do you have a valuable possession you always wanted to insure but weren’t sure if it was possible to do so? After reading about these 5 strange insurances being availed in India, you’ll have your answer.
All insurance policies are available to everyone (subject to underwriting decisions). There are no special policies, so if you’re being told you’re being given preference, don’t take it at its face value.
Life insurance is another such thing, and the right time to learn about it- any time between when you start earning money to when you’re forced to stop.
Parting from a loved one is always difficult and there is no parting more difficult and grievous than the one that comes with death. However, even in such unfortunate circumstances, there are certain obligations that you need to fulfil.
Though working on filing an insurance claim after the death of a loved one is always hard, you must try and look at the bigger picture, which is that they wanted to make sure you are well taken care of.