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General Insurance Plans Young People Should Have
Nov 13, 2023

General Insurance Plans for Young Adults: Must-Haves for Financial Security

Introduction

The importance of insurance cannot be overemphasized, especially for young people who are just starting their independent lives. For every young individual stepping into the adult world, it is crucial to consider investing in a general insurance policy. General insurance is an umbrella term for policies that provide protection against diverse risks not covered by life insurance, such as motor, health, home, and travel.

Why Should You Invest In General Insurance Plans?

An investment in general insurance plans is a significant step towards financial independence and security. It's not about expecting the worst but being prepared for it. As a young adult, you may be exposed to different risks, including health issues, car accidents, and property damage, which can result in high out-of-pocket expenses. Insurance provides a safety net in these instances, helping you avoid debt and financial strain. Furthermore, insurance renewal at the end of the policy term ensures that the coverage continues uninterrupted, providing constant protection against potential risks.

Coverage Offered By General Insurance Plans

General insurance plans offer comprehensive coverage for a variety of situations.
  1. Health insurance policies typically cover the cost of hospitalisation, including the costs of treatment, medication, and surgical procedures. *
  2. Motor insurance plans are designed to protect you against financial losses due to vehicular damage from accidents or theft and even third-party liability. Depending on the plan, the coverage varies. For modern electric vehicles, specialised plans are also designed that cater to the different coverage requirements. *
  3. A home insurance policy covers you against damages due to unforeseen incidents like natural disasters, fire, or burglary.*
  4. Travel insurance policies safeguard you from potential losses incurred during travel, including medical emergencies, trip cancellation, loss of checked-in luggage and more. *

Types Of General Insurance Plans

There are several types of general insurance plans designed to cater to different needs and situations. The most important ones for young adults include:
  1. Health Insurance

It is of paramount importance, considering the skyrocketing healthcare costs. A health insurance plan covers hospitalisation costs, pre-hospitalisation and post-hospitalisation expenses, and sometimes even outpatient department (OPD) costs. Some plans also include maternity benefits and critical illness coverage. Hence, as a young adult, it is crucial to pick a comprehensive health insurance plan that suits your needs and safeguards you from heavy medical expenses. Claims are subject to terms and conditions set forth under health insurance policy. *
  1. Motor Insurance

It includes car insurance and two-wheeler insurance for both private as well as commercial vehicles. These are especially important if you're a vehicle owner. The insurance policy covers damages caused due to accidents, natural calamities, theft, and third-party liability. Bajaj Allianz General Insurance Company, for instance, offers a wide range of motor insurance policies that offer comprehensive coverage. Claims are subject to terms and conditions set forth under motor insurance policy. *
  1. Home Insurance

When moving into a new home, safeguarding it should be a priority. Home insurance provides coverage against damages from fire, natural disasters, burglary, and other potential risks. It can also cover valuable contents inside the house, including electronic gadgets, furniture, and personal belongings, ensuring peace of mind. Claims are subject to terms and conditions set forth under home insurance policy. *
  1. Travel Insurance

If you're a globetrotter, travel insurance is a must-have. It provides coverage for medical emergencies, evacuation expenses, and hospitalization while traveling. In addition to this, it covers baggage loss, flight delays, and trip cancellation. Thus, securing travel insurance can help you enjoy your adventures without the added stress of unforeseen circumstances. Claims are subject to terms and conditions set forth under travel insurance policy. *
  1. Bajaj Allianz's EV Insurance

EV insurance is an extension of motor insurance discussed above. However, it is fine tuned for the specialised nature of EVs and the challenges faced by them. For those conscious of their carbon footprint and owning or planning to own an electric vehicle, Bajaj Allianz General Insurance Company offers a tailor-made EV Insurance Plan. It provides comprehensive coverage including third-party liability, personal accident cover, and protection against damages to the vehicle from accidents or theft. Given the rising popularity of electric vehicles among young adults, this is a key insurance policy to consider. Claims are subject to terms and conditions set forth under EV insurance policy. * By understanding the varied types of general insurance and their distinct benefits, you can choose the ones that align best with your lifestyle and needs. Remember that timely insurance renewal ensures that your policy continues to provide protection against potential risks, helping you lead a worry-free life.

Conclusion

Being young and independent comes with its own set of challenges, and it's essential to be prepared for unexpected situations. Investing in general insurance policies, such as those offered by Bajaj Allianz General Insurance Company, can be your first step towards this preparedness. They provide the necessary financial shield against unforeseen incidents, helping you focus on building your future with peace of mind. The best part is that the convenience of insurance renewal makes these policies even more beneficial, ensuring you're always covered.   * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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