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Importance of Insurance
Feb 27, 2023

Why Do You Need An Insurance Plan?

More and more people are stressing the importance of insurance policies (such as general insurance policies) these days. As a result of which, the insurance market is witnessing double-digit year-on-year growth. But why are people now buying more insurance policies than ever? Read on to know more. It is a known fact that life can take any kind of unfortunate turn. Your home can get destroyed by a fire or any kind of natural calamity, you can lose your precious car to a hurricane, or worse, you can get involved in an accident and be hospitalised or meet an untimely death. Imagine the financial burden any such situation will put on you or your family. If you, however, have the appropriate general insurance policy, you can easily safeguard yourself from the financial implications of such tragedies. To get an insurance policy, all you need to do is reach out to an insurance company, such as Bajaj Allianz, and then pick the general insurance plan that is right for you and submit the required documents. Then, to keep your coverage active, you need to pay a sum of money every year, which is called the policy premium. This ensures that your losses are covered up to the extent of a fixed sum, known as the policy’s coverage amount. Your coverage amount will depend on your profile and the premium you are paying. What Is The Importance Of A General Insurance Policy? A general insurance policy can come to your rescue in several scenarios. The most obvious reason why you need to opt for a general insurance policy is the fact that it can protect several assets of yours. For a small insurance premium every year, you can guard yourself against the financial losses you might incur if something happens to your assets, such as your home, your car, your business vehicles or even manufacturing machines. Another reason why going for a general insurance policy might be a smart move is due to its function of protecting your assets which you have purchased with your hard-earned money, you can be more at peace. As a result, you will be able to go about life with fewer worries and even sleep at night without stressing about what would happen to everything you have bought for yourself and your loved ones. The types of general insurance policies you can choose from can be found below. Health insurance: At any point in time, you can be subjected to an unfortunate accident, ailment, or disability, and the chances are that their treatment would cost a lot of money. To cover them, you may have to dip into your life’s savings or that of your family, which will leave you financially crippled after the procedure. But, if you have health insurance coverage, you will be able to avoid such a scenario. The way that a health insurance policy works is that for a specified premium, your insurer will take on medical expenses attached to several health issues, and events such as hospitalisation, treatments you receive, and so on. Long story short, a health insurance policy ensures a financial safeguard, and thus, you should include it in your financial plan. Such insurance plans can even come in handy while availing cashless facilities at any hospital that is a part of the insurer's network. * Home insurance plans: Such insurance schemes are designed to cover any damages to your house in case it is subjected to events such as accidents, fires, near destruction due to natural calamities or even burglary. If your humble abode is subjected to any such unfortunate event, as a home insurance policyholder, you can file a claim with your insurer. As per the obligation, the insurance company will reimburse the money that you can use to buy a new home or the items that were stolen. * Motor insurance plans: These insurance plans protect you from any financial implications associated with your vehicles. Standard motor insurance policies, such as the Indian government-mandated third-party policies, can only come to your rescue if you have damaged someone’s vehicle, property, or body. But a comprehensive insurance plan can safeguard you and the third party from financial losses that come attached with an unfortunate accident. Also, a comprehensive car insurance plan can safeguard you from natural and man-made calamities such as hurricanes, riots, violent strikes, and acts of terrorism. * * Standard T&C Apply Now that you have read about the kind of general insurance policies that are out there, their importance must be clear to you. If you are looking for any kind of insurance coverage, why not look at the policies offered by Bajaj Allianz? Additionally, while choosing an insurance provider, you also must ensure that the insurance renewal procedure is simple and understandable as well. The good news is that Bajaj Allianz shines there as well! So go and take a look at the policies soon. 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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