Insurance - Is it must ???

Discussion in 'Money Matters' started by sonal1611, Jan 23, 2013.

  1. sonal1611

    sonal1611 Gold IL'ite

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    Hi , Want to know ur views for insurance.. As of now I dont have any insurance ( LIC policy). Please suggest whether one should go for it or not?? If yes , let me know which policy u will suggest .. :bowdown
     
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  2. Vemala

    Vemala Gold IL'ite

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    Lets divide insurance into two parts. General and Health insurance .

    Health insurance is necessary for current day life style.
    General insurance is good to have to protect our family if some thing goes bad.

    check in policybazaar.com for all the pros and cons . Its tailor made for each family and need to select depends on your budget.
    For medical insurance , I heard AIG is good.
    For General insurance, LIC is best even though there are many other schemes are available in the market.. They are reliable and get back money safely. But, you can check equity linked insurances , which will give good returns at the end of life term.
     
    Last edited: Jan 23, 2013
  3. Joni

    Joni Senior IL'ite

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    Hi Sonal,

    As far as I am concerned Insurance is must. As facebook suggested both health and life insurance are necessary. If you have a family which is dependant your income, even if partly, to compensate the loss of income due to risk it is ncessary to have insurance.

    With respect to how much insurance use this simple formula,

    your yearly contribution to family/ bank FD interest rate. i.e if you contribute Rs.2 Lakhs to your family now and bank interest rate is 10% then take insurance for

    2,00,000/ 10% = 20,00,000

    As far this purpose I would suggets term insurance
     
  4. Bullu

    Bullu Senior IL'ite

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    I think health insurance is must considering the medical expenses these day.
     
  5. Thyagarajan

    Thyagarajan IL Hall of Fame

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    :hello:The insurance industry has gone a sea of change since you posted this query seven years ago. But then I presume, you had ere now joined in some plan of Lic Or the private insurers like biggies hdfc life , reliance, GIC Et al.
    Insurance is not to be treated as investment. It is only to cover a risk in case....
    Net is flooded with insurance tips and FAQs. It answers why, how, when & amount vis a vis your life style, income and age. Web page of HDFC LIFE INSURANCE is one such. But one has to factor in matters like joint family set up or nuclear.
    In some big corporate hospitals accord special treatment in billing for patients with health insurance in force.

    With best wishes
    Thyagarajan
     
  6. sonal1611

    sonal1611 Gold IL'ite

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    @Thyagarajan Sir yes, that time I was new to all investments.

    I bought Term Insurance in 2019.

    Still health insurance is pending , will buy that as well post covid situation. As of now covered under corporate plan
    but will buy personal as well.
     
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  7. Ebenipada

    Ebenipada New IL'ite

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    What are your successes so far?
     

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