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Different Types of Protection Plans

Read this article to know about the types of protection plans that are highly suggested by financial experts to achieve a balance between the emotional and financial aspects of life.

  • 3,331 Views | Updated on: Mar 22, 2024

Protection plans in India have certainly evolved into an important and viable part of life planning, providing comprehensive security to all that matters and ensuring the future of your loved ones. While the unfavourable events in life cause emotional havoc that cannot be overlooked, these policies are meant to protect you from financial hardships, ensuring monetary risks are kept at bay.

Despite the fact that the fast-paced modern lifestyle gives us a plethora of options across all aspects of life, creating a protection plan portfolio might prove to be a highly daunting task due to the ocean of alternatives that are just a click away. Your personal needs will always emerge as a guiding force to help decide the best protection plan with regards to the type and number of plans you would need.

Nevertheless, we will now look at the most popular forms of protection plans that are also highly suggested by financial experts to achieve a balance between the emotional and financial aspects of life.

Life Insurance and Family Protection Plan: Path To A Stress-Free Life

Life insurance is a cover that allows the insured to provide financial security to their family after their demise. Different policies like term plan, child plan, investment plan, ULIPs, retirement plan, endowment plans, etc. fall under this umbrella. Assume you are the family’s primary breadwinner, providing for your spouse and children. An unfortunate event with you can be detrimental to their financial stability. Life insurance prevents this from happening by giving monetary assistance to your loved ones even in your absence. Term plans are one of the best protection plans in India as you can also avail tax benefits under these schemes. Additionally, you also have an option to add riders like critical illness riders, or accidental insurance riders to strengthen your base policy.

To know more about Term Insurance, read this article.

Health Insurance: Stay Hale & Hearty

Health insurance policy has become essential in India due to growing medical costs. It covers the medical expenses which is inclusive of doctors’ consultation fees, medicinal drugs, surgeries, etc. A variety of illnesses are covered by different kinds of health insurance coverages in the form of rider benefits. Additionally, you can purchase both general and disease-specific medical insurance coverage.

Property Insurance: Where Happiness Thrives

Home is where the heart is! This lovely statement also lays emphasis on the significance of where you experience cherished moments, and what better place to enjoy them than at home. For businesses, their commercial property holds similar significance. In the case of an accident, such as a fire or any kind of natural disaster, property insurance can help cover the cost of rebuilding or repairing your residential or commercial property.

Motor Insurance: Companion For Worry-Free Rides

Motor insurance is a policy that offers financial assistance in the event of accidents involving your vehicle. You can avail motor insurance for three categories of motorized vehicles, namely, car insurance, two-wheeler insurance, and commercial vehicle insurance. Additionally, motor insurance policies can be a third-party liability, comprehensive cover, and own damage cover based on the extent of cover or protection offered.

Travel Insurance: To Enjoy Safe and Happy Travels

Travel policies ensure the financial safety of a traveler during a trip. Therefore, when compared to other insurance policies, travel insurance is a short-term cover. It offers financial aid during baggage loss, flight delays, reclaim lost travel documents, trip cancellation, etc.

To summarise, purchasing these protection plans based on your individual needs is not only another step in ensuring that everything you hold dear is secured, but it is also the most practical way to get through the tough patches with ease and peace of mind.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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