June 28 is Insurance Awareness Day. On this occasion, Pankaj Verma, Head (Underwriting), SBI General Insurance, says that this time on the occasion of Insurance Awareness Day, understand the importance of insurance, as well as why there is a need for insurance and it is important for you and your family. Read more about how we can help secure the future of the U.S. So, take a step towards making a wise decision today. He says that we should also consider situations that are beyond our control, including emergency hazards on health, natural calamities or accidents, etc. If you look at it from a holistic perspective, health is currently being given special attention, but it is equally important to protect your home, vehicle, property or anything that is of utmost importance to you with insurance.
Insurance and its reach in India
Due to the circumstances of the last year, the awareness about insurance has increased significantly. To be insured means to be safe – this common adage has proved true for many. People with adequate insurance have had less to worry about during this crisis, and have helped them get back on their feet sooner. This has inspired all those who had not insured earlier. Such people are also now thinking about buying the right insurance cover. Unfortunately, overall insurance penetration is still in a very poor state across the country. Although getting adequate and suitable insurance coverage for oneself is the cornerstone of better financial health, people often avoid it due to the complexity of the subject, and do not understand the risks involved. But this is the right time, when one should understand that due to any kind of mishaps and accidents, their financial condition can become very unstable and they can face a big crisis, as we saw last year. In a country where a large population depends on deposits to meet their medical expenses, a lack of access to insurance can affect the entire economy. Protection in the form of insurance can help avert such disasters.
health insurance so we can stay safe
Certainly, health insurance is one of the most important things we all must have. But not any health insurance, but one should choose the right insurance based on one’s age, lifestyle, lifestyle and health. It has many benefits, which include cashless treatment, coverage of pre and post medical expenses, coverage of ambulance expenses as well as benefit in income tax under section 80-D etc.
Choosing the right health insurance
Choosing the right insurance product is probably the most important part of the insurance buying process. While choosing the insurance, consider all the benefits of the policy thoroughly. Check out network hospitals in and around your area. First, prepare a list of the needs of your family, as well as the treatment you have had in the recent past and the cost of it, so that you can understand your possible needs in the future. Also, compare out-of-pocket expenses (co-pays) to determine how much you’ll need to pay in times of need. Check coverage for the days before and after hospitalization, as well as whether major common illnesses are covered. Also, take a good look at the diseases that are not covered in the coverage. While the premium amount is significant, the reliability in the market in terms of the claims settlement ratio and its legacy is perhaps more important. In addition to a basic policy with massive coverage, it is always advisable to go for a top-up policy.
Insurance coverage beyond health
The scope of insurance extends beyond health insurance. It is important to remember that any sudden expenditure can damage your savings. So, if you have a vehicle, it is extremely important to have proper motor insurance. Home insurance is also very helpful so that you can be assured of peace of mind. With children studying from home and everyone working from home, the possibility of cyber fraud is also very high, so cyber insurance can also come in handy for you.