4 important points which determine your Insurance Policy BUY decision!
When Do You Buy An Insurance Policy?
In the context of Life Insurance, Often my clients ask When I should buy an Insurance?
Some of the answers I heard from the Expert's, and which makes sense to me are the following:
It is very important to have a Health Insurance policy as soon as you start earning. In India, for lower income level, there is ESI (Employee State Insurance) care available depending on the establishment you work for.
For people working in professionally managed organizations (Eg., MNCs), you are generally covered under a Group Mediclaim and/or Personal Accident cover.
These are posed as an excuse to not to buy a Health Insurance policy by many. However, from my own experience, I advise you to have a Family Floater Policy for your family by yourselves.
In case of Motor Vehicles, as soon as you buy the vehicle, before you drive your vehicle out of the showroom, you will have to buy a Motor Insurance. As simple as that!
Well, if you don't know, always as an expert!
Niranjana K.R. is a senior business management professional with over 27 years of experience in the Manufacturing, Software Engineering and Systems Engineering fields. His main area expertise is Total Quality Management. He has gained his knowledge on managing his investments through personal experiences. He is a certified Insurance Advisor catering to insurance needs of Individuals, and Companies.
Some of the answers I heard from the Expert's, and which makes sense to me are the following:
- As soon as you start earning,
- As soon as your family starts depending on your income,
- When you can afford it,
- When you don't want it!!
It is very important to have a Health Insurance policy as soon as you start earning. In India, for lower income level, there is ESI (Employee State Insurance) care available depending on the establishment you work for.
For people working in professionally managed organizations (Eg., MNCs), you are generally covered under a Group Mediclaim and/or Personal Accident cover.
These are posed as an excuse to not to buy a Health Insurance policy by many. However, from my own experience, I advise you to have a Family Floater Policy for your family by yourselves.
In case of Motor Vehicles, as soon as you buy the vehicle, before you drive your vehicle out of the showroom, you will have to buy a Motor Insurance. As simple as that!
Well, if you don't know, always as an expert!
Credits: IRDA, Insurance Institute of India, All those who are involved in the Insurance Industry both in India and abroad.
About the Author:
Niranjana K.R. is a senior business management professional with over 27 years of experience in the Manufacturing, Software Engineering and Systems Engineering fields. His main area expertise is Total Quality Management. He has gained his knowledge on managing his investments through personal experiences. He is a certified Insurance Advisor catering to insurance needs of Individuals, and Companies.
He can be contacted at: niranjanaramaswamy@niranjanaassuranceservices.in;
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