Tuesday, 21 May 2019

In your 30s? Here are 4 Types of insurance that you should start considering – Times of India

There are so many reasons why hitting your 30s can be exciting as well as exhausting. On one hand you bask in the success of crossing some important milestones in your career and on the other, the thought of retirement and other financial issues become much more real. With responsibilities expanding, there is no better a time to fence your finances and take some important decisions that will allow you to make the most of this phase of life. And one of the best ways to do this is having adequate insurance. Not surprisingly, the 30-something crowd tend to put buying insurance on the back-burner, assuming that it’s something that they do not need when they are in the prime of their lives.
But it’s time you shed these inhibitions and get engaged on the insurance conversation. Here are 4 insurance categories that you should consider right away.

Life Insurance


It’s easy to think you don’t need life insurance when you are relatively young. What a lot of people don’t know is that life insurance premium is determined by several factors, most importantly one’s age. This is why buying life insurance at a younger age means that you will pay a lot lesser for the coverage. Your 30s are therefore the win-win time to get insured. A life insurance policy will also let you lead a worry-free life by providing you with a protective cover against illnesses and unforeseen events, also acting as an income-replacement tool for your dependents.

Auto Insurance


Your 30s are a phase when you probably make more money than ever before. This is why it is easy to assume that a lot of young people at this age own at least one vehicle. Whether you own a car or a two-wheeler, buying auto insurance is extremely important, and it’s not just because the law requires you to get it. A good auto insurance plan covers your expenses in the event of an accident and/or an injury to the driver, passengers, and pedestrians. It also covers your vehicle in case of theft, damage or fire, providing enhanced protection at affordable rates.

Health Insurance


In a country like India, where medical treatment costs sky-rocket every passing day, health insurance becomes a vital insurance for people across all age groups. While people in their 30s might underestimate the need to avail this particular category of insurance, when they are at an age that is usually considered to be healthy, a health insurance policy is much needed. When buying a health policy, make sure that you buy one that provides coverage against medical costs, hospitalization costs, laboratory examinations, and of course, critical illnesses.

Home Insurance


There’s no doubt that your home is one of the biggest and most expensive assets that you own. This clearly explains why insuring your home is an inevitable component in your financial planning exercise. A good home insurance policy covers home repair without a massive outflow of capital, all at once. While a basic home insurance policy will provide coverage against fire, damage and a few other allied perils, you should always opt for a comprehensive householder’s insurance policy that also insures the contents of your house against theft, damage, or other electrical accidents. In your 30s, you certainly hold possession of expensive valuables like home theatre, jewellery, and other appliances. Additionally, millennials are a generation that is defined by gadgets. A good home content insurance policy will provide coverage for these gadgets and will make you feel secure when you are travelling or away. In this aspect, home content insurance is also ideal for youngsters staying in rented apartments since it is most likely that the landlord’s insurance policy covers just the home and not the contents of the rental property.

In our 24/7, multi-tasking world where there are so many distractions, ‘urgent priorities’, and several alternatives for our limited time and attention, it is only natural to push things for later. Reliance General Insurance ensures that buying insurance is not something that you procrastinate. To help you make better decisions when it comes to insurance in general and home insurance in particular, it has recently launched a new app called Reliance SELF-I which is an easy way for millennials to directly buy insurance with zero hassles.

Insurance buying and understanding of policies is now easy as you can also interact with a chatbot that guides you to customize the Home Insurance Product purchase basis your need or home. The app is easy to use and the interface is seamless. It aims at speeding and simplifying your insurance claims and policy renewal process. And while you do this, you can also store all your policy related documents in an E-Doc vault that you can access wherever you are. For every tech-savvy person out there, the easy comes with greater benefits as now you can simply sit and get insurance against the breakdown of electric and mechanical gadgets. With hassle-free login options, real-time notification about the status of your claim/service request, instant video assistance with claim advisor for a speedy claim process, and Insta Locator to find nearest hospitals & garages for cashless transactions in case of emergencies, SELF-I is the insurance guide that you had been looking for all your life. It’s time that you become mindful of money matters so that everything else falls into place! Get started with Reliance General Insurance today!

Disclaimer: This article has been produced on behalf of Reliance General Insurance by Times Internet’s Spotlight team.

Source: https://timesofindia.indiatimes.com/in-your-30s-here-are-4-types-of-insurance-that-you-should-start-considering/articleshow/67254848.cms

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