Three Types of Insurance That We All Need in Our Lives
Insurance policy is the need of every individual most of the people in Pakistan are not aware of its importance. This is the reason they fail to plan their lives properly. They do not even consider it essential to think about insurance policies. This world is full of condition that we can never imagine. In such conditions, one must have a proper Insurance Policy in Pakistan for support. In a difficult situation, the insurance companies can act as the biggest support system and can provide the value to your savings. The central idea of this article is to provide some basic information about the three essential Insurance Policies in Pakistan.
- Life Insurance Plan
Life Insurance is an essential plan if you want to provide value to the saving of your life. The biggest importance is that it covers the expenses of your funeral. It also provides helps to the people those are left behind and can not the amount that you have stored for them. No one wants to see their family suffer thus it can be a better option to protect them with the help of right life insurance plan. The point to highlight is that it’s not just for the funeral purpose there are money other benefits that play role in making it an essential insurance policy. First of all life Insurance has two major types
- Term Life Insurance
- Whole Life Insurance
The main difference between both is that term life insurance policy is valid for a certain period and is a subject of renovation. Whereas, whole life insurance is long term plan, and will provide the benefits in form of lump-sum amount. Both of these policies are useful in their way.
Benefits of Term Life Insurance:
- You can get High Sum at Affordable Premium.
- Easy to Understand and buy
- Numerous Death Benefit and pay-out options.
- Additional Riders according to the needs.
- Income Tax Benefits.
- Critical Illness Coverage and other medical coverages depending on the policy you buy.
- Accidental Death Benefit.
- Return of Premium Option under certain terms and conditions.
Benefits of Whole Life Insurance
- Protection to last a lifetime
- Cash value
Different companies in Pakistan can provide you with the benefits depending upon their policies, for example, Adamjee Life Insurance Provides you with the packages like Investments plans, education and retirement plans, saving plan, and more.
- Health Insurance Plan
Health Insurance Plan is for supporting you during medical emergencies. It is a plan that is available for both individuals and families. Sometimes it becomes difficult to arrange things on time, and you need financial help. This COVID-19 situation taught us that emergencies can happen, and you should have proper planning to deal with such issues. You can not run from the conditions but can prepare yourself to face them. This planning can help you to save yourself from financial and emotional both type of traumas.
Benefits of Health Insurance Plan:
- Pre and post hospitalization
- Room bills
- Medical supplies
Other than these basic coverages there is much treatment in which the insurance plan can help. There is also an option of critical illness facility that provides cover for
- Heart Attacks
- Open Bypass Surgeries
- Cancer Treatments
- Stroke and Paralysis
- Organ Failures and Transplants such as Kidney
Same as Life Insurance in Health Insurance Plan the companies provide the benefits according to their policies. For example, IGI life Insurance provides the Inpatient Medical Cover, Extended medical cover as riders and waivers, Additional benefits, out-patient benefits, Maternity benefits, and more. You can customize and choose the plan according to your needs.
- Auto Insurance
Auto Insurance is the most common insurance plan that people should have in their life. It comes with multiple benefits and advantages. Driving a car is normal, and you can face different accidents in this the only thing that can help you is the insurance policy. The major two types of Auto Insurance Policy that you can buy is the
- Comprehensive Auto Insurance
- Third-Party Liability insurance
Comprehensive Auto insurance is for providing complete coverage for the damages that can occur to your vehicle from natural accidents to riots and theft cases. On the other hand, third party liability provides the benefits to the people that can face loss because of your mistakes. They both are important and can play a vital role.
- It can provide benefits to the survivor of the accident as well as in some death cases.
- Provide the amount for the bills in case of car repair because of accidents and other factors depending upon the type of policy you buy.
- Provide coverage from theft, riots, natural disaster, third party coverage and more.
These three are the most essential and wanted an insurance policy that can help you to spend a healthy life style with your family. This insurance policy can save you from many problematic situations and can act as a huge support. No one can underestimate the importance of this three insurance policy. Choose the best with the right Best Life Insurance Company in Pakistan, and buy yourself the right insurance. It will not only help you but will also provide you with the peace of mind.