Most Preferred Insurance Policies for Young Professionals
Many individuals have a pre-conceived notion that the benefits of an insurance policy come into play only during the later years of life. However, financial advisors state that it is advisable to invest in an insurance policy during the early stages of life. Given that life is uncertain and the occurrence of an untoward incident is possible at any time, it is advised to invest in an insurance plan as early as possible.
The good news is that there are numerous insurance policy options available for young individuals, especially young professionals. Such individuals may enjoy the benefits of an insurance plan at affordable premiums. This is because insurers consider those in the lower age bracket as low-risk individuals and provide coverage at a lower cost.
If you are a young professional deciding the best-suited plan according to your needs, you may consider the following types of insurance plans.
1.Health insurance plan
Medical inflation is increasing at a rapid rate. In order to protect yourself against the ever-increasing medical costs, you may consider investing in a health insurance plan. Such a plan provides financial coverage against hospitalization charges, domiciliary-related expenses, and ambulance charges, among others. Health insurance plans also cover lifestyle-related diseases.
2.Personal accident insurance
As per a Report on Road Accidents in India 2016 by Ministry of Road Transport and Highways, in the year 2016, around 4, 80,652 accidents took place in the country. In order to financially cover yourself against such untoward road accidents, you may invest in a personal accident insurance policy. This plan offers compensation in case of accidental injury and permanent or temporary disability. Besides, your nominee is entitled to receive a lump sum in case of death due to the accident.
Term insurance offers coverage for a fixed term. Such an insurance policy is suited for young professionals as it entails a lower premium. Besides, young individuals like you are less likely to have contracted any lifestyle disease or disorders, and hence, the chances of your term insurance policy getting rejected are minimal.
4.Critical illness plan
Critical illness policies, also known as dread policies offer coverage against specific illness as per stipulations of the insurance plan. Upon diagnosis of any of the critical illnesses, the insurer provides a lump sum, which may be used to meet your financial needs. It is recommended to invest in a critical illness plan during the early stages of life as the premiums are usually low.
The younger generation has age on their stride. You may take this to your advantage and invest in an insurance plan as early as possible. You may compare various insurance plan options and invest in the one best-suited to your needs and requirements.
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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