Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. Insurance companies invest these funds securely, so it can grow, and pay out when there’s a claim.
Why do I need insurance?
Meet the family, Mr Happy (40 Years old), his wife (36 years old) a home maker and their Son Master Smiley (10 years old). Mr Happy is working as a senior manager and presently drawing an annual salary of Rs 20 Lakh. He is doing fine financially and recently bought a flat for Rs 60 Lakh with total debt of Rs 30 lac.
Mr Happy was earning well and never felt the need of insurance but he was not able to foresee the potential risk he was taking.
Scenario 1: None of us know what lies around the corner; In an unforeseen event of Mr Happy death, his family would be in financial distress. How his family would manage outstanding debt, Smiley’s education, meeting family expenses.
Scenario 2: Mr Happy health deteriorates and has been diagnosed with critical illness , he would not be able to continue his job. Loss of earning, significant medical bill will bring down family financial health.
Scenario 3: Mr Happy house got fired and the value of the recently purchased house declined significantly; Now Mr Happy has to shell out significant amount to fix the house No one wants bad thing happen to them; However life is very uncertain and becomes is unpredictable and its always better to manage the potential financial risk and be prepared for unforeseen event Insurance keeps you and your family prepared for the financial losses arising from unexpected event.
Types of Insurance (
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1) Life Insurance
2) Health Insurance
3) General Insurance
Benefits of Insurance( 
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Conclusion:
Insurance is an instrument for managing risk. Suitable coverage can could provide the required protection and can prepare you and your family to manage financial losses due to unexpected negative events. Insurance can be used as an investment tool for planning long term goals such as retirement, kids education, kids marriage requirements. Insurance are tax efficient instruments.
Feel free to get in touch with MERA fund advisors to know the appropriate cover and appropriate product you should have, so that you and your family are well protected financially from unexpected risk.
What is Life Insurance?
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
You pay premiums for a specific term and in return, Insurance company will provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event.
In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.
Types of Life Insurance plans -
1. Pure Protection
- Offers life cover protection
- Affordable pure protection policy
- In case of unfortunate event during the policy term, life cover amount is paid to your family.
- Offers tax benefits.
2. Protection +Investment plan
- Offers life cover protection.
- Includes investment component thus create wealth.
- Offers tax benefit.
- In case of unfortunate event during the policy term, life cover amount is paid to your family.
4. Children & Retirement Plan
- Goal oriented investment plans.
- Provides financial protection.
- Offers tax benefit.
Benefits of Life insurance(
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Conclusion:
“ If I die, why do I need money?” You don’t- but your family needs it.
Life Insurance provides life cover. It provides financial protection to your family in absence of you.
With increasing cost, Its getting very difficult for the earning member of the family to meet ends financially. Think of a situation how your family would be financially jeopardized in your absence. The best thing you can do to your family members is to make sure they are financially protected in your absence.
Insurance can also be used to create wealth and long term investment planning; they are also tax efficient instrument.
You can get in touch with MERA fund expert advisors for appropriately selecting suitable product for you.
Get in touch with us for appropriately selecting suitable life cover for you and provide suitable financial protection for your family in your absence
Health Insurance
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.
Need for Health Insurance
- Medicare or medical costs are rising year on year.
- Medicare costs usually escalate in double digits faster than inflation.
- Health insurance plans cover as many as 30 critical illnesses and over 80 surgical procedures.
- Health insurance becomes critical for financial well being of the family.
Benefits of Health insurance(
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Conclusion
Health Insurance provides Health cover. It provides financial protection to you and your family when the covered members are diagnosed with some critical illness.
On one hand Quality of heath is deteriorating fast due to the amount of stress individual go through either due to work pressure, financial stress, strained relationship, increasing pollutions, changing lifestyle & food habits, while on the other hand the medical cost is raising faster than the inflation making many individuals financially unaffordable to access medical care.
Health insurance policy provides you and your family with suitable health care making you financially affordable for good medical care.
Get in touch with us for protecting yourself & family against health risk arising to covered members. Health insurance provides access and affordability to Quality medical care.