Keep your insurance & investments separate; Here’s why

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KEY HIGHLIGHTS

  • Health Insurance Covers Medical Emergencies
  • Investments Are Made For A Predetermined Goals
  • Mediclaim, Disability Insurance & Life Insurance Cover Are The Must Haves

New Delhi: When monsoon arrives, you keep your raincoat & umbrella handy as one cannot predict when and where rains will arrive.

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Similarly buying a health or life insurance is like buying a raincoat & umbrella to protect you and your family from any sort of unfortunate times. When events like an accident or critical illnesses – cancer or heart attack hit you or your family members it not only impacts your health but also your finances. Therefore, buying insurance is the most crucial step of financial planning and should precede everything else.

While investments are done for a certain goal and for an approximately fixed tenure. Your goal could be anything – buying a car to funding your children’s education or retired life. All these goals would materialise at certain a time that you can anticipate right away.

For example, if you are 21 years old and just started earning, then probably in two years you would want to buy a new bike; In five years you may aim to go for higher studies; After eight years you would like to settle down and start a family and after 39 years you would like to take retirement. Therefore, these are set goals and one can plan for these things. But a health emergency would arrive all of a sudden.

Harshvardhan Roongta, Certified Financial Planner of Roongta Securities says, “no one gets poorer after buying insurance, but one definitely can get poor if they don’t buy it.” Therefore, an health insurance policy is a mechanism that helps you meet all your financial needs during a medical crisis or in some cases it provides support to the family of the deceased’s family.

Insurers provide a cover ranging from Rs. 1 lakh to 1 cr for a certain premium payment. The premium sum depends on your age and lifestyle. The younger you are, the lesser amount of premium you will need to pay. Therefore, do not waste time waiting, avail the right insurance at the start of your earnings journey.

Given the rising inflation cost, hospital & medical expenses are soaring high, Harshvardhan Roongta advises city dwellers to buy at least a Rs. 10 lakh health cover.

There are different types of insurance coverage in the market and each has its own purpose. Insurance Harshvardhan Roongta suggests purchasing at least the following three policies to live a stress-free life – Mediclaim, Disability Insurance Cover & Life Insurance Cover.



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