Insurance: The new gift trend this festive season

Insurance is the best gift for anyone who keeps on delaying purchasing insurance time and again.

We all can already feel the celebratory vibe in the air as the most important time of the year – the festive season – is already here. We have started to soak in the celebratory mood as we get cracking on preparing the festival shopping list with gifts, dry fruits and sweets being the must-buy commodities. Diwali celebrations are often marked by exchanging gifts with family and friends. However, this year, things are a little different. In these tough times of social distancing, when we can’t see our friends or even our family members in person, gifting something to our loved ones by meeting them in person seems a bit difficult. No doubt, gifting your loved ones especially during the festive season is a special way to show they are in your thoughts, this year can think of doing something different.

Given the uncertainties of health and life in times of the ongoing coronavirus pandemic, an important item that you may choose to make to a part of your gifts list is – Insurance. While you may think this is probably not the best time to think about insurance, but actually, this is probably the best time to ensure that your loved ones are protected under a health insurance cover before they plunge into eating, playing, outing and all sorts of celebration. This Diwali, rather than gifting your loved ones anything less important than insurance, squeeze out some time for assessing their insurance needs and gift them with an insurance product that will help them stay financially protected for life.

Insurance is the best gift for anyone who keeps on delaying purchasing insurance time and again, and by gifting them insurance you can remind them how important it is for them to stay protected under an insurance umbrella.

Protect Your Loved Ones with Health Insurance

With pollution, adulteration and lifestyle-related diseases becoming very common these days, the expenses of treatment of an ailment due to any of these reasons can put a heavy dent in a family’s financial health. By protecting your loved one by gifting them a health insurance cover, you can considerably reduce their financial burden. It is imperative that you gift someone you love the most something this festive season that not just protects them today, but forever. A health insurance plan adds great value to the life of the insured at affordable prices. The most health insurance plans available in the market these days not only provide financial help during medical emergencies but also empower an individual to go for regular health check-ups.

There are a plethora of health insurance plans available in the market that are precisely designed keeping in mind specific insurance needs and requirements of different individuals. In order to provide comprehensive coverage to your close one, you may choose from different health insurance plans that provide adequate coverage at affordable prices. The minimum sum insured that you must choose while buying a health policy is Rs. 10 Lakh. Considering the current cost of healthcare and the medical inflation rate, this is the minimum sum insured one would need in case of emergency hospitalisation. You can choose to pay the insurance premium for a period of 1, 2 or 3 years. However, it is important to note that once you gift a health insurance policy to your loved one, it is important for them to renew the same every year to avail the continued benefit.

Get Your Loved One Enrolled Under a Term Plan

It is not only important for you to ensure that your loved ones are protected but it is equally important to make sure people dependent on them also live a peaceful life. In order to ensure that the family of you near one is able to fulfil their dreams even in his absence, you should gift the person a financial plan which can provide him with a financial safety net. The plan must provide enough money to fulfil even the most ambitious dreams of their family. The dream of your loved one’s kids’ to pursue education abroad, their marriage, or a house for the family. There are multiple financial products available in the market, but the best one amongst all of them is a term plan. It is the purest and most affordable form of life insurance. The plan provides financial protection to your loved ones in case something unfortunate takes place. A term insurance plan might sound like an odd choice for a gift, but there are many compelling reasons, why a term plan is the best gift for your family.

However, it is important to note that once you purchase term insurance for your loved one, it is important that the policy is renewed every year to avail the insurance benefit. This means your responsibility just not ends with buying your loved one a term plan but it is equally important for you to remind them of renewing the policy each year.

(By Amit Chhabra, Head-Health insurance, Policybazaar.com)

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