Insurance can seem like a vast and complicated field but with lifes uncertainties, it has become an essential product to combat various risks. In this post, we will break down five things you need to know about Insurance in India.
- Only one-third Indians have health insurance: In a country where about 70 percent of the public still prefers to pay off staggering medical bills out of their pockets the popularity of health insurance is slowly, yet steadily, gaining momentum.
- Medical awareness is rising, and so is medical insurance: With evolving lifestyles and increasing medical awareness, more and more people are taking up health care insurance policies. An increasing demand is further expanding the health insurance market as more and more diverse and comprehensive policies are being developed to satisfy consumers. As compared to the year before, the period of April- November 2016 saw a 35 percent rise in purchase of health premiums.
- Car insurance: the compulsory one and the necessary one: A very popular form of insurance in India is car insurance. A third party insurance, which covers the damages you may cause to another person, is compulsory for every vehicle in India. However, a comprehensive car insurance plan that covers the damage your car can incur is a well-recommended supplement. The add-on covers like depreciation cover, hydrostatic lock cover, and roadside assistance among others make the policy even more extensive.
- Insurance now on your fingertips Insure yourself on the go: The insurance sector is gearing up to catch up with technological advancements. In 2016 Insurance Regulatory and Development Authority of India (IRDAI) regulations for the issuance of electronic policies and submission of electronic proposal forms of insurance policies. Aligning itself with the Digital India Movement, the insurance sector too will make itself more accessible with device-driven products and services.
- Demonetisation – Providing a slight push forward: With the shrinkage in liquidity caused by demonetization, the investments in insurance are expected to go up. Since people would want to access good quality healthcare with minimum cash transactions, interest in insurance is sure to rise.
We hope this has simplified some areas of insurance for you. With tax season around the corner, the right insurance will give you protection as well as deliver tax benefits.
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