All you need to know about insurance

The world today is fast evolving into a more just, equal state. Men and women share responsibilities both at home and at the workplace.

No longer is housekeeping a woman’s job, neither is handling the finances a man’s domain. The future is uncertain. The responsibilities of running the home might all fall on your shoulders someday. You should know what you are worth, what your assets are and what kinds of insurance policies are in place to protect your family. Here’s some information to help you understand the different types of insurance you should have.

For life

This is the most commonly known kind. It provides financial aid to the family in case something unfortunate happens to the breadwinner or the insured person. First of all, women should get a life insurance in their name. If you already have one, find out who the insurer and the nominees are, the policy maturity date and whether or not a loan has been taken on the policy.

Ask your spouse or parent where the hard copy of the policy certificate is kept in the house, so that you can access it when you need to. You will need to know which company has provided the insurance, the branch, the insured amount and how much is the premium paid every year.

Maintain a separate cupboard for these documents. Make use of technology to enrol your policies in the insurance company’s website so that the information is available online also. You don’t have to be computer savvy for this. The steps are pretty simple.

For health

This is the second most important kind of insurance. It always wise to have health insurance that covers all members of the family, even if no one has a chronic or life-threatening illness or health issues. It is usually valid for a year, after which, it needs to be renewed. Based on the current hospitalisation charges, one can decide the family cover for health insurance.

For instance, if you, your spouse and your two children are all healthy, then an insurance cover of Rs 5 lakh will do. Check the policy details, which hospitals and diseases are covered by the policy and the mode of payment by the insurance company. It goes without saying that elderly parents and in-laws should also be covered by the policy. Make sure it includes preventive health check-ups.

For automobiles

Considering the state of traffic in our cities, the accident rate and the number of vehicle thefts being reported, it would be foolish not to have automobile insurance. Women who own cars or two-wheelers must get one if they don’t have it already and make sure they renew it every year.

For your home

If you own property, then your home/building / shop/office, appliances, jewellery (gold and silver) and furniture can be covered in this insurance. It protects you in case of accidents, fire, theft, burglary or natural calamities. This is very important for everyone, as home is where the heart is. So, secure your home first.

There are great policies available to protect you, our loved ones and your hard-earned money and belongings. Women must understand what’s in it for them and choose the best one. Make sure it is something you can afford and be wary of fraudulent companies and agents.