Why Insurance Is a Financial Essential
Insurance isn’t just a backup plan — it’s a core component of personal finance. It protects your income, family, and future.
But with so many types — life, term, health, ULIP, critical illness — it’s easy to get confused.
Vizzve breaks it down, helping you:
Choose what you really need
Avoid overpaying for coverage
Align protection with goals
1. What Is Life Insurance?
Life insurance is a contract that pays your nominee a lump sum if you pass away during the policy term.
Why It Matters:
Financial safety for dependents
Estate planning
Long-term wealth creation (in some cases)
Common Types:
Whole Life – Covers you for your lifetime
ULIP – Combines insurance + investment
Endowment – Includes maturity benefits
🟢 Vizzve Insight: Opt for pure term insurance + invest the rest separately for better returns.
2. What Is Term Insurance?
Term insurance is the simplest and cheapest form of life insurance.
You pay a small premium for a large coverage. If you die during the term, your nominee gets the sum assured.
✅ Ideal For:
Young professionals with dependents
Parents with home loans
Single-income families
💡 Vizzve Recommendation: Use our coverage calculator to estimate how much term insurance you need based on your income and liabilities.
3. What Is Health Insurance?
Health insurance pays for your medical expenses — from hospitalization and surgeries to diagnostics and pre/post care.
Benefits:
Protects savings from medical shocks
Tax deduction under Section 80D
Covers individuals, family, or parents
| Plan Type | Covers |
|---|---|
| Individual | One person |
| Family Floater | Entire family (1 premium) |
| Critical Illness | Specific diseases (cancer, etc.) |
🟠 Vizzve Tip: Combine a base policy with a super top-up plan for high coverage at low cost.
What Should You Choose?
Rule of Thumb:
| Age Group | Recommended Insurance |
|---|---|
| 20s–30s | Term + Basic Health (₹5–10 lakh) |
| 30s–40s | Term + Family Floater (₹10–15 lakh) + CI cover |
| 50+ | Life (if dependents) + Full Health + Critical |
📈 With Vizzve, you can get personalized insurance guidance based on your income, goals, and existing coverage.
FAQs
Q: Is term insurance better than life insurance?
A: For most working individuals, yes. It gives large coverage at low cost. Vizzve helps compare policies and premiums.
Q: Can I buy health insurance if I already have corporate coverage?
A: Yes, and you should. Corporate cover ends when you leave. Vizzve can help you layer it with personal health plans.
Q: What happens if I stop paying my term insurance?
A: The policy lapses, and there’s no refund. Vizzve sends reminders so you never miss a premium.
Conclusion: Insurance = Protection + Peace of Mind
Insurance isn’t just about death or illness — it’s about living stress-free.
With Vizzve’s tools, you can:
Understand what insurance types suit your lifestyle
Avoid overbuying or underinsuring
Compare policies and save money
🛡️ Financial literacy + Insurance awareness = A future-proof life.
Published on : 4th July
Published by : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.