Third-party Liability And Travelling Insurance

Wondering what is third-party liability insurance? Third-party liability insurance provides you with the coverage for any material or physical damage caused to the third person by you. Usually motor vehicles don’t have insurance for the damage caused by it, but if you possess one motor vehicle you should have third party liability insurance to use it wherever you are. It is mandatory in countries like United States and Canada due to high liability claims and amounts involved.

Travel insurance provides you with the coverage of damage, theft of baggage, loss and in addition to that it also includes extra cost caused due to death, illness and accident. You can even add medical insurance to your travel insurance but this facility need to proper enquiry.  

Pension Plans

Unit linked and endowment are two kinds of cheap pension plans offered by the insurance companies often people not aware of. In Unit linked plan you can stop putting money after a period of 10 years but the money will be added to your corpus till the completion of period. Rate of returns are very less in case of endowment plans.

Term Insurance

Do you own a term insurance? No? Better get it soon.  As we know death is unpredictable it can come to anyone anywhere, so protect your family from financial crisis. This insurance is for a specific period of time and the premium paid is the lowest, however, the best part is that you can extend the term period according to your wish. Waivers like kids, parents etc. can be added in between the term and in case of your untimely death family members will get benefited.

Also Read:

An Attractive Alternative To Your Savings Account

7 Smart Financial Lessons That Every Young Professional Must Know