Insurance alone permits planned old age provisions and the security against the loss of income. It is well said that life insurance is important, not because somebody is going to die, but because somebody is going to live. In an unfortunate event of death, Life insurance creates that capital instantly for the survival of the dependents. Physical disability due to accident, while terminates income on the one hand, demands higher expenses on the other. Expenses in certain dreaded diseases, like heart surgery, and kidney replacement can be often debilitating, but specific health insurance plans have been designed to reduce the burden.
Mediclaim insurance is one of the ways to provide for such eventualities.
While in the western countries, there is are provisions like unemployment allowance etc but unfortunately in India, it is non existent the victim has to fend for himself. That is when insurance can come to your rescue again. This risk has a risen of late. Persons working in certain sectors like Infotech are drawing astronomical pay packages. However, sustainability of such high income over long period is doubtful .