Black swan events like COVID 19 have taught us the importance of having an insurance cover, however still, insurance is still plagued with a number of myths around.

The idea here is to make you aware of the realities and to bust the myths.

Myth #1

Insurance is only for “Tax savings”

Tax deduction under Section 80C is not the only advantage of insurance. For eg, in your absence, the payout from your life insurance will also cover the monetary needs of those who are dependent on you. The maturity benefits from your insurance product can act as a corpus for many future financial goals.

Myth #2

Insurance companies don’t pay a genuine claim

Everyone has trust issues, and this is a very common misconception that despite paying premiums, insurance companies reject the claims files by the policy holder. It could happen because the companies are fraud, or don’t want to settle claims. However, this is not true. Insurance companies can not reject your claims if the paper work at the beginning has been done precisely and the signed and authentic documents are with you during the claim.

Myth #3

Young and healthy people do not need health insurance

Are you kidding? Didn’t you know that prevention is better than cure? Also, the ideal time to buy health insurance is when you are young and healthy. The policy purchased early and renewed regularly leads to better claims if and when required.

Certain maladies remain undiscovered until symptoms become evident. As per health insurance regulations, these pre-existing diseases are covered only after a person holds a health insurance policy for at least 48 months.

Myth #4

Buying insurance online is not safe

BIGGEST MYTH EVER!

We buy medicines, clothes, food online. We are taking education online, medical advices online, then why not insurance? Online insurance processes are safe, and they give you more and more options to choose from. You can compare policies and purchase them according to your best interests.

The payment methods are also secured and transparent with options like – Net banking, Debit/Credit card, UPIs etc.