In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. It lets you protect yourself against everyday risks to your health, home and financial situation.
Individuals build a corpus for various purposes like child’s education, buying a house and child’s marriage, among others. However, when it comes to accumulating a corpus for medical emergencies, individuals are not as proactive. With avenues like medical insurance on hand, individuals believe that having a medical insurance will suffice all their medical expenses. However, the reality is far from this.