Language

Call us

/content/dam/tataaialifeinsurancecompanylimited/navigations/new-call-us/Close.png

starFOR EXISTING POLICY

Have query on premium, payout or any servicing need?

Dedicated NRI Helpdesk:

Call Icon +91 22 6251 9966

Monday - Saturday | 10 am - 7 pm IST
Call charges apply

Plus IconFOR NEW POLICY

Want to buy a new policy online?

For Indian Residents

Call Icon +91 22 6984 9300

Give missed call for a call back:

Call Icon +91 11 6615 8748

Monday - Sunday | 8 am - 11 pm IST

Exclusively for NRIs

Initiate Internet Call

Data charges may apply

Give missed call for a call back:

call +91 11 4473 0242

Available All Days | 24 x 7

Back Arrow Icon
Close Button
Back Arrow Icon
Close Button

Need assistance in choosing the right insurance plan? Get a call from our Expert.

Need assistance in choosing the right insurance plan?Get a call from our Expert.

+91 dropdown arrow

Select Plan dropdown arrow
  • Term plans
  • Saving plans
  • Wealth plans
  • Retirement plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in. T&C apply.

5 Big Risks if you Remain Uninsured

16-June-2021 |

Often, when we are young, the term savings plan is misunderstood or investing in a savings plan seems expensive and unnecessary, 'Life-saving' is a word deliberately used to refer to dire situations or when life itself is at peril because of a grievous sickness. It is in such situations that one can bank on insurance to save a life. Only in times of unforeseen contingencies one realizes the value of a savings insurance plan and regrets not investing in it earlier.

 

 

If you are uninsured, you are facing these 5 BIG risks

 

#1 Death Cannot Write off Debt

The death of an individual does not write off his debt. Instead, his survivors will have to repay the amount. This becomes more difficult if the death in the family is of an income providing member This will cause the debts to mount, and the deceased’s family will have no way of paying them off. They may, with great pain, have to face loss after loss and may need to give away their prized possessions to pay back the loans.

It is precisely for this reason that life insurance cover becomes a priority. After the death of a loved one, his/her family will not be burdened by the loans or mortgages, as the same will be covered by insurance.

#2 Provide for the Family in the Case of Untimely Death

Everyone looks for a savings plan that can provide for the family’s future. Suppose a person is insured and dies suddenly. In that case, his/her family is entitled to the insurance amount, which can be used to maintain the family’s financial situation.. If the deceased were uninsured and the family’s sole provider, his/her death will destroy his/her family financially. Also, as they will have to build up their lives again without the deceased or any help, that will burden the deceased’s spouse and children. It may also become the cause for children giving up education and dropping out of schools and colleges.

The death of a loved one can never be compensated, and the void caused by the absence can never be filled. But an amount against the life insurance premium paid by the deceased will support his/her family when he/she is no longer there to help.

#3 Medical Bankruptcy

In modern, times the rising cost of medical expenses makes paying medical bills without medical insurance cover impossible. When faced with a grave illness, people are no longer comfortable seeking treatment as they fear medical bills.

When one opts for medical insurance, he/she can guarantee1 that the otherwise unaffordable medical treatment is now possible as insurance will cover these medical bills. One gets the best treatment without worrying about bills, making recuperation or caregiving easier.

#4 Compelled to Compromise with the Health of Loved Ones

Many times people refuse to go to hospitals or even take their loved ones for treatment, fearing the costs. That causes the health issue to aggravate, causing intense suffering. At times, people agree to seek treatment when the sickness surpasses tolerance levels, only to be told they have delayed treatment for a long time and the illness has reached an untreatable stage. Even if a person receives treatment, his/her mind remains focused on the bills, increasing stress and making healing difficult. In case of emergencies, borrowing money from other sources may be the only way, making it even more expensive as interest will be charged on loans. People usually opt for a less expensive treatment in such situations, which can be dangerous at times. This could result in death, leaving the grieving family with a massive debt on their shoulders. If a family member dies, you will be left with a financial burden and the guilt of not being able to save them.

#5 Increases Stress and Decreases the Joy of Living

An uninsured individual is aware that he/she will have to pay for any losses incurred from his/her pocket. This means he/she is skating on thin ice and must be extra cautious. Living like that can be taxing. In the case of a crisis, such people may feel lost.

However, people who invest in insurance know that insurance will cover specific contingencies. Thus, insured people can live their lives to the fullest without much worry. They also have the added advantage of having saved money via insurance. With the return of the premium feature of the life insurance policy, they can get the total amount and use it for their needs.

They are also aware of the amount that must be paid as a premium at the appropriate time and will keep the funds ready, encouraging the habit of saving.

Insurance may be conveniently purchased for a small price. It's your money-saving plan, and it is for your betterment and your family’s security. 

 

Conclusion

Now that you know the risks of being uninsured, what are you waiting for?

 

Tata AIA Life Insurance offers a range of life insurance products to provide for all kinds of insurance seekers:

 

  1. Pure protection term plans that offer affordable life cover.

  2. Savings solutions for the dual benefit of life cover and guaranteed1 returns on investments.

  3. Wealth solutions for life cover, along with market-linked investment returns.

  4. Retirement solutions to make the later innings of your life financially secured.

 
For more details visit -: https://www.tataaia.com/

 
L&C/Advt/2021/Jun/0938
 
 

Get complete protection at affordable cost & tax benefits

+91 dropdown arrow
  • +93 Afghanistan

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.


 

Looking to buy a new insurance plan?

Our experts are happy to help you!

+91

Select plan
  • Term plans
  • Saving plans
  • Retirement plans
  • Wealth plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

People Like You Also Read

How Can I Earn Rs.100 Per Day?
Read More
Pravasi Pension Scheme For NRIs: Eligibility and Application Procedure
Read More
How to Calculate the Term Plan Premium Amount?
Read More
5 Differences You Must Know Between Savings and Investments
Read More
Get Protection, Investment & Savings With Combo Insurance Plans | Tata AIA Blog
Read More
Are You An Ant or Grasshopper? Money Savings Lesson
Read More
4 Reasons Why Combining Protection with Savings Work
Read More
Investing in a Savings Plan? Here are 5 Critical Things to Consider
Read More
Goal Oriented Savings: Achieve Your Goals with Timely Savings
Read More
How To Inculcate the Value Of Saving In Your Children?
Read More

People Like You Also Read

How Can I Earn Rs.100 Per Day?
Read More
Pravasi Pension Scheme For NRIs: Eligibility and Application Procedure
Read More
How to Calculate the Term Plan Premium Amount?
Read More
5 Differences You Must Know Between Savings and Investments
Read More
Get Protection, Investment & Savings With Combo Insurance Plans | Tata AIA Blog
Read More
Are You An Ant or Grasshopper? Money Savings Lesson
Read More
4 Reasons Why Combining Protection with Savings Work
Read More
Investing in a Savings Plan? Here are 5 Critical Things to Consider
Read More
Goal Oriented Savings: Achieve Your Goals with Timely Savings
Read More
How To Inculcate the Value Of Saving In Your Children?
Read More
Website Logo Image Icon

Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance