Risks can impact us, our family and our assets. The risks can be in form health emergencies, accidents, loss of valuables, damages to assets. Here are five types of insurance cover that you should consider in the coming year:

Health insurance

Healthcare costs are increasing at a rate of 15-20% annually. The best way to deal with healthcare risks is being prepared financially. You should go for a threepronged approach. At the base will be a holistic health cover with a base cover that promises enough sum assured that can take care of the needs of you and your family. On top of this, there should be a top-up plan that gives you an even bigger sum assured cover at a fraction of the cost. You may also want to consider critical illness cover.

Term insurance

Human life value is immeasurable. In your absence, all such investments will not see any new addition and that makes them weaker in terms of protecting the financial goals of your family. Term insurance is the most affordable insurance policy that gives you big cover, say ₹2 crore, at an affordable annual premium. It is a simple contract that is triggered in case you meet with an unfortunate and premature event like death.

Home and content insurance

People spend hundreds of lakhs in buying their dream home today. Nestled inside gated communities with all the modern amenities, our home is our pride.

However, a simple thing like a home and content insurance makes sure that your 20-30 years of labour doesn’t go waste because of a catastrophic event. We are prone to natural and man-made catastrophes. Our homes also account for a significant part of our investments. Hence, protecting these financial assets along with all the contents inside is important. Home insurance covers your house from various dangers like accidents, perils, and thefts. Content cover ensures protection for electronic items like TVS, mobile phones and electric/ electronic appliances and equipment in your house.

Standalone personal accident cover

Outside the comfort of our homes is a world filled with rash drivers, potholes and unforeseen situations. Minor accidents are not worthy of protection, but major ones can leave you crippled, and severely affect how you and your family live from here on. Better to be safe than sorry. With a standalone personal accident insurance cover, get local and global protection against such possible events. Get full cover for accidental death, permanent or partial disability, and even medical expenses extension in some policies if you or any family covered family member meets with an accident. From January 1, a person with two or more cars can now buy a single compulsory personal accident cover and get protection to all the vehicles driven by the policyholder.

Cyber risk insurance

A typical person today spends more time on the digital superhighway than on the roads. This also exposes him/her to cyber risks. Unlike a pickpocket who actually can be caught after the act, in the cyber world attackers and perpetrators are unknown and remain hidden. With mere access to banking details and data stored online, serious financial loss can be inflicted upon you.

Reports of phishing, identity theft, cyberstalking, harassment and hacking of bank accounts are not reserved just for the wealthy. A cyber risk insurance cover offers protection against such perils.