Loan Care Insurance

Three Instances When Loan Care Has Your Back

20th January 2021 8min read 2675 views

If 2020 taught us anything, it’s that life can be incredibly unpredictable. Dealing with the curveballs that come our way can be challenging, but it doesn’t have to be impossible. Let’s take a look at three separate instances, each of which seem dire until an insurance plan throws each person a lifeline.

Scenario 1: Rajesh’s Visit to the Doctor

Rajesh is 38-years-old and the head of his nuclear family. He lives in a big city with his wife, Seema, and young son, Rohan. Rajesh and Seema both have corporate jobs and they do their best to provide for Rohan. In 2019, they purchased a house with the help of a home loan. They were paying off their EMIs and managing with their earnings. A few months ago, Rajesh started to feel ill. He went to the doctor and couldn’t believe it when he was diagnosed with a fairly aggressive cancer. Rajesh has a family health insurance plan from a top health insurance company, but it doesn’t cover a critical illness like cancer. Treating cancer in a big city is expensive and Seema is worried about their finances. After all, they don’t have a lot of savings and Rajesh will have to take time off work to recover and get better.

Luckily, Rajesh had the foresight to purchase Loan Care Insurance when they took out the home loan. The policy provided Rajesh with a payout that offered him and his family financial stability. Rajesh used the money from the policy to pay for his treatment. Together, he and Seema could use their savings until he recovered and could go back to work. Although they still had to dip into their own pockets for a while, the insurance policy helped them stay afloat when they needed it most!

Scenario 2: Anisha Is Made Redundant

Anisha is a young career woman. She is in her late twenties and she helps look after her retired parents. Anisha works night shifts, so for her safety, she decided to take a loan and purchase a two-wheeler to help her move around. Unfortunately, a few weeks after she made this big purchase, her company was forced to ask her to leave due to budgetary constraints. Now, Anisha has some savings to help her deal with her monthly expenses and her EMIs, all while looking for a new job. Things are looking bleak.

But, her Loan Care Insurance policy has come to the rescue. While Anisha focuses on her job hunt, the policy will help take care of three EMIs, so she doesn’t have to worry too much about her finances. Lucky her!

Scenario 3: Samir Meets with an Accident

Samir, a 25-year-old man, has just entered the working world. He’s working hard to help pay off his personal loan, which he took to finance his post-graduation. One day, while on his way home from work he met with a very unfortunate accident that proved fatal. Samir’s parents are struggling to come to terms with what has happened. While they work through their grief, they realise that they’ve also lost an income and they now have to pay off their son’s loan.

Samir may no longer be with them, but his Loan Care Insurance Policy is helping him take care of his parents. They’ve received a payout from the policy that provides them with a little financial stability at a particularly difficult time in their life.

Loan care insurance isn’t something that people talk about very often, but many general insurance companies offer such policies. The idea is to provide some semblance of financial stability at a time when people are struggling. If you’ve ever taken a loan or faced a sudden issue that has caused financial hardship, you should find out more about loan care insurance and how it can help you and your loved ones.

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