Must have insurance plans in 2023

ShiftRisk Team
January 10, 2023

We are sure you are all set with your new year plans and goals for 2023. That travel plan of yours is ready for the whole year well ahead. That gym challenge is organised for the first week of January itself (unless you're just a "remember-on-Sunday" kind of guy). But did you factor an "Insurance Plan" into your goal list? 

 You might be thinking that you don't need an insurance plan because it is not a financial goal. This might be a fallacy, and if you think about it, it is. Insurance can help you get your life back when bad things happen. It can protect you from financial devastation in case of an accident or injury. And it can give you peace of mind knowing that if something goes wrong, there's someone in your corner who has your back.

Here are the five must-have insurance policies you should consider investing in 2023

  • Term Insurance 

If you are the financial pillar of your family, you must have term insurance to back up your loved ones financially when you are gone. you can opt for a term Insurance plan which is pure risk cover which can be a parachute in your absence for your dependents.

The Term life Insurance policy is the most simple and direct policy; you can buy it for 5 years to 99 years depending on your need. 

In case of an unfortunate event of your death during the tenure of the policy your nominee gets sum insured.

  •  Mediclaim

Nowadays, even a small illness can cost you a fortune when it comes to hospitals and doctors; that's why having health insurance will always save you from such situations in life. Usually, one must invest in health insurance at a younger age for more benefits in the long run. There are various benefits of a health insurance plan which include cashless hospitalisation, ambulance coverage, hospital expenses and more. 

  • Householders package policy

Investing in your home is always a great decision; you never know anything can happen in this world.The Householders Package Policy offers you a comprehensive range of home insurance cover options to suit your needs. If you have any valuable items in your home such as jewellery or expensive electrical appliances, then this policy could be a cost effective way of protecting them. The policy also provides cover against theft, fire, storm and flood damage. 

  • Cyber Security Insurance

Cyber security insurance is a wise investment for both businesses and individuals.

Businesses can protect themselves from financial risk associated with data breaches and other cyber attacks by purchasing cyber security insurance. A successful cyber attack could cost you money (in lost productivity and data recovery costs), reputation (by causing customers to lose trust in your brand), and even your livelihood (if it prevents you from being able to operate).

Individuals should also consider purchasing cybersecurity insurance. If your personal information is stolen in a data breach, or if you have some fraudulent transactions on your credit card causing you loss of lakhs of rupees, cyber security insurance can help you recover from financial losses incurred due to the event of such a data breach or any other cyber attack.

  • Personal Accident policy 

Personal Accident Insurance is a simple, affordable way to protect yourself and your family from the financial impact of a sudden and unexpected accident.

This policy covers you for death and/or total disability resulting from an accident. You are protected in the event of any injury or illness that results in hospitalization or surgery. And you're covered for up to $1 million in accidental death benefits.

Following are some benefits of investing in an insurance plan :

Tax Exemptions: Some Insurance plans can help with Income Tax Exemptions 

Long-term planning, better returns: Plans like ULIP help in getting money for retirement, a child's education, marriage, long-term loans, and many such expected future expenses.

Your money works for you: Make your money work for you instead of having to work for your money as in the case of an emergency).

Peace of Mind: After you are gone, or your age, a life insurance policy can ensure a steady income after unexpected events. This would secure your family's future in case of untimely death and secure income after your retirement.

"Just in case you can't be there to protect them, make sure you leave a safety net."


A New year is a perfect time to set your financial goals for your and your loved ones' better future. We hope this article makes your life easier by investing in an insurance plan. If not, then it's time to take the first step towards securing your brighter future by connecting with our Expert Team..

If not now, then when?

The time is now to secure your family and you financially.

Book your appointment with us now!
Written By:
ShiftRisk Team