Medical insurance, also known as health insurance, is a type of
coverage that helps individuals and families manage the cost of
healthcare expenses. It typically involves paying regular premiums to
an insurance provider, and in return, the insurer covers or subsidizes
the cost of medical services, including doctor visits, hospital stays,
prescription drugs, surgeries, and preventive care. Medical insurance
aims to reduce the financial burden associated with healthcare by
providing access to a network of healthcare providers and facilities.

Life insurance is a contractual arrangement in which a policyholder pays regular premiums to an insurance company. In return, beneficiaries receive a lump sum payment, known as the death benefit, upon the insured person’s demise. Various life insurance types, such as term life, whole life, and universal life, offer distinct features and advantages. This financial tool aims to offer support to the insured’s loved ones by covering expenses like funeral costs, debts, mortgages, and ongoing living expenses. Additionally, life insurance with savings combines a death benefit with a savings or investment component.

Pension plan is a financial product or system that provides
individuals with income during retirement. It is designed to
ensure that people have a source of financial support after
they stop working and no longer have a regular income fromemployment.