An insurance policy purchased for protection against the actions of another party. it compensates for any damage done to the third party as result of the first party.
Third-party insurance is purchased by the insured (first party) from an insurance company (second party) for protection against another party's claims (third party).
Third Party Insurance basically covers for: personal injury- liability for accidental damage to third party.
Third Party Insurance provides some additional peace of mind, and comes in two options
Financial Planning is a process of setting goals (For example buying a house/car, planning a vacation, child's education/marriage, retirement corpus etc), assessing income, assets, investments, expenditure and liabilities, estimating future financial needs, and making plans to achieve them.