What is insurance and why it is important?

There is a great saying “The more you sweat in peace the less you bleed in war”, this statement also applies to life in general that as much as you save in your good times the less problems you have in your bad viable for. all because

1) In a hospital emergency, the biggest savings become tiny

2) With little income of the average Indian, it is not possible to save for the worst of times

3) If you are the only source of income, then after you how the dependent will serve you.

At this time, the insurance policy will protect you, the service protects you from an additional burden of spending in an emergency. People who buy insurance pay a monthly or annual “premium”. In return, if something bad happens to the insured person or thing, the insurance company pays the guaranteed amount.

Life insurance

Types of life insurance

Term life insurance plans

We got Pure risk coverage are the purest form of life insurance. They offer life coverage with no savings or profit elements. Term life insurance plans are the most affordable type of life insurance because the premiums are relatively cheaper compared to other life insurance plans.

Unit-linked insurance scheme (ULIP)

Insurance as well as investment opportunities

A unit-linked insurance plan is a complete mix of investment (market-linked returns) and insurance. The premium paid for the ULIP plan is partially used as risk cover (insurance) and partially invested in different funds.

They can invest in different funds offered by the insurer. Then, the insurer invests total amount in various money market institutions such as stocks and shares.

Endowment plan

Insurance and savings

The endowment plan is a traditional life insurance policy that is a mix of insurance and savings. In an endowment scheme, if the insured lives longer than the term of the policy, the insurance company provides a maturity benefit to the policyholder. In addition, some endowment plans may offer periodic premiums also that are to be paid either at maturity or premium in the event of the policyholder’s premature death to the beneficiary .

 

Money-Back

Periodic returns with insurance coverage is a Reimbursement life insurance plans are a unique form of life insurance policy, in which a portion of the sum insured is reimbursed directly to the insured at regular intervals as a survivor benefit. In this way, the policyholder can achieve short-term financial goals

Whole life insurance

Whole life insurance plans cover insured life for life or, in some cases, up to the age of 100. When purchasing a whole life insurance policy, the sum insured is determined. When purchasing, a nominee is mentioned. In the event of an unfortunate event, they are paid with the death claim and premiums, if applicable.

However, if the insured lives more than 100 years, the insurer grants the insured a benefit at maturity equal to the corpus of endowment.

Child Plan

To achieve your child’s life goals like education and marriage

It is about building a corpus for the future development of a child. Typically, it helps finance a child’s education and marriage.

These plans provide for annual payments or a lump sum payment, depending on the main stages of a child’s life. If the insured parent dies prematurely during the term of the policy, future premiums are forfeited and policy benefits continue without interruption.

 

• Pension plan – Income after retirement

Retirement life insurance plans help building a stable financial income for an individual in retirement years. It helps them to become financially independent and allows them to live without any worries. Most retirement life insurance plans offer an annual payment (through annuities) or a one-time lump sum payment (through a surrender of the accumulated amount, up to prescribed limits) at age 60 years. If any misshaping, during the term of the policy, the insurer pays the insurance benefit to your family.

Health insurance

Health insurance or medical insurance is a type of general insurance that protects you against financial loss by covering you when you are faced with a health problem or medical emergency such as illness, disease or even an illness. accident. This includes expenses incurred during pre and post hospitalization, annual health checkups, psychiatric support, critical illness and maternity related expenses, among others, depending on your personalized health insurance plan.

Types of motor insurances:

• Car insurance

Auto insurance is an agreement between the insurance company and the car owner in which, the car owner will pay the premiums and the insurance company covers loss or damage to the car. Auto insurance is compulsory in India whether it is a commercial vehicle or a personal vehicle.

• Two-wheeler / bicycle insurance

As part of a comprehensive two-wheeler insurance policy, your vehicle will be covered against theft, loss and damage. This coverage will also provide personal accidental coverage for the owner or rider in the event of an accident. In addition, this type of two-wheeler insurance also covers you in the event of civil liability.

• Commercial vehicle insurance

Commercial vehicle insurance is an auto insurance policy personalized to cover damage and loss caused to or by a commercial vehicle and the respective owner-driver. This could include damage and loss in situations such as accidents, collisions, natural disasters, fires, etc.

• Taxi / cabin insurance

Taxi insurance is an insurance policy for commercial vehicles that provides protection for taxis / taxis in the event of third-party liability, accident, natural disaster, etc.

• Auto rickshaw insurance

auto-rickshaw insurance, and also protect the auto-rickshaw and owner-driver. A third-party insurance policy for commercial vehicles covers risks resulting from the civil liability of third parties such as damage caused to vehicles by third parties, bodily injury to third parties.

• Truck insurance

This is personalized commercial vehicle insurance designed to cover commercial trucks. It protects the trucks that operate within a business and carry out business activities for them, such as transporting goods, providing pick-up and drop-off services, automobile transport, etc.

Home Insurance

Home insurance provides coverage to a house and its contents against unforeseen circumstances such as damage caused by natural disasters (earthquake, fire, flood, storm, landslide, etc.) and human activities (theft, burglary, terrorism, riot, etc.). Whether it’s damage or loss to your apartment, a luxury bungalow, or a rented apartment, a home insurance policy covers your home to make sure it’s still strong to offer you the shelter and protection you need. Just by taking fire precautions or putting on door locks, your home is not secure. Choose the best home insurance plan that assesses the value of your home’s structure and contents to get an affordable premium to secure your home.

Why to buy insurance at early stage of life?

Biggest benefit is As the premium is decided at the age you buy it and it will remain same throughout life and premium is decided on your age less age less premium ,more age more premium. Premium increased 4-8% every year.

Your premium is increased 50-100% ,if you got any lifestyle disease.

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