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Insurance plans also called as a Risk Cover Plans, which means to financially compensate for losses that occur uncertainly through accident, illness, theft, natural disaster. It is a contract between the insurer and the insured where the insurer agrees to pay the insured for financial losses arising out of any unforeseen events or risk in future in return for a regular payment of premium.
TYPES OF INSURANCE
LIFE INSURANCE
GENERAL INSURANCE Home insurance Fire insurance Marine insurance Property insurance Medical insurance Vehicle insurance, etc.
LIFE INSURANCE
Contract between the policy Owner and the Insurer Policy owner agrees to pay stipulated amount It is one kind of protection and investment
Life Insurance is a product which secure our life More than 20 Life Insurance companies in India As per IRDA out of 100 crore people, only 13% people are insured It also secure the future of our family
FIRE INSURANCE
Provides
insurance against the fire taking place within the insured premises. Technically one of the most complex forms of insurance and one of the most stringently checked by the insurance companies. Fire insurance for buildings can be taken only after a detailed list of rules and regulations are fulfilled by the insuree. The insurers often use FIRE INSURANCE ASSESSERS- these are the people who independently assess the fire claims made by the insuree and gives the best judgement for the insurer.
HEALTH INSURANCE
Insures
the health of a person. Different forms include insurance against diseases, overall health insurance, accident insurance etc The most rapidly growing sector in the insurance sector in the modern times. There have been instances of exploiting of the insuree in various cases. Proper insurance for health can provide long term benefits like savings of expenses of costly treatments, life expectancy rises etc.
AUTO INSURANCE
Vehicle insurance is the insurance purchased for cars, trucks, and other road vehicles. Its primary use is to provide protection against physical damage resulting from traffic collisions and against liability that could also arise therefrom. Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. In India it is a compulsory requirement for all new vehicles used whether for commercial or personal use. The claims of the Auto Insurance in India can be accidental, theft claims or third party claims.
PROPERTY INSURANCE
Provides protection against most risk to property such as fire, theft etc. Protect the owner against the property damage It also includes fire insurance, flood insurance, earth-quake insurance
Controlling of huge expense challenges Recover the damages of unexpected situations Insurance company bear the burden of large damages which may be occur in future
HOME INSURANCE
Home insurance provides coverage for damage or destruction of the policyholder's home. The home insurance policy insures the structure of home for its reconstruction value and not for market value. Market value is a combination of cost of land, demand & supply scenario, etc.
GENERAL LIABILITY
Liability insurance protects the assets of a business when it is sued for something it did (or didn't do) to cause an injury or property damage. Along with property and worker's compensation insurance, it is essential for most companies.
MEDICLAIM INSURANCE POLICY Exemption under section 80D of Income Tax Act. Provides a deduction of upto Rs. 35,000.00 (Rs15,000.00 for premium payments towards policies on self, spouse and children and (read as in addition to) Rs. 15,000.00 for premium payment towards non-senior citizen dependant parents or Rs. 20,000.00 for premium payment towards senior citizen dependant parents).
Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of risk protection and flexibility in investments. Such policies encourage people to invest their money in capital market and enjoy the benefits with security against massive losses.
CONCLUSIONS
Life is a roller coaster ride and is full of twists and turns. You cannot take anything for granted in life. Insurance policies are a safeguard against the uncertainties of life. Insurance is system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered.