Insurance is an important part of everyone’s life. Insurance helps you a lot in dealing with any losses in the future. Since we don’t know what will happen to us in the coming moment, in such a situation the insurance policy helps us to cover those potential hazards. Let’s know the special things about it –
What is insurance?
(What is Insurance) Insurance means protection from future threats.
If you take any insurance, you have to pay a single amount to the insurance company at a certain time and if you suffer any loss, the company compensates you for the financial loss.
Similarly, if the insurance company has insured a car, house, mobile phone, laptop, etc., then you get fixed compensation in case of its breakdown, loss, theft or damage.
Explain that insurance is a contract between the insurance company and you. On the basis of this contract, the company takes a certain amount i.e. premium from you and compensates the insured in case of any loss as per the terms of the policy.
How many types of insurance are there?
(What are the types of insurance) In general, there are two types of insurance, which are as follows –
- Life Insurance
- General Insurance
Also check: Why do we need insurance
What is life insurance?
(What is Life Insurance) Life insurance means that if the person buying the insurance policy dies or becomes a victim of temporary disability, then his family receives a fixed compensation from the insurance company.
Since, if the person earning money in a family dies untimely, then that house is completely shattered and it is quite difficult for them to meet the expenses. In such a situation, it becomes very important to take life insurance to protect your family from any future crisis and to improve the future of your children. You can choose it according to your budget and need.
What are the types of life insurance policies?
(How many types of life insurance policies are there) The different types of life insurance policies are as follows –
- Term Insurance Plan
- Moneyback Insurance Policy
- endowment policy
- retirement plan
- Savings and Investment Plans
- life insurance
- Child Insurance Policy
What is general insurance?
(What is General Insurance) Under this insurance, things like vehicle, house, animal, crop, health insurance etc. are covered. The details of which are as follows –
Home Insurance: Under this, your home is insured by your company. Once insured, if there is any kind of damage to your house, it is compensated by the insurance company. Explain that this includes artificial disasters like fire, earthquake, lightning, flood etc. to theft in the house, fire, fight-riot etc.
Motor Insurance: Millions of road accidents occur every year in India. This puts both your life and your vehicle at great risk. That’s why you need to take vehicle insurance. At present, the government has made such a rule that if you drive your vehicle on the road without insuring it, then you may have to pay a fine to the traffic police.
At the same time, its biggest benefit is when a person is hurt or a person dies from your car. It is covered under third party insurance. If you also have a two-wheeler / three-wheeler or car, then it must be insured. You also get the benefit of insurance in case of vehicle theft.
Health Insurance: Today, it is difficult to say when someone will get any disease and going to the hospital means a house of expenses. In such a situation, you must take a health insurance.
Explain that after taking insurance, your expenses are covered by the company and the extent of expenditure on a disease depends on your policy.
Travel Insurance: It protects you from losses during a journey. If you go abroad for some work or for a walk and you get hurt or lose luggage then you are compensated by the insurance company. This policy is valid only from the start of your journey to the end of the journey. For this, the condition of different insurance companies may be different.
Crop insurance: Even after 5 decades of independence in India, almost half of the population is dependent on agriculture and there is a fear of severe damage to crops due to floods, hailstorms and droughts. In such a situation, it becomes necessary for farmers to buy crop insurance. Under this, the insurance company gives compensation to the farmer in case of any kind of damage to the crop.
In recent years, the central government has also launched a ‘Fasal Suraksha Yojana’ under the leadership of PM Modi, to provide security to farmers in farming, under which farmers get a cover of up to Rs 40 thousand per acre.
Business Liability Insurance:
Explain that this insurance is to compensate for the loss to consumers due to the functioning of a company or a product. In any such situation, the insurance company having liability insurance has to bear the entire cost of the penalty and legal proceedings on the company.
Now the insurance of solar panels has also started happening.
Some time ago, there was no insurance on solar panels. But today its market is growing rapidly. Despite this, there are many apprehensions in the minds of people about its breakdown, bursting and theft. But now there is nothing to worry about. Today many companies have started giving insurance on solar panels as well.
What are the benefits of insurance?
(Benefits of Insurance) Since it helps you a lot in avoiding financial troubles in any difficult situation. Through this, you can provide financial security to your family or resources. Apart from this, it can also prove to be helpful for you in saving your tax and easily getting the loan facility by banks.
Reliable Insurance Companies in India
In India, you can take help of many insurance companies like LIC, Aviva Life Insurance, AGON Life Insurance, Birla Sun Life Insurance, Canara HSBC OBC Life Insurance, Policy Bazaar, DHFL Pramerica Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, IDBI Federal Life Insurance, Kotak Mahindra Life Insurance.
How to get insurance?
If you want to get insurance, you can choose your plan on the official portal of the insurance company. Their representatives will call you immediately and show you the way forward. Apart from this, you can also contact your nearest agent to get insurance.
We are sure that this article will be helpful for you. If you want to know about such interesting and important topics related to your everyday life and want to make your life easier, then stay with us regularly.
Also, if you want to install solar panels in your home, contact us now. Our experts are always ready to help you.