In daily life, newspapers, television, mobiles and around you, you must have heard about insurance many times. In simple words, insurance is something that protects you or your valuables that you have insured in case of financial or personal loss. Also, we will learn a lot about insurance on this page.
What is Insurance ?
In technical terms it is a form of risk management. An insurance company's promise to pay a fixed amount in case of loss of life or property for a certain period is called insurance.
Do we need insurance?
Life is full of many ups and downs. Bad times can also befall a person. And bad times do not come by telling them. Life is a sea of surprises. And it is very important for you to live for all of them. Having insurance gives you a sense of security and peace of mind. There can be many reasons where insurance can help you. Like critical illness, natural calamities, loss of life, unexpected death of loved ones, etc. thus insurance can help you in difficult times.
Types of Insurance:
1 Life Insurance:
Life insurance is one of the most common forms of insurance. Which is arranged to protect you and your loved ones from unexpected calamities and bad times. This is the main purpose of life insurance. Many of us have many household and family responsibilities. And we work day and night to fulfill these responsibilities. And they want to fulfill these responsibilities in their life. But what if you die while fulfilling these responsibilities. Life insurance provides financial protection to your loved ones or your family after your death by paying a lump sum. So that when your family is grieving your death, at least your family members will not suffer financial ruin.
2 General Insurance:
All types of coverage except life are included in this category. There are many types of general insurance. Which covers every aspect of your life according to your daily life needs. Below are some of the types worth mentioning.
( A ) Health Insurance:
It covers your health medical and surgical expenses. Which may happen in your life. Generally, health insurance is also available in many hospitals.
(B) Car Insurance:
It protects your vehicle. It provides protection to your vehicle whether it is a two-wheeler or a four-wheeler during various accidents. It covers a contract made by a third party as per law against the owner of the vehicle.
(C) Travel insurance:
It protects you from emergencies or damage during travel. It covers against theft or loss of luggage in case of emergencies during travel.
(D) Home insurance:
It covers your house or the contents inside the house as per the policy taken out during the insurance. It protects your home from man-made or natural calamities,
(E) Marine Insurance:
It covers possible damage to your goods, cargo etc. during transit.
(F) Commercial Insurance:
It offers solutions for industry related and all industry sectors such as food, power, automotive power etc.