Insurance is a legal agreement between the insurance company and the individual. When you buy Insurance it is a way you protect against unexpected financial losses. The insurance company pays your and your family, when some bad happens to you. When a person pays a insurance company, the company promises to pay the money if the person becomes injured or passed away.The Insurance company pays the value of property lost damaged. If no insurance, then you might be the responsible for all related costs at hard time.
In India, the insurance types are classified to Life insurance, Health insurance, Educational insurance, Home insurance and Car insurance. Health insurance is for
medical costs for expensive treatments. You can buy a generic health insurance policy. There are policies for specific diseases. The premium paid towards health insurance pay the hospital, treatment and medication costs. Educational insurance is specially designed as a save tool for children’s education. Education insurance provides a lump amount of money when your child reaches the age for higher education. The child’s life is assured under this is the insurance while the parent / legal guardian is the owner of the policy. Home insurance can help with covering the loss or damage of house by fire or other natural disasters like earthquake flood, and lighting.Car insurance is important for every car owner.It protects you against any sudden incidents like accident.Some policies compensate the damage towards your during natural disasters.
It ensures your families financial stability. It reduces stress during our hard time of our life. Insurance are for safety and security. But apart from that there are also income tax benefits that are avail. Your independent insurance agent is a great resource to learn more about the benefits of insurance, as well as the benefits in your specific insurance policy.Before insurance you should check some of the qualities like what type of insurance the company offers,what is the financial strength of the insurance company and their costumer service.Check whether the company service is good at online. Read the agreements thoroughly before paying for a insurance.It is our choice to choose the way of insurance.It is also our responsibility to keep our family in a safe guard even in a hard time.
“Insurance is a social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contributions of all parties participating in the scheme.” – D.S. Hansell