Insurance

Insurance

Insurance refers to protection from the possibility of loss. It is the form of risk management primarily used to minimize the exposure to the risk or uncertain loss. The company/ entity /organization that offer the risk coverage are termed as insurance company or insurer. Whereas an individual or customers agree to purchase such offering is called policyholder or insured. The loss exposure may or may not be directly proportionate to finance, but, by buying the insurance, customer should be able to bring down the level of finance exposure to great deal, and must involve something in which the insured has an insurable interest backed by pre-existing relationship, ownership and ultimately possession. Once the policy is been purchased by the insurer, subsequently s/he receive a contract termed as insurance policy. The contract entails details of policy wherein the details of conditions are charted such as what is being covered, what to expect, commencement date and time and expiry date and time, customer gets the policy by agreeing to insurance company by paying premiums on monthly, quarterly or yearly premiums. In response to customer, the insurance company is obligated to protect the policy holder or customer from any sort of unforeseen risk or loss such as death, robbery, theft, health or injury that may follow in the future.

Insurance is the only financial instrument that helps you manage your financial risks smoothly and reduces your financial worries.

Various insurance in India

With the rapid pace each of the human life, growth has also thrown quite a few challenges too in the form of diseases, casualties, pollution and life-style related problems and the aspect known as risk is growing today, exposure to risk has become inevitable. Therefore, one would notice that more and more people are now going for mandate insurance thoughts. Not only this, there are various companies both government and private sector purchasing insurance for their employees to ensure their vested interest. Insurance promotes an environment wherein an individual do not really have to worry about their risk associated in various forms i.e. primarily the risk impact.

Below are the types of risk and their coverage (insurance) plans: -

For risk associated to life (Life Insurance): Life insurance plans broadly have framework in two major categories namely “Term life insurance” and “Whole life insurance”. As the name suggests life insurance, is the type of risk insurance customer wants to protect risk which may have direct implication to an individual life, as course of payment life insurance offers comparatively relaxed or hassle-free payment terms which starts from yearly, quarterly, monthly and for some cases companies have really started offering daily payments too. While the company charges you certain fee which depends on entirely the sort of loss and it’s value you want to cover, protects customer against the (unforeseen) imminent risks such as any loss or damage done to your property, you or your loved ones or family. These days you will see day by day newer players are entering into the market and the market is flooded with various kind of lucrative deals, competition have really gotten fierce and life insurance plans along with the great deals are offered by both private and public insurance companies, by the way of insurance designs they offer long term financial security. Life insurance term plans can prove out to be very significant as they offer protection against the healthcare or any exigency, financial security post retirement. A customer can even take the health benefits. Health insurance not only provides the aforesaid benefits, but the insurance policy holder can also take loans against the insurance policy.

For risk associated to health (Health insurance): Due to severe change in the atmospheric condition across the planet, lot of disease which one would have not heard in the lifespan and being seeing now. People therefore find them in the middle of health disease spree and therefore, opt health insurance in India. Health insurance provides the advantage of worry-free situation wherein customers do not really have to constantly think of medical costs borne during the hospitalization for example: accident, life-style disease, surgeries, medical tests or any kind of medical conditions involving health. All an individual has to do is to buy health insurance plan depending on one’s need and budget and enjoy the life, the insurance will charge certain cost based on your recommendation and benefits you want to club in your health insurance plan.

For risk associated with car (Four-wheeler vehicle insurance): As per the government guideline it is mandatory to purchase the car insurance whenever an individual purchases a new car, government feels that once a vehicle hits the road it carries risk around and have potential to damage human life apart from vehicle’s own damage. So, the risk which arises out of the exigent situation, car insurance offers a controlling mechanism on these situations. Risk by nature cannot be limited to a particular type and creed, so the impact have to be understand, and in order to cover up such risks associated with car companies have tailored or improved comprehensive policy which not only offers the vehicle’s protection, but guards driver, fellow traveller and third party from life perspective, for non-life coverage insurance plan covers broad and unanticipated aspects too.

For risk associated with scooter/bike (Two-wheeler insurance): India have got the reputation of most populous nation across the planet earth, with majority of it’s population falling in the category of middle. Lower middle-class and for them their most preferred commuting machine is two-wheeler which leaves four wheeler population leaps and bounds. As per the research, almost 400 people are killed every day and bikers or two wheeler riders are majorly involved in those casualties. So, it is imperative two-wheeler riders are given protection against their life, pillion rider life, third party and vehicle itself. Insurance companies have really set themselves and offer coverage as long as 3 years without paying anything extra. Primarily the cover includes the legal liability that occurs in case of mishap such as injury, permanent injury or even death of a third party.

For risk associated with travel (Travel Insurance): Travel insurance covers the risk associated with trip cancellation, flight accident, medical expenses, lost luggage and other fatalities during the course of travel, insurance plan covers both domestic as well as international travel. It is important to have exhaustive travel policy that ensures the complete peace of mind and financial obligation remains bare minimum for the customer. The insurance policy should not limit itself onto the aforesaid factors or coverage; rather it should also offer coverage on areas such as baggage loss, medical coverage, un-foreseen coverage too.

For risk associated with Home (Home insurance): Home insurance offers protection in the form of property insurance against damages such as loss from fire, natural calamities, burglary, valuable jewellery, explosion or any other form of mishap that may happen at the home. Therefore, home insurance coverage is absolute essential ensuring round the clock security alongside financial accountabilities arising from damage incurred by your house, a good home insurance policy is the cautious home owner’s best friend. Most importantly now a days this product is available right on the online shelves making it easier for customers to make purchases on click of a button.

Why you should purchase online insurance

Online reviews: - Internet has really evolved over the years, take for example now you can have access to almost instantaneous reviews, recommendation, suggestion and product unbiased to opinions which is almost impossible if, one compare it with the real time situation.

Incomplete completion: - Many application forms have to go through the rejection either they are not filled completely or incorrect information is been entered inadvertently entered. Since, many customers are not aware of the clauses, features and return expected from the insurance policy. Digitalized documentation and form filling ensure time saving, error-free transaction and all the information related to policy is available right in front of you therefore, no confusion at all in policy understanding.

Flexibility: - As almost everything is being churned out the customer himself, which ensure complete control over what is being submitted to the banks or companies. Customer can fill the application at his/he comfort thus, ensuring complete understanding at each step, they can choose from arsenal of policies which allow them to make the real time comparison and decision making.

Security: - All the documentation that are taken from the customer in the form of application submission are stored in a secured environment which can be basis for further use as customer may need further financial services in their life span.

Saves time: - Online application management saves lot of time as nearly all the transactions, status updates, application processes and checks are done in a step by step procedure which can be tracked too. In the process customer save lot of time which otherwise may have been spent at their bank branch, in the queue, figuring out whom to meet and then understanding the terms and condition..

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