Insurance means insurance is a cornerstone of financial planning in which people depend on you and you and all the assets you have are kept safe for future events or any financial loss. So friends, through today’s post, we are going to give you detailed information about the types of insurance, so today we will throw light on the types of insurance.
It is very important for people to get insured and the concept of insurance is very simple, you also pay a fixed amount called premium, in lieu of which an average is provided and all the financial loss you will have with it. Pays a predetermined amount for
According to your insurance cover, but insurance is divided into life insurance and general insurance and through this article we are going to share information about the types of insurance and their many aspects. You must have liked this post of ours. Here you are going to get answers to some questions related to insurance in detail through this post, so keep reading this information of ours.
What is life insurance? (Life Insurance)
Life insurance is one of the most important financial tools which help your family to be financially independent and to remove the liabilities taken in the form of debt, maintain the lifestyle in happiness and prosperity and to choose some important features of life. etc. helps you to a very high level.
In life insurance, in case of premature death or premature death of the policy holder within the life policy term, the named company provides the sum insured to his family.
Whole Life Insurance
It is a type of insurance plan that provides a cover for your whole life. For such plans, the life of the insurance policy is about 100 years, then the policy benefits of such policy till the premium is not paid. If one wants to maintain an insurance plan for the rest of his life, then taking Whole Life Insurance is the best option.
Term Life Insurance
Term life insurance, it is a protection plan that provides a great deal of coverage at an affordable premium. In term insurance, in case of death of the insured within the term of the policy, the sum assured is paid by the company. The sum assured helps the insured’s family and their household expenses and pays off the loan. Term plan provides facilities to select a sum assured amount of 15 to 20 times the annual income of an individual.
Endowment plan is an investment in any one product and a plan of insurance that covers life as well as is important for certain life goals. is given while the rest is invested in a less risky avenue i.e. a trade.
In case of death of the insured during the time period of the policy, the sum assured is paid to the insured’s nominee.
In this money back policy plan a specified amount has to be paid at a predetermined interval during the policy term. Rest of the money back policy is the same as in the endowment plan insurance like if you pay money for a time period of 20 years. If you are taking a back policy, then at the end of the fifth, tenth and 15th year of the insurance policy term, a certain amount is paid to you and on the completion of the policy of this insurance, the full profit share along with the accumulated bonus is also given. Is.
Unit linked Plans (ULIPs)
Unit-linked Bima Yojana This is also like an endowment scheme, a certain part of the premium is given to cover life and the other part is invested in the market to earn returns. It is invested and provides an opportunity to earn capital from the capital by investing in insurance as well as life cover and various risk-rich funds.
What is general insurance? (General Insurance)
Friends, unlike life insurance in general insurance, non-living property like house, vehicle, health, flood, fire, theft, road accident, travel and man-made calamities are covered under this insurance.
Home insurance policy covers damages caused to your home and the contents of your house by a person and natural calamity Friends. Home insurance policy provides coverage for permanent rent expenses incurred during your renovation.
As you must be knowing from the name itself that it is related to Bhima vehicles, which in case of vehicle accident, vehicle’s chest, theft or vandalism etc., the insurance company compensates it.
There are two types of this insurance third party and comprehensive in which third party motor insurance takes care of third party damages in case of an accident with your vehicle by this insurance according to the Motor Vehicles Act 1998 Road It is mandatory to have third party insurance for every vehicle plying on it.
If on the other hand Comprehensive Motor Insurance Policy you will have to bear the third party damages on your own for damages caused due to flood, fire, riots etc.
If you are traveling to a foreign country, a travel insurance policy protects you against loss due to baggage loss, flight delays and trip cancellations, in some cases if you are hospitalized during the trip. then the insurance company will pay for your treatment
Health insurance protects you against living expenses in case of any medical emergency. A health insurance plan is an indemnity plan that covers the amount of loss incurred by a patient in the hospital and the money that will be spent for his/her treatment. That insurance company will give it to you.
Under this plan, an insurance policy is made for the whole family together so that the insurance company can help in covering the treatment coverage of any member of the family, on the other hand, if there is a serious illness, then you get a lot of benefit from this plan. By which a large amount is given for the treatment of a particular disease.
So through today’s information, I told you how many types of insurance are there, if you liked this information of mine, then definitely share it with other people so that more people can also get complete information about the types of insurance.