What is Insurance:
Insurance is nothing but a Legal Bond between two members, that is Individual and Insurance Company. Where the Insurance company promises that they will take care of the loss. Whatever it is, It may be Physical damage, or the damage for the property which is Insured, the insurance company takes care of that.
Types of Insurance:
General Insurance:
General Insurance is an insurance policy that provides financial compensation on any general loss except death. It ensure everythings except life coverage. It covers your Health, Vehicle, Travel etc.
Life Insurance:
The name itself defines what life insurance means, Life insurance make sures your loved ones financially secured in the event of your demise. Life insurance is mainly important for you, when the whole family depends on you, Under Life insurance policy, If the Policy holder expires during the period of the policy, the family of the life insurance policy holder will be benefitted with a amount that the policy holder took for his policy.
Term Insurance:
Term Insurance is also a type of life insurance policy that covers a certain period of time or specified years. If you the policy holder dies between the term insurance policy period, his nominee will be benefitted. Term insurance has no cash value like other insurance, the only gaurenteed thing is your nominee gets benefitted if you had sudden demise.
Health Insurance:
Health Insurance is similar to Life Insurance, but it cover you the treatment cost, medications cost, hospitalisation cost for array of diseases and Accidents. It will be really beneficial for people who have severe disease and medication problems.
Motor Insurance:
Motor Insurance is nowadays mandatory for every motor vehicle owners, Like If you are not having motor insurance you will be penalised by the Traffic Police Department of respective state, Motor Insurance will cover you theft of the insured vehicle, damage caused by accidents, It also covers Third party liabilities, where you can claim your insurance for the persons vehicle, which the damage is caused by you.
Travel Insurance:
If you are an explorer who loves to travel around the state, country and continent. then travel insurance would be a great option for you. Travel Insurance plans covers your Trip Cancellation, Delay, Interruption, medical emergency and evacuation, lost or damaged luggage.
