What is Insurance, How Many Types Of Insurance Are There?

 Hello friends, welcome to our blog, in today's post, we will tell you What is Insurance, How Many Types Of Insurance Are There? If you want all the important information about insurance, then you have come to the right place, it will clear all your doubts, let's start.

Insurance, a cornerstone of financial planning, covers you, your dependents, and your assets against financial loss in the event of an untoward event or circumstance in the future.

The definition of insurance is very simple. You pay (monthly) a fixed amount called a premium to the insurer (LIC). In lieu of which LIC provides coverage and pays a pre-determined amount for any future losses. that benefits you

On the basis of insurance cover, insurance is divided into life insurance and general insurance. Many insurances belong to different parties, through our article, you will be explained in detail about both these types of insurance and their various aspects. so you read it carefully


What is Insurance, How Many Types Of Insurance Are There?


What is Life Insurance?


Friends, life insurance is one of the most important financial tools that will help your entire family to remain financially independent, to remove the liabilities taken in the form of debt, to maintain the lifestyle, and to achieve the important goals of life on the right track. Helps to maintain a very high level. so it may be beneficial to have

In this life insurance, in case of premature death of the policyholder within the policy term (if anyone dies), the insurance company pays the sum assured to the family of the nominee.

Types of life insurance

  • 1. Whole Life Insurance
  • 2. Term Life Insurance
  • 3. Endowment Plan
  • 4. Money-Back Policy
  • 5. Unit Linked Plans

1. Whole Life Insurance 


Friends, this is a type of insurance plan. Which provides a protective shield for your entire life. The term of the LIC insurance policy for such plans is around 100 years. And when the premium of such policy is paid, that is, as long as you invest money in it, the benefits of the policy remain the same. If someone wants to take this insurance plan for life, then taking a whole life insurance plan is a very good option. You can do this option.

2. Term life insurance 

Term life insurance is a pure protection plan that offers great coverage for affordable premiums. In term insurance, the promised amount is paid by the insurance company if the insured dies within the agreed term of the insurance. The amount received will help the insured's family to cover daily expenses and pay off the debt. The conditions of the plan allow you to choose a total guaranteed 15-20 times the annual income.

 3. Plan 

A grant plan is an investment in a product and an insurance plan that covers life and works for basic life goals. In this plan, part of the sum insured can be secured, while the rest is invested in a less risky path, ie the company.

In the event of the insurer's death during the term of the insurance contract, the insured's authorized person will receive the sum insured. This capital plan meets the requirements for insurance and investment at the same time.

4. Money Refund Principles 

In this way, the value is paid at a predetermined interval in the period of the insurance period, others equal to insurance plans of money insurance plans for money. If they are if the money is returned for 20 years, it pays to the end of the 5th, 10. This policy in the insurance will go to full-time Neil.

5. Units contained in Insurance (ULI) 

Like a ribbon plan, part of the premium after the cover and the second part is planted in markets. This procedure provides the opportunity to raise capital by investing any product and investment in life security and many types of risks.

The facts of the lips of SCCeme as money insurance and also supplies transmission devices that invest in another facilitation in another fund.

What is General Insurance?


General insurance, unlike life insurance, includes insurance for non-living property such as home, vehicle, health, travel, flood, fire, theft, road accident and man-made calamities.

  • 1. Home Insurance
  • 2. Motor Insurance
  • 3. Travel Insurance
  • 4. Health Insurance

1. Home insurance 


Home insurance protects your home and property from human damage and natural disasters. Friends, some homeowners cover your temporary rental costs while repairing your home.

2. Motor insurance 


As the name suggests, this is car insurance, which will provide you with coverage in the event of an accident, car damage, car theft, vandalism and more. This insurance occurred with two species of third parties and extensive third party parties if there is an accident for everyone because your car. According to the automotive law, 1988, it is ordered to have insurance of third parties for every car running on the way.

On the other hand, loss of extensive engine insurance, fire, fire, chaos, etc. You cover third party.

3. Travel Insurance 

If you are traveling abroad, you protect the insurance contract for travel insurance under damage, delayed flying, and cancellation. In some cases, if you are admitted to the hospital during a trip, then you will receive complete hospital treatment from the insurance company for travel insurance.

4. Health insurance 

Health insurance covers cash costs in the event of a medical emergency. A health insurance plan is a compensation plan that covers the cost of hospitalization.

This plan also together creates an insurance policy for the whole family, which covers the treatment of each family member. Critical disease plans, on the other hand, are defined benefit plans that provide a large amount of money to diagnose a particular type of disease.


Conclusion


Friends, in this post we have told you What is Insurance, How Many Types Of Insurance Are There? I hope you have liked the information about insurance, if you have any questions or suggestions, definitely tell us by commenting.

Both life insurance and general insurance are very important to cover all aspects of life completely.


Comments

  1. Nice Information Sir About Insurance, Basic But Understand 😍😎🤗

    ReplyDelete

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