Insurance serves as a vital shield safeguarding your life and assets from mishaps, without burdening your pocket. To get the best insurance policies Call Jaika.
Every human possession: be it life or property everything is surrounded by the risk of loss. In the case of life, the possible risks are accidents, disability, and death. On the other hand, properties and other belongings are prone to the risk of theft and destruction. Most of those risks result in financial losses. Destiny is such, that financial losses occur mostly when we are not prepared to face them. That is where the role of insurance begins. Insurance is a prudent way to get away from financial losses right transferring them to an insurance company.
Before we know more about the types of insurance you must have or their benefits, let's understand what insurance is.
WHAT IS INSURANCE?
Insurance is a legal agreement between an individual and an insurance company. In the agreement, the insurer promises to take care of the losses of the insured financially. No matter the contingency, an insurer provides financial coverage to the insured. To get the benefits of the coverage the insured pays are yearly premium and keeps on renewing it every year to keep the agreement going.
HOW DOES INSURANCE WORK?
As mentioned earlier, insurance is a legal agreement between an individual and an insurance company. And the contract that binds both to abide by the promises is called the insurance policy.
If you look closely at an insurance policy, you will find every single detail about the terms and conditions and circumstances under which the insurance company is liable to pay out the insurance amount to the insured person or the nominees.
By now you have understood that an insurance policy is simply a way of protecting yourself, your loved ones, and your belongings from a financial loss. Generally, the premium an insured person pays is way less than the coverage they get from an insurance company.
Insurance companies become able to take the risk of providing high coverage for small premiums because not every insured person ends up claiming the insurance. That is how you get a big insurance coverage by paying a low price annually.
Any individual or business can buy an insurance policy from an insurance company but the suitability of the insurance buyer is solely decided by the insurance provider. There are so many factors that an insurance company considers before selling an insurance policy to an individual, some of those factors may include the age of the individual, their medical history, etc. In general insurance companies don't provide insurance to high-risk applicants.
Even during a claim settlement, the insurance company evaluates the application to make the decision.
WHAT ARE THE TYPES OF INSURANCE YOU GET IN INDIA?
There are two broadly divided segments in the insurance industry in India: life insurance and general insurance.
Life Insurance:
It is very easy to predict from the name itself, life insurance is the type of insurance that you get on your life. In case of your untimely demise, a life insurance policy makes sure that the dependents in your family are financially secure. If you are the sole breadwinner in your family, life insurance is a must-have. In case the policyholder of a life insurance expires during the term of the policy, financial compensation is provided to the policyholder's family by the insurance company.
General Insurance:
General insurance is an umbrella term that includes different types of insurance that people buy in their day-to-day lives. Now let's discuss the types of insurance that come under general insurance.
Health Insurance:
Health insurance is the most bought insurance type in India. A health insurance policy covers the medical costs of an individual during minor to major expensive treatments. Different types of health insurance policies cover different diseases and ailments. You can also buy a general health insurance policy if you do not have any specific disease. And also, some policies are disease-specific. Apart from diseases people also get health insurance for pregnancy and other events that are related to health and are subject to heavy financial backups.
The premium paid for a health insurance policy usually covers hospitalization, treatment, and medication costs. But remember every health insurance policy is different and to know more about the one you are going to buy; you need to ask the insurance broker or company.
Car/Two-Wheeler Insurance:
In today's world vehicles are an important part of our lives. Car and two-wheeler insurance policies are called vehicle insurance altogether and they cover the vehicles and the owner. A car or two-wheeler insurance policy protects you against any accident. Some policies also pay for the damages made to your car or two-wheeler during any natural calamities like earthquakes or floods.
There is also third-party liability coverage where you make any damage to other vehicle owners.
Cyber Insurance:
In the age of increasing cybercrimes, cyber insurance is a specially designed insurance policy as a saving tool for businesses that rely on the Internet. A cyber insurance policy is a great way to provide financial support to your business when it is exposed to any sort of cybercrime such as data breach, data loss, data theft etcetera.
In the case of a cyber insurance policy, there are certain limitations that you must know about. A few such limitations are:
- You cannot claim for any pre-existing breaches or cyber events that occurred before you purchased the policy.
- Any cyber event caused by an employee or insider is not covered by the policy.
Home Insurance:
Everyone dreams of owning their own home. Home insurance helps with covering the loss or damage caused to your home due to any natural calamities, accidents, or perils.
Also, people who don't own a home and are staying in a rented apartment can opt for home insurance policies to keep the belongings inside their homes safe.
WHAT ARE THE BENEFITS OF BUYING AN INSURANCE POLICY?
Apart from the financial coverage you get by buying an insurance policy, there are lucrative benefits that you can avail just by buying an insurance policy.
- It provides you certainty by sharing your financial burdens when you meet with accidents or any vulnerabilities.
- If you are a taxpayer, you get tax benefits on your insurance policy.
- Insurance policies help you save money and assure you that your health and belongings are safe during any mishaps.
CONCLUSION
Be it health insurance, car insurance, two-wheeler insurance, or home insurance you can buy an insurance policy offline as well as online with Jaika. We have a team of experienced insurance agents who will help you select the right policy from the sea of insurance companies and policies. With Jaika, you don't need to visit every single website of different insurance providers since we research on your behalf to make sure that the policy you are going to buy matches your requirements.