Insurance is an agreement or policy which is purchased by an individual by paying the premiums on a yearly, monthly or quarterly basis to the insurance company. In return, the insurance company protects its customers from any emergency or any form of loss or risk in the future.
Public and private sector organizations can also purchase insurance to shield themselves from the risks involved in their business. Insurance companies protect their customers from various types of risks involved in their dealings. It is a risk management scheme where the insured person can protect themselves against loss, sickness or any other form of financial emergency. Insurance can help you in managing your financial risks and it reduces the financial stress that comes with it.
Types of Insurance in India
Listed below are the major types of insurances in India.
Life insurance is a form of shared agreement between the insurance company and the insurance company where the individual pays the premiums on a monthly, yearly, or quarterly basis and gets secured from any form of unprecedented eventualities. There are different types of insurance plans available in India which are offered by both private and public insurance companies. The sum received from the lie insurance companies can be used as security after retirement, protection in the case of medical emergencies, etc. The benefits of such schemes include death benefits, maturity benefits, and tax benefits. the two major types of insurance plans include the Whole Life Insurance Plans and Term Life Insurance Plans
Health Insurance gives the insurer protection against the medical costs that are incurred due to any serious illness or accident. The insurance company takes the responsibility of protecting the insurer against any form of medical emergency and covers all the costs linked with the medical treatment. Certain health insurance plans can provide for regular medical checkups as well.
Purchasing a car in India is a costly affair, maintenance of the car is even more so. Often, new car buyers purchase a car along with the car insurance so that they remain protected against any form of accidents or damage which is inflicted on the car. Car insurance is designed to save the vehicle owner from any exuberant financial liability linked with the car like a car accident or if the car is lost. Car insurance protects the buyers against any form of accidents, natural and man-made- which are both unforeseen in nature. Car insurance can shield the insurer from such accidents
Two wheeler insurance
Two wheelers heavily outnumber any other vehicle on Indian roads, which is the primary reason for Indians to always consider taking an insurance policy along with their two-wheeler purchase. Two wheeler insurance protects the vehicle owner from any form of natural or man-made accidents. Along with the protection from any damage caused due to accidents, the insurers are also protected from theft, loss of keys, etc.
Traveling is very popular among people. If you're someone with a knack for traveling then you can take travel insurance and insurance yourself and your close ones from any form of theft or accidents while you are traveling. Travel insurance covers theft of travel baggage, passport, trip cancellation, etc. A well-planned travel insurance policy is a great investment for a curious explorer. Buying travel insurance online is a swift process and it has become very popular in recent times.
Home insurance will provide you with complete safety against any damage or accident in your house which could be human-made or natural. It takes years for people in India to build their dream house, and an individual might be devastated if the house gets damaged due to any sudden calamities. Home insurance can be easily bought online from any public sector or private sector insurance companies.
Why Do People Need Insurance?
There are many reasons why people need insurance. Since life is full of uncertainties, it is better to have protection against any form of emergencies that crop up in their lives. Insurance is of particular importance to senior citizens which can act as a source of income and support them and their families post-retirement. If you wish to live a comfortable life after retirement, then you can use the insurance policies to lead a better and safe life after you've completed your career innings. Many insurance policies can also help you in taking loans against the policy. Most importantly, to lead a confident life and shield yourself and your close ones from any form of emergency, you will require the protection of an insurance policy. You must perform in-depth market research before purchasing any insurance so that you can reap its benefits to the fullest.
Why Should You Buy Insurance Online?
The insurance market in India is huge and it thrives on people who trust the insurance companies to provide for their medical emergencies. One of the major benefits of purchasing insurance online is because it is cost-cutting for insurance companies and convenient for the insurers.
Reasons to Buy Insurance Online
It is now possible for the insurers to buy the insurance online. Buying the insurance online is convenient for the insurers as well as the insurance companies. Some of the reasons why we should purchase insurance online are:
Transactions, application process, status updates and checks can be done online by saving time and effort which is otherwise wasted.
Online insurance policies are quoted with a lower premium as compared to the offline variant. This is because the insurance company saves cost on distribution, infrastructure and other social overheads hence the savings are also passed on to the policyholder.
Consumers get more acquainted with the policies that exist and they can also learn more about the insurance companies. Individuals can easily browse through the various available policies and compare and review them and then take a completely informed decision
People can fill up the application form online and also upload the necessary documents easily on the web portal of the insurance company.
The online reviews help in creating an opinion of the customer.
There is no uncertainty about the responsibilities and role of the customer. From the online portal, they can get all the guidelines and information that is relevant for choosing between several insurance policies.
The young generation is considered to be more tech savvy so now they can educate themselves while they are browsing to safeguard their future financially.