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What is Insurance Policy

It can be said without a shadow of doubt that life is full of uncertainties and risks. And it is equally true that it is this aspect of life that makes it so exciting and interesting. But some unforeseen events have the potential of setting you back. Here insurance comes to your rescue.

Insurance is a type of contract between an insurer and an insured in which insurer agrees that on the happening of certain events the insurer will either make payment to insured or meet certain costs. Insurance is now considered a dependable, essential, acceptable and the most cost effective means to protect ourselves from the financial impact of unexpected risks. Insurance is fast becoming a very reliable way of saving the money so that one can save enough money in the case of emergency.

When you opt for an insurance policy, you pay an annual or monthly premium. It is extremely crucial that you own insurance so that you can be protected in the event of unexpected events.

How to Find a Good Insurance Company?

You need to find a reliable insurance company and there are number of insurance providers catering to your needs. However, a policy of one insurance firm may differ from that of another one. Hence, it is in the essential fitness of things to find out what is covered and what is not.

There are many insurance companies licensed to do business in India. They offer a wide range of insurance products. No two insurance companies are the same. Each company offer policies that have different exclusions, terms and conditions and costs.

Once you have supplied the insurer with all the required information, received the PDS and paid the first installment of the premiums you will be issued with a policy certificate/schedule to confirm you are covered.

Types of Insurance

Generally Insurance in India is divided into three components: life insurance, health insurance and general insurance.

Points to Ponder While Selecting Your Insurance Provider

  • Premium on Insurance
  • Ease of getting Insurance
  • Customer Service
  • Ease of Filing a Claim
  • Time for Claim Settlement

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