Let Your Money Earn
- info@finoda.in
- +91 9035 29 4343
Insurance
What is Insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs. Having the right insurance for the risks you may face can make a big difference in your life
Life Insurance
_____________
There are so many benefits to purchasing a life insurance policy. Let us understand the life insurance policy benefits and features.
Health Insurance
_____________
A medical insurance policy, also called as health insurance, covers medical expenses for illnesses or injuries. It reimburses your bills or pays the medical care provider directly on your behalf.
Term Insurance
_____________
Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates.
Vehicle Insurance
_____________
If your vehicle is involved in an accident that results in damage or loss to the property of any third parties, it is covered under the car insurance.
Travel Insurance
_____________
Travel Insurance is one of the most important investments that a traveller can make when they decide to travel.
Apply for:
Types of Insurance
Insurance is a legal agreement between an individual and the insurance company, under which, the insurer promises to provide financial coverage (Sum assured) against contingencies for an amount (premium). The types of insurance in India can be broadly divided into two categories:
- General Insurance
- Life Insurance
Life insurance refers to the legally binding contract between a policyholder and an insurance company that provides financial protection to his/her family. The insurer promises to offer the insurance benefit in exchange for regular premiums paid by the life insured. The ‘financial protection’ under life insurance is provided in the form of life cover, also known as sum assured. It is a pre-agreed amount that is payable in case of an untoward incident with the life insured
Different Types of Insurance Policies Available in India
1. General Insurance
Following are some of the types of general insurance available in India:
- Health Insurance
- Motor Insurance
- Home Insurance
- Fire Insurance
- Travel Insurance
2. Life Insurance
There are various types of life insurance. Following are the most common types of life insurance plans available in India:
- Term=Life Insurance
- Whole Life Insurance
- Endowment Plans
- Unit-Linked Insurance Plans
- Child Plans
- Pension Plans
Life Insurance
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.
Life insurance is there to help reduce the financial burden on your loved ones when the inevitable happens. But every life insurance policy is different.
Whether you want to make sure your spouse can continue paying the bills if you die unexpectedly or you simply want to cover your own funeral costs, the best type of life insurance ultimately comes down to your needs and budget.
Health Insurance
Health insurances are types of insurance policy that covers the expenses incurred due to medical care. Health insurance plans either pay or reimburse the amount paid towards the treatment of any illness or injury. Different types of insurance policy cover varied medical care expenses.
It usually offers protection against:
a) Hospitalization
b) Treatment of critical illnesses
c) Medical bills post hospitalization
d) Daycare procedures
a) Hospitalization
b) Treatment of critical illnesses
c) Medical bills post hospitalization
d) Daycare procedures
Types of Health Insurance Plans
- Individual Health Insurance
- Family Floater Insurance
- Critical Illness Cover
- Senior Citizen Health Insurance
- Group Health Insurance
- Maternity Health Insurance
- Personal Accident Insurance
Motor Insurance
Motor insurances are types of insurance that offer financial assistance in case your bike or car get involved in an accident. Various types of Motor insurance policies in India include:
1) Car Insurance: Individually owned four-wheelers are covered under this plan. The car insurance types include- third-party insurance and comprehensive cover policies.
2) Bike Insurance: These are types of insurance policy where individually owned two-wheelers are covered against accidents.
3) Commercial Vehicle Insurance: This is one of the insurance types, which offers coverage to any vehicle used for commercial purposes.
2) Bike Insurance: These are types of insurance policy where individually owned two-wheelers are covered against accidents.
3) Commercial Vehicle Insurance: This is one of the insurance types, which offers coverage to any vehicle used for commercial purposes.
Insurance Policy Components
When choosing a policy, it is important to understand how insurance works.
A firm understanding of these concepts goes a long way in helping you choose the policy that best suits your needs. For instance, whole life insurance may or may not be the right type of life insurance for you. Three components of any type of insurance are crucial: premium, policy limit, and deductible.
Premium
A policy’s premium is its price, typically expressed as a monthly cost. The premium is determined by the insurer based on your or your business’s risk profile, which may include creditworthiness..
For example, if you own several expensive automobiles and have a history of reckless driving, you will likely pay more for an auto policy than someone with a single midrange sedan and a perfect driving record. However, different insurers may charge different premiums for similar policies. So finding the price that is right for you requires some legwork.
Policy Limit
The policy limit is the maximum amount that an insurer will pay under a policy for a covered loss. Maximums may be set per period (e.g., annual or policy term), per loss or injury, or over the life of the policy, also known as the lifetime maximum.
Typically, higher limits carry higher premiums. For a general life insurance policy. the maximum amount that the insurer will pay is referred to as the face value, which is the amount paid to a beneficiary upon the death of the insured.
Deductible
The deductible is a specific amount that the policyholder must pay out of pocket before the insurer pays a claim. Deductibles serve as deterrents to large volumes of small and insignificant claims.
Deductibles can apply per policy or per claim, depending on the insurer and the type of policy. Policies with very high deductibles are typically less expensive because the high out-of-pocket expense generally results in fewer small claims.