Insurance

Life Insurance

Life insurance, as the name dictates, insures the life of an individual. It is commonly referred to as a legally binding contract which takes place between policyholder and an insurance company which provides financial protection to his/her family. The insurer promises to give insurance benefit in exchange for regular premiums. These premiums are paid by an individual whose life has been insured. The protection under life insurance is given in the form of life cover, which is also known as sum assured. This amount is pre- agreed and is payable in case of unexpected incident with the life of the insured.

General Insurance

Non-life insurance, also known as general insurance, protects an individual against non-life events such as property damage, personal injury, and natural disasters. This insurance does not cover the risk of death. Types of non-life insurance policies include Motor insurance, Health insurance, etc.

• Motor insurance is a unique insurance policy which has been designed for vehicle owners to protect them from incurring any financial losses. These losses can be due to damage or theft of the vehicle. Whether an individual owns a private car, a commercial vehicle, or a two-wheeler, he/she can go for purchasing a motor insurance policy to secure himself/herself from incurring financial expenses. There are several benefits of purchasing motor insurance. Some of them include accident coverage, legal protection, no claim bonus, etc. Purchasing a motor insurance means safely travelling on road and being covered against the unforeseen incidents. Therefore, it is vital to take a motor insurance while purchasing a vehicle and keep on renewing it regularly upon expiry. It gives legal protection in the sense that it covers lawsuits, such as legal fees due to the accident. If an individual does not make a claim during policy period, no-claim bonus gets offered at the time of renewals.

• Health Insurance or medical insurance means an insurance policy covering the whole or a part of the risk of a person paying medical expenses. Just like other types of insurance policies, risk gets shared among many individuals. Health insurance is a contract binding an insurer to pay some or all the person's healthcare expenses in exchange for premium. The insurer can reimburse the insured the expenses which have been incurred due to the illness or injury, or pay the hospital directly. There are several benefits of having a health insurance. These include hospitalisation benefits, cashless claims, additional coverage, etc. Tax benefit is one of the biggest incentives for individuals to opt for health insurance. Health insurance enables individuals to prioritise health while saving money on taxes. Individuals can claim the premiums paid for health insurance at the time of filing their income tax return.

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