What is insurance?
Top 5 Insurance: Your financial security shield
Insurance is a contract between you and the insurance company. Under this, you pay a fixed premium and in return the company compensates you in case of any loss, illness, accident or other financial risk.Its purpose is to reduce your financial loss and provide protection in uncertain situations in life.
When did insurance start?
The concept of insurance is very old—from about 3,000 years ago.Ancient times: Merchants used to compensate for losses by contributing among themselves to protect the goods in sea trade.
Modern times: Formal insurance started in England in the 17th century through “Lloyd’s of London”.Today, it is used in many services related to health, vehicle, life, travel, and business.—Why is insurance necessary?
1. Financial security – Compensation for losses due to sudden illness, accident or natural calamity.
2. Peace of mind – You know that you will get financial support in difficult times.
3. Legal requirements – Vehicle and health insurance are mandatory in many countries.
4. Investment and savings – Some policies also offer the benefit of investment and returns.—Types of insurance
https://healthfitone.com/top-10-yoga-chair-yoga-posses-for-beginners/?amp=11. Life insurance – Financial assistance to the family in case of death.
2. Health insurance – Coverage of treatment, hospital and medical expenses.
3. Vehicle insurance – Protection against vehicle damage and third party claims.
4. Travel insurance – Protection against medical or other risks during travel.
5. Business insurance – Protection against business losses.—How to get insurance?
1. Identify the need – Decide whether you need health, life, vehicle or other type of insurance.
2. Research the company and policy – Compare premiums, coverage and claim process.
3. Online or offline application – Nowadays, policies can be availed instantly through mobile apps and websites.
4. Documentation – Submit identity, address and health documents.
5. Premium payment – It is important to pay the premium on time so that the policy remains active.—Where to get insurance?Online platforms: PolicyBazaar, Coverfox, InsuranceDekho etc.Banks and financial institutionsDirect insurance companies – LIC, ICICI Lombard, HDFC Ergo, SBI Life etc.—ConclusionInsurance is not just a piece of paper, but it is a strong shield that protects against the uncertainties of life and future. By choosing the right policy and a reliable company, you can secure not only your financial future but also that of your family.
