Type & Benefit Of Insurance

 What is Insurance 

Insurance is a written legal agreement, in which the insurance company takes the responsibility of paying the compensation for the loss caused to you or any of your things.

In simple terms, insurance is a system whereby the insurance company promises to make compensation on the death, accident or damage to an object of the insurance holder.

Benefits Of Insurance

Insurance is very important for every person. What can happen in today's part-time life, nothing can be said. In such a situation, Insurance helps you after every sad event. For example, if you have got your valuable item insured correctly, it works like a Backup Help for you.

Suppose you bought a mobile worth Rs 10,000 and got it insured as well. Now, if someday your mobile attacker fell on the ground and its screen broke, which cost 3000 rupees, because you had insured your mobile, so the insurance company will compensate for this 3000 rupees loss from your mobile and Your mobile will be new again.

Types Of Insurance

By the way, there are many types of insurance, but some insurance is mainly necessary, which is described as follows -

• Life Insurance

Under Life Insurance, we insure our life. There are many types of life insurance, Life Insurance is divided into two parts as you can see in the following image. Apart from this, which policies come in both the parts, it has also been told.

Type Of Life  Insurance

 but we should always take Term Insurance. In this type of Insurance, we have to make payments through fixed instalments and if the insured dies during the insured period, the insurance company would pay the Sum-Assured Amount prematurely to the Nominee created by that person. is.

The premium for Term Insurance is very low and a large Amount also gets a Life Insurance Cover at a low premium. But there are other types of policies too, including Insurance + Investment. Such a policy is commonly known as ULIP (Under Life Insurance Policy).

Read Also - Benefit Of Term Insurance

• Health Insurance

In health insurance, the person takes such insurance that whenever his health deteriorates in some way, or he gets a major illness, the insurance company will bear all the expenses.

In this type of insurance also, the premium pay which is done, at the end of the year, the entire premium ends and there is no return. But if any major illness is incurred during the insurance period, then the sum assured of the Sum Assured Amount is insured, the insurance company fully bears the treatment expenses up to Amount.

• Vehicle Insurance

If you have a vehicle, and that vehicle is stolen or it gets damaged in an accident, and if you have insured your vehicle, then in the event the insurance company owes all the damages to your vehicle. it occurs.
Not only this, if the accident causes physical damage to one of the parties, then the insurance company also carries its Claim. Therefore, if you have a vehicle, then it must have vehicle insurance because there is a Vehicle Insurance Compulsory in our country. If the vehicle is not insured, then it is a legal offense.

• Crop Insurance

This type of insurance is very beneficial for the farmers, because if there is any damage to the crop of the farmer due to any reason, the insurance company promises to compensate the crop loss, even if the crop is burnt, frost fall Gone, it doesn't matter. If there is any kind of loss to the crop, then this insurance company is responsible to compensate for that loss.

• Home Insurance

This insurance is for the home and home contents. Suppose there is some kind of damage to your home, such as a house falling down due to some natural reason, theft of the contents of the house, or burning. In such a situation, if you have got your house insured, then the insurance company compensates for any loss in the house.

• Accident Insurance

Suppose an accident happens to a person and in which you get hurt, then the insurance company promises to bear all the expenses for your treatment. Accident Insurance Before taking insurance, get good information about it.

• Travel Insurance

It covers an accident during an insurance person's trip, such as a terrorist attack while traveling, or if an accident occurs, the insurance company compensates for the loss during the trip.

Apart from these, there can be many other types of insurance, about which an insurance agent can give you better information or you can go to the site of an insurance company to get information about different types of insurance.