What is Insurance & Types of Insurance

What is Insurance & Types of Insurance

In This Article We will Tell You about What is Insurance and What are the Types of Insurance.Although insurance helps after every sad event, but it is very necessary for everyone. Who knows what will happen in today’s crowded life? In such a situation, if you have insurance of your valuable things in the right way, then it works like a backup help for you.
Nowadays, everyone insures his or her favorite things. Everyone, from small shopkeepers to buisness man, knockers, gets insurance and should be done. But there are people who do not understand insurance properly and get confused thinking about what type of insurance policy will be more beneficial. So today I am going to tell you some basic and some important things related to insurance. Perhaps this will make your doubt completely clear.

What is Insurance?

What is Insurance?

First We Know about what is insurance ? In Simple Terms Insurance is such a situation in which any insurance company will give you Full Guarantee to help Financially If You and your family Have any loss like illness, accident or death. For example, if you have got your own life insurance or if you have an accident, then the life insurance company makes full compensation for your loss according to your policy rate and the terms and conditions of the company. Therefore, you should understand the terms and conditions of the company before taking any company’s insurance policy. The higher the amount of insurance policy you take, the more you get cover.

Types of Insurance with Benifits –

Let’s Talk about the types of Insurance and Benifits of Insurance.

  • Life Insurance
  • Accident Insurance
  • Medical & Health Insurance
  • Vehicle Insurance(like Car Insurance)
  • Home Insurance
  • Travel Insurance
  • Crop Insurance

1 – Life Insurance –

Life insurance

On the death of a person who has made a policy by depositing a specified value in a life insurance plan or Life Insurance, the money is paid to the Nominee of the policy according to the terms and conditions of the policy.

People leave this policy especially for their family because there is no trust in life, so most people adopt this policy so that after they leave their family will get some Financial help.

2 – Accident Insurance –

In Accidental Insurance Scheme or Accidental Policy, by depositing a specified value. in case of accident or injury to the policyholder, according to the terms and conditions of the policy. The amount is paid for the cost of the hospital or when it is dead.
The biggest benefit of Accidental Insurance Policy is that you do not have to bear any kind of expenses in case of an accident. The insurance policy company bears all the expenses, but different policy has different terms which should be read and made.

3 – Medical & Health Insurance –

Health Insurance

In Medical and Health Insurance, you also collect a specified value in all the health related matters.the Problems such as Admitted to a hospital, medicines, expenses of operation etc, Insurance Company Help You Financially In such Situations.
This policy is very important because every year You will face diseases. In such situation, these policy companies also spend on some regular CheckUp in a year. Now-a-days there is no guarantee when the health will deteriorate due to food and drink, health insurance policy proves very helpful in such a situation.

4 – Vehicle (Car, Bike etc) Insurance –

If you have your car, motorcycle or any other vehicle then vehicle insurance is must for you. This type of insurance policy is helpful in case of accident or theft of your vehicle.

 It is very important to do this policy because Vehicals are the valuable things in our home. Now-a-days minor accidents happen, in such a situation, these vehicles also cost more. If your vehicle policy is insured, then you have no need to panic as you can claim the insurance policy company for minor damage to your vehicle.

5 – Home Insurance –

In Home insurance, according to the building materials and structure of your house, a policy is made. In this insurance company incur expenses on damage of both house or household items.

This insurance is applicable in case of house collapses, accidents, theft of goods, burns or any inconvenience in which there is damage to the house or inside.

6 – Travel Insurance –

If you have to travel somewhere alone or with your family. Then it may be a good idea to have Travel insurance . In such situation, the insurance company bears the loss of money. in case of delay or cancellation of the journey or accident during the journey.

7 – Crop Insurance –

If you are a farmer, then you must get your crop insurance every year. What is the weather”s trust, it may or may not rain. But if you have insured your crop, you can do farming without any worries.

If there is no rain or due to any other reason your crop is destroyed. Then the insurance company will compensate for the loss.

So In This Article we Told You about What is Insurance?, Types of Insurance With Benifits.

Hope you Like This Artilce Share on Social Media Like Facebook Twitter etc.

If You have any queries regarding to this Article do comment below.

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