Types Of Insurance Policies |
Posted: August 10, 2016 |
Life insurance has made its way in India over 100 years ago. It has been defined as a term of insurance where the insured person pays a certain amount, which is called a premium, at a specified time and in return, the insurance company like Max Finance agrees to compensate or pay back a certain sum of the money, on specific conditions and terms related to the duration of human life. It guarantees full protection against the death of the insured person. On the death of the insured person, the life insurance company pays the full amount of money, along with bonuses as applicable. Life insurance is superior to other forms of savings and is also the most crucial one. On the other hand, general insurance means insurance against health, fire, and marine and other types of insurance policies which provide insurance against property, burglary, motor vehicles etc. Every asset has a value of its own and the main aim of general insurance policies is to protect the economic value of assets, our assets can be damaged or be victims of accidents at any point of time, no one can predict such events, hence it is important for us to understand the benefits of these insurance policies in order to protect our assets and ourselves. TYPES OF INSURANCE POLICIES:- PROPERTY INSURANCE A house or a property is one of the most valuable possessions for anyone. Property insurance covers all the potential risks to your house or property under a single policy; it also provides protection against other properties or assets, which are of interest to the people buying the policy. HEALTH INSUARNCE Health insurance is considered to be very vital as it protects humans from sudden illnesses or accidents, by covering the medical cost which is required at the time of emergency. PERSONAL ACCIDENT INSURANCE This insurance policy allows full compensation for injuries and even loss of life caused by an accident. It also includes compensation of the cost of treatment and the use of hospital facilities in the process of treatment. TRAVEL INSURANCE Travel insurance covers the insured against any unexpected events or misfortunes while traveling, like personal accidents, medical expenses and even against the loss of checked luggage and passport. LIABILITY INSURANCE This policy indemnifies the officer or other professional employees against loss of their jobs arising from claims made against them by reason of any wrongful act in their terms of service. MOTOR INSURANCE The motor vehicles act says that, every motor vehicle running on the road has to be insured, which covers all the liabilities and damages caused to the vehicle.
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