what is life insurance
what is life insurance

Insurance is the biggest help to deal with any kind of problem in life which helps us in fighting problems of our life like illness, wedding expenses, business sinking, etc. 

Because no one knows about himself what is going to happen to him tomorrow. Therefore, we can compensate to some extent the loss in life through an insurance policy. An insurance policy means protection from loss.

In today’s time, you can take advantage of the insurance policy for breaking, losing, and spending things like smartphone, home, car, marriage, etc. 

The insurance policy pays you the amount of the policy based on certain terms and conditions. Before this, the person has to deposit a fixed amount as premium to the insurance company, only then you can avail this facility.

Life insurance is also the main objective. It also provides financial security to the aggrieved family in the event of the death of an earner or a particular person in the family. Many people are incomplete about it, so even today most people get the insurance policy. They are afraid that their money will never be wasted. Due to which people are deprived of availing of this facility.

In this article, we are going to give you complete information about the insurance policy, which is an insurance policy, What can the common man benefit from doing this, What is the importance of insurance policy in the life of any person?

What is Insurance?

1. Life Insurance

Life insurance is the life of any person whose benefit is received by the insured’s family after his death. So that the family does not have any problem walking home or the family members could start a good job with that money.

Any person should take a life insurance policy in the future because of their family’s financial security.

Life insurance is a written agreement between an insurance holder and the insurance company based on which the insurance company provides a fixed sum of money to the family of the insurance holder as financial security after the death of the person.

Any person’s family gets this financial security only when he or her family has deposited a fixed premium amount.

In today’s time, you can also invest in a policy based on serious illness or disability of any person so that the disease can be treated.

2. General Insurance

Under general insurance, you can get a policy for the car, house crops, animals, health, pension insurance.

If you get your house insured by an insurance company, then the insurance company takes the responsibility of protecting your home, after the insurance of the house, if there is any damage in your house, then you will be compensated by the insurance company.

It is given in which condition of loss of house, the insurance company provides help. Earthquake, flood, natural disaster, theft of house due to any natural disaster, house fire, any kind of fighting riots, loss of house due to a person who wants to provide financial security to his house He must get home insurance done.

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3. Motor Insurance

The benefit of this policy is often for the vehicles running on most roads because if you drive on the road without insurance, then the traffic police can challan your vehicle.

Apart from this, if your vehicle has any kind of damage while walking on the road, then you are given a claim by the Third Party Insurance company, such as a vehicle being stolen or a road accident with the vehicle.

Under, Prime Minister Accidental Insurance Scheme government will bear the hospital expenses.

4. Crop Insurance

Given today’s time, every farmer doing all agriculture must get crop insurance, because in today’s time crop gets spoiled due to excessive rains and sometimes crop gets spoiled due to drought. Pradhan Mantri Crop Insurance helps you in which your loss is compensated by the insurance company.

Depending on the terms and conditions of the crop insurance, you are compensated by the insurance company if the crop is damaged due to fire, flood, or any crop disease.

In case of any loss of your crop, the fields are surveyed by the people of the insurance company and only then the company provides compensation. If your crops are damaged due to any fault, then in such a situation you will not get compensation.

Also Read : How to get HDFC Life Insurance ?

5. Health Insurance

In today’s changing times, the way people eat food is changing, people are liking most of the junk food, due to which this type of food gives a lot of taste to people, but inside they also have a great effect on their health. 

Because of this later people also have big diseases. Whose treatment is also not in their control, in such a situation, health insurance helps you in fighting big diseases. 

Under the National Heath Insurance Scheme, whenever a victim is ill, the insurance company bears all the expenses of its treatment, the amount of money spent in any disease depends on its policy plan, how much you can get for your treatment.

6. Travel Insurance

If you are fond of visiting new places then this insurance is very important for you. Through which you can avoid the loss of travel, such as if you get hurt while traveling or you lose your travel, then in such a situation, the insurance company gives a claim under the travel insurance policy. 

The policy claim is given to you according to the loss that occurs between the start of the journey to the end of the journey. The terms and conditions of the travel insurance policy may vary from insurance company to company.

7. Business Insurance

The benefit of the business insurance is made to compensate for the loss of the work of the company or any similar customers so that in such a situation, the company will avoid the penalty and legal action. Expenses are incurred by the insurance company.

Some important benefits of Life Insurance

  • Life-Insurance is like a protection cover given to your family after your death.
  • The benefit of insurance is available only after the event, if you have a life insurance policy, then your family will get the benefit only after the death of the insurance holder.
  • The insurance sector is constantly growing. Earlier only after the death of a human being, insurance was fire insurance only. But nowadays different types of insurance are going on from the person’s physical illness to the risk of business, vehicle, etc which many people have taken advantage of.

List of some major life insurance companies in India

1. Bajaj Allianz Life Insurance

2. Birla Sunlife Life Insurance

3. HDFC Standard Life Insurance

4. ICICI Prudential Life Insurance

5. Exide Life Insurance Co. Ltd

6. Life Insurance Corporation of India

7. Max New York Life Insurance Co. Ltd

8. Met Life India Insurance Co. Ltd

9. Kotak Mahindra Old Mutual Life Insurance Limited

10. SBI Life Insurance Co. Ltd

11. Tata AIG Life Insurance Co. Ltd

12. Reliance Life Insurance Co. Ltd

13. Aviva Life Insurance Co. India Pvt. Limited

14. Sahara India Life Insurance

15. Bharti AXA Life Insurance

16. Future Generali Life Insurance

17. IDBI Forties Life Insurance

18. HDFC Life Insurance

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Life Insurance is not available in these six ways of death.

If an insurance holder is killed and the nominee’s nominee is named or accused in that murder, the nominee will not get a life insurance claim until he gets a clean chit in the murder case, but if the nominee If the insured’s killer is found, then he will not be able to claim the insurance.

If the insured tries to play with more dangers and dies while performing a dangerous stunt, then the insurance company will reject this insurance claim in case of danger such as death from a stunt or race from a car or bike, or sky diving, paragliding, bungee jumping, and so on.

must read : What is Pradhan Mantri Suraksha Bima Yojana ?

If an insurance holder dies due to an accident while driving while intoxicated (such as an overdose of alcohol or drugs, etc.). So in such a situation, the insurance company pays these claims by giving the insurance claim to the nominee of the insured. The insurance company does not issue claims to those who are intoxicated.

If a person has a major illness before getting insured and the person does not inform the company of the disease while undergoing insurance, and later the insured dies due to the same disease, then in such a situation the insurance company insurance claim Rejects

Apart from this, the insurance company does not claim on death due to HIV and AIDS.

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If an insured dies due to a natural disaster, the insurance company refuses to give insurance claims such as earthquake, tsunami, flood, fire cyclone. But if a person takes such a plan while taking a policy, then in such a situation the claim is given to the insured.

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