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Insurance, a common word that you must have often heard of in our daily life is boon. May be, everyone doesn't know the exact meaning of it or doesn't understands the importance of life insurance but it is no longer a luxury for us, it has become a need now. An equitable transfer of the risk of a loss/damage, from one entity to another in exchange for payment is called insurance and the money that is charged for a certain amount of insurance coverage is called the premium. Insurance can be of many types like auto, gap, health, accident, sickness, casualty health, life, burial, property insurance among many others. Out of them health and life insurance has been the fastest growing segment in India over the last few years.
Health insurance concept is new in India but its awareness is growing fast. The health insurance companies provide an insurance policy that covers the total charge of an insured person’s surgical and medical expenses. It depends on the types of insurance policy that a person takes. It can be like person pays money out of his pocket and then the insurer reimbursed, or the insurance company makes direct payment to the provider. There are two main types of insurance including medical insurance (which reimburse the amount that a policy holder pays) and serious illness insurance (that insures you against the danger of an illness in return of which you need to pay a premium amount.
Life insurance basically is a type of insurance of the human beings although a human life is can never be valued but some amount could be defined by Life Insurance Companies which are based on loss of earnings in future. It is an agreement among the insurer and the policy holder, where the insurance company reimburses the amount for the individual's death or for other event such as critical illness. For the life insurance also, there are two main categories like term life policy-covers risk only during the selected term period. These policies are usually for 35, 30, 25, 20, 15, 10 or 5 years and other one is permanent life insurance- a policy for whole life until the holder is alive.
There are many companies through which people can get themselves insured for their safe and secured life. You must have heard about many life insurance companies and health insurance companies on television, radio, highway hoardings, and newspapers and on your mobile SMS. You can choose from any of these available according to your need and requirement.
Health insurance concept is new in India but its awareness is growing fast. The health insurance companies provide an insurance policy that covers the total charge of an insured person’s surgical and medical expenses. It depends on the types of insurance policy that a person takes. It can be like person pays money out of his pocket and then the insurer reimbursed, or the insurance company makes direct payment to the provider. There are two main types of insurance including medical insurance (which reimburse the amount that a policy holder pays) and serious illness insurance (that insures you against the danger of an illness in return of which you need to pay a premium amount.
Life insurance basically is a type of insurance of the human beings although a human life is can never be valued but some amount could be defined by Life Insurance Companies which are based on loss of earnings in future. It is an agreement among the insurer and the policy holder, where the insurance company reimburses the amount for the individual's death or for other event such as critical illness. For the life insurance also, there are two main categories like term life policy-covers risk only during the selected term period. These policies are usually for 35, 30, 25, 20, 15, 10 or 5 years and other one is permanent life insurance- a policy for whole life until the holder is alive.
There are many companies through which people can get themselves insured for their safe and secured life. You must have heard about many life insurance companies and health insurance companies on television, radio, highway hoardings, and newspapers and on your mobile SMS. You can choose from any of these available according to your need and requirement.
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