What is Insurance? Types of Insurance

Insurance is a legal contract between two parties, i.e., an insurance company (the insurer) and an individual (the insured). Insurance is a way of managing your risk. When you buy the insurance you buy protection against unexpected financial loss. The insurance provider pays you or the person of your choice if something unfavorable happens to you. If you have no insurance and an accident occurs, you may be responsible for all related costs.

How works Insurance?   

The insurance company and the insured get a legal contract for insurance, called an insurance policy. An insurance policy contains details about the terms and conditions under which the insurance company will pay the sum assured to the insured person or their nominee.

Generally, insurance in India can be broadly divided into five categories:

  • Life Insurance
  • Health Insurance
  • Vehicle Insurance
  • Education Insurance
  • Home Insurance

Life Insurance

A life insurance policy is a contract between an insurance policy holder and an insurer, or "assurer," in which the insurer promises to pay a sum of money to the person assured (or his nominee) in the event of the death of an insured person. A professional life insurance consultant can advise you on how to invest in various life insurance schemes to provide financial security for your family.

Health Insurance

Health insurance is purchased to cover medical expenses for expensive treatments. Different types of health insurance policies cover a range of diseases and ailments. You can buy general health insurance policies as well as policies for specific diseases. The premium paid for a health insurance policy usually covers the cost of treatment, hospitalization, and medicine.

Education Insurance

Child education insurance is similar to a life insurance policy that is specifically designed as a savings tool. Education insurance can be a great way to provide a lump sum when your child reaches higher education age and enrolls in college; these funds can then be used to pay for your child's higher education expenses.

Vehicle Insurance

The term vehicle insurance itself is indicative, it is an insurance product that covers the financial risk of vehicle damage. It is also called auto-motive/auto insurance or motor insurance. The policy covers four-wheelers, three-wheelers such as auto rickshaw and two-wheelers.

Home Insurance

Home insurance is an insurance that covers the cost and loss of your home or any insured property. It is a form of property insurance and one of several types of general insurance products.Home insurance is also called homeowner's insurance. It protects your bungalow/apartment/rented flat/owned house/built house against potential hazards.

Contact us 

ANG Finverse is one of the Top Insurance Consultants in Ahmedabad. We also provide various financial services. If you still have any questions, place your queries, and the expert will pay heed to your questions and solve issues proactively.

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