What is insurance?
In a word, insurance is an agreement between the customer and the company. Insurance is an agreement to provide financial assistance to a customer in case of any danger or risk in return for money.
In other words, insurance is to provide financial assistance to a person at risk with the money of a few people.
In more detail, the insurance company basically divides one's risk into many. In this way, the person in danger gets financial help.
Suppose a person needs Rs 5 lakh for treatment but it is not possible for him alone to raise that much money. Then the insurance company provides financial assistance to this one person with the money of 20 more people.
In other words, insurance is to share one's risk among many people.
What are the types of insurance?
There are basically three types of insurance.z
- Life insurance
- Health insurance
- General insurance
Life insurance ensures the financial security of a person's life.
Suppose you are the main earner of your family. If you die for any reason, your family's financial situation will be threatened.
If you have a life insurance in such a situation then after your death your family will get financial support which is very much needed for your family.
What is health insurance?
Health insurance is a type of contract that helps the insurer with financial security for the medical expenses of any accident, illness and serious illness.
Suppose you are a healthy normal person. You are suddenly diagnosed with a complex disease and need a lot of money for treatment. Then you may have to borrow a lot of money.
In that case, if you have an insurance policy, your insurance policy will stand by you with financial support for your treatment.
What is General Insurance?
General insurance is the act of insuring for an impending loss on an item you use.
For example, there may be insurance for your car, there may be insurance for your home, there may be insurance for your business or shop. These are later covered by general or general insurance.
Why is insurance urgent?
You may be wondering why you should insure, and what is your benefit by insuring?
If you have a life insurance, health insurance or general insurance, you will be much safer and more stress free. Because you don't have to reach out to anyone on any impending day of danger.
Insurance is very important for every person nowadays. Especially life insurance and health insurance.
Most people insure their cars, homes, businesses. But don’t want to do life insurance and health insurance for yourself and your family.
See, if your car, home is anything, you can go without the car, the house. But if something happens to you or your family members, then your real danger will start.
And the funny thing is that if you insure for one of your cars then you will get insurance benefits only for that car. But if you do life insurance or health insurance then your whole family including you will be covered by this insurance. That means you don't have to have a separate insurance policy. Yet this is what we neglect the most.
Benefits of insurance
Suppose you are earning Rs 50,000 per month, which means Rs 7 lakh per year. If you save 10 thousand rupees per month, then in 1 year you will save only 1 lakh 20 thousand rupees.
Now suppose you or someone in your family suddenly falls ill in an accident and needs Rs 5 lakh to perform the operation. What do you do now?
Now you have to borrow from someone or take a loan from a bank. There is also a lot of trouble because the bank does not give loans easily, again the interest rate of the bank is much higher which is known to everyone.
But if you had an insurance with your monthly savings, your insurance company would extend a helping hand to you in times of danger.
No matter how much money you earn, if there is an accident, it will not take you even 2 days to finish that money. Your insurance policy will be a shield to you during these unforeseen accidents.
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