Today's article is going to be special for all the citizens because in this article we will discuss the topic of insurance in detail. In this article, you will get many important information like what is the history of insurance in India? How many types of insurance are there? What is term insurance? Documents required to get Insurance? What are the benefits of taking insurance? Major Disadvantages of Insurance List of Insurance Company? Types of insurance according to the vehicle? Types of Life Insurance
History of Insurance in India
For the first time in India, the Insurance Company was established in the year 1818, the name of that company was Oriental Life Insurance.
Kolkata was After this, another company was established, in the year 1823 the Mumbai Insurance Company was established, then in the year 1829 the Madras Equatic Ashashan Company was also started. After this many insurance companies have been established.
What is insurance?
Insurance is an arrangement that guarantees compensation for loss, accident, illness, and death in return for the payment of a premium. Instead, a person taking insurance has to pay a fixed premium, which is fixed on the basis of insurance tax.
How many types of insurance are there?
There are mainly 4 types of insurance in the country of India, which have special importance in the lives of people. Its detail information is given below step by step.
Health Insurance: This insurance is an important insurance to reduce the risk, this insurance helps you in medical related situations. This health insurance covers hospitalization expenses up to the tax amount. Provides coverage for all the family members under this insurance.
Home Insurance: Inflation is skyrocketing in the present time, due to which home insurance is important for you to secure your home with a right low insurance policy. Home insurance policy covers man-made and natural conditions.
Vehicle Insurance: This insurance provides coverage to your vehicle against factors like damage, accident, theft. Apart from this, this insurance policy covers your vehicle against fire, theft, earthquake etc. Along with this, it also provides coverage in case of third party property damage, bodily injury and death.
Travel Insurance: If you are admitted to the hospital during the journey, then this insurance will be very useful to you at that time. You are traveling internationally and you will be covered under this insurance for loss of baggage, cancellation of journey and loss due to flight delay.
Documents required for getting insurance
Aadhar card
PAN card
Voter ID
driving license
Ration card
electricity bill
10th and 12th mark sheet
income certificate
What is term insurance?
Term Insurance is a type of life insurance, for the prescribed period of this insurance which can be 5, 10 years or up to a maximum of 30 years. In this insurance, no benefits are available after the completion of the policy term.
If you are in dilemma and want to buy term insurance or want to take any life insurance then you can take it. In this type of insurance, the insurance amount is paid by the insurance company only in the event of the death of the policyholder. If the insured survives till the end of the policy, then he is not given any kind of maturity benefit.
What are the benefits of taking insurance?
Insurance can save you from the calamities that come in the event of emergency.
Due to having life insurance, your family members will get a fixed amount in case of your death.
So that he can live further life.
You can also use the insurance policy as a guarantee.
Due to having general insurance, your loss is compensated.
Due to which you are not financially troubled.
Major Disadvantages of Insurance
Under insurance, a person has to pay the entire amount of insurance at one go.
The person has to face a lot of trouble for the insurance claim.
The company is never ready to give insurance quickly.
List of insurance company?
Max Bupa Insurance
Shriram General Insurance
Orient General Insurance
New India Association Company Limited
HDFC Standard Life Insurance
SBI Life Insurance
ICICI Prende Shial Life Insurance
LIC Insurance Corporation of India
Vehicle-wise types of insurance
Car Insurance: Compensation for damages caused to the vehicle is also covered under this insurance. Many companies are now providing medical insurance as a part of the same along with tax insurance. The vehicle driver is also entitled to get the benefit of this third party liability.
Two wheeler insurance: This type of insurance provides protection against road accidents as well as natural and man-made accidents. It is mandatory for the insurance company to provide a personal accident cover of one lakh rupees along with the two-wheeler. By increasing the premium, you can also take insurance for the riders.
Commercial Vehicle Insurance: All vehicles that are used for commercial purposes. Such as tracks, loaders, agricultural vehicles, etc., are insured under commercial vehicle insurance.
vehicle insurance
