In India insurance is a federal matter. Insurance is the protection against financial loss due to accidental event. Insurance policy helps in not only extenuating risks but also offers a financial cushion against adverse financial burdens suffered. It is contract between two parties like the insurance companies and the insurers. In this contract the insurer agrees to pay the financial loss arise due to accidental events.
The insurance plans are also called as risk cover plans that means financial financially recompense for loss which happens uncertainly through accident, theft, and natural disasters, illness.
Most of the people are not aware of the good wills of insurance as it is attractive investment. This is introduced for risk cover of life including jewelry, automobiles, homes etc. Today you can see that a large number of companies are providing insurance like Bajaj Allianz, New India Assurance Company Limited, Tata AIG, Kotak Mahindra, ICICI Prudential and Reliance.
You can acquire insurance on several things besides health like critical illness, life, car, endowment, hospital cash plans, pension plans, and whole life insurance. It offers a comfortable future. Once you insure your health and wealth you can take a deep sleep without worrying about the loss of any thing because insurer compensates your loss. Life insurance covers the risk involved in a person's life, while General Insurance provides financial protection against unforeseen events, like accident, flood, earthquake, disease, etc.
Development Authority & Insurance Regulatory is development and regulatory authority under Government of India for protecting the interests of the policyholders and to promote, ensure and regulate orderly growth of the insurance industry.
General insurance provides much needed protection against accidental events. It is not mean returns but is a protection against contingencies. Most of the thing that has a financial value in life and has a probability of getting damaged, lost, or stolen can be covered through General Insurance policy.
Travel and tourism is one of the most fast growing sectors around the world. With rise in standards of living, more and more people are embarking on journeys and exploring new places. Home insurance is common and even general. Everybody has a dream to have house one day. For an ordinary person it takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake. So you must have to insure your homes.
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