World Indices
 
Insurance
What is Insurance?
Insurance is a cover against uncertainties like death, accidents, and financial losses etc. It also serves as an effective investment and tax saving tool.
 
Need For Insurance
Insurance, simply put, is the cover for the risks that we run during our lives. Insurance enables us to live our lives to the fullest, without worrying about the financial impact of events that could hamper it. In other words, insurance protects us from the contingencies that could affect us.
 
So what are the risks that we run? To name a few - the risk on our lives (ie the worries of replacement of the incomes that we contribute to the running of the household), the risks of medical contingencies (since they have the capability of throwing plans of a financial nature off guard) and risks on assets (since the replacement of those has tremendous financial implications at times). If we were to consider a situation where any of our goals in life were to be disturbed by acts beyond our control, we would realize the relevance of insurance in our lives.
 
So, as a matter of practice, always consider the risks that surround us, and then insure yourself against those risks. There is no risk not worth insuring yourself against, and insurance should first and foremost be looked as a measure to guard against the risks - the risks of your dreams going awry due to events beyond your control.
 
What are the advantages of Life Insurance ?
Protection
Most importantly, we need life insurance to protect the people we love, taking care that our family has a means to look after itself after we are gone. In a nutshell, it is to protect the economic value of a human life for the benefit of those financially dependent on him.
For example - Suppose you suffer an injury that keeps you from earning? Would you like to be a financial burden on your family, already losing out on your salary? With a life insurance policy, you are protected. Your family is protected
 
Savings and Investments
Insurance is also a means to Save and Invest. The periodic premiums are like savings and you are assured of a lump sum amount on maturity. A policy can come in really handy at the time of your child's education or marriage. Besides, it can be used as supplemental retirement income.
 
Tax Benefits
Life insurance is one of the best tax saving options today. Your tax can be saved twice on a life insurance policy-once when you pay your premiums and once when you receive maturity benefits. Money saved is money earned!
 
General Insurance
Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalisation for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
 
Who should buy general insurance?
Anyone who owns an asset can buy insurance to protect it against losses due to fire or theft and so on. Each one of us can insure our and our dependents’ health and well being through hospitalisation and personal accident policies. To buy a policy the person should be the one who will bear financial losses if they occur. This is called insurable interest.
 
What is Health Insurance?
Health insurance is, basically, a promise by an insurance company or health plan to provide or pay for health care services in exchange for payment of premiums.
 
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