Insurance is a term of protection from financial or personal loss. It is a form of risk management primarily used to hedge against the risk of an uncertain loss.Insurance is known as insurer, insurance company, insurance carrier or underwriter.
We all are exposed various risk in our daily life, nobody can predict or foresee the calabities he may suffer in future.Insurance is a co-operative device which separate the loss caused by a particular risk to some person over a number of person who are exposed to some or similar risk and who agreed to insure against that risk.
Basic principles of Insurance:
Nowadays insurance has become a very popular medium to element the risk.New types of insurance are being introduced by insurance companies besides life and property insurance.
Example- Udit Narayan can insure her soulful voice,Sachin Tendulkar can insure his hand with which he holds his cricket bat.You can also insure your car,scooters bike.A dancer can insure her legs etc.
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Types Of Insurance:
This is the most popular form of insurance.Any person can ensure himself either against death or for loss of any of his body part.Under life insurance every insured person has to pay a premium.This premium accumulate at the expiry date or the death of the person his nominee gets this accumulated money.
Insurance contracts other than life insurance contract called general insurance contract.General insurance online lite insurance provides insurance against theft, fire, marine, accident etc.General insurance is done mainly of the properties such as car, building, scooter,TV,house,jewellery etc.
If the insured person has lossed any of his body part either due to an accident.He gets the fixed or predetermined amount get maintioned in the in the insurance policy.General insurance can be classified into different types.
Types Of General Insurance In India
Health is very important in your day to day life.Because “health is wealth”.Health Insurance is the policy which covers the health security when you suffer or hospitalised.In india different types of organisations provide health Insurance you can choose any one for your suitable and before insurance read the document correctly.
In day to day life anyone likes to be free and travelling to some place.When you travelled or for from home some incident happen like missing your baggage or medical emergency.So.you also buy a travel Insurance policy.The travel Insurance policy covers any financial loss or medical emergency when you are away from home.
Every man likes to buy his own vehicle with own choice.At the time of purchasing a new vehicle you must buy a suitable Insurance plan for your Vehicle.Motor Insurance policy helps to secure your vehicle from theft,damage or accident.
According to Motor Vehicle act 2019,a car insurance policy not only ensures security over your own damage but also third party cost.It is mandatory for every vehicle to have at least third party insurance cover.
Foreign business man is done mainly through the sea way.While the ship and goods are transported are insecured if the sea facel various calamities,loss of crores and rupees has to be faced to secure this the insurance company provided the marine insurance against loss.
Another most common type of general insurance that protects your home or building from natural and human perils.Home Insurance policy helps you to recover from financial loss after the loss.In india different types of organisations provide Home and Building Insurance policy.
Fire insurance provides safety against loss from fire.If the property of ensured get damaged due to fire the ensured will be received the value of the damaged property of ensured will be received the value of the damaged property compensation by the insurance company.
Theft insurance provides insurance against theft the insurance company pays the insured value of property as compensation if the property is stolen.
While the above insurance covers your all your needy purposes of your life.Your business or organisation needs too some extra care.Any unexpected financial loss in the business affects your business.To avoid unexpected losses in your business you need to buy a commercial insurance policy for the recovery of the financial loss.In india, different types of organisation provide commercial insurance policy.
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Life Insurance Organisation In India:
The life insurance business is mainly carried out in the public sector LIC life insurance corporation of India.There are also private sector companies in india.
1.ING VYSYA Insurance Company Ltd.
2.Bajaj Allianz Co Ltd.
3.Bharti AXA Life Insurance Co Ltd.
4.Birla Sun Life Insurance Company Ltd.
5.Future General Life
6.HDFC Standard Life Insurance.
7.ICICI prudential Life Insurance Co .Ltd
8.IDBI Fortis Life Insurance Co.Ltd.
9.AVIVA Life Insurance Ltd.
10.Kotak Mahindra Old Mutual.
11.Life Insurance Ltd.
12.Reliance Life Insurance Company Ltd.
13.SBI Life Insurance Co.Ltd.
15.Life Insurance Corporation Of India.
16.Shriram Life Insurance.
17.Max Newyork Life India.
18.Tata AIG Life Insurance Company.
Non Life (General Insurance Organisation)
1.Apollo DKV Insurance Co.Ltd.
2.Bajaj Allianz General Insurance Co.Ltd.
3.Bharti Axa General Insurance Co.Ltd.
4.Future General Indian Insurance.
5.HDFC ERGO General .
7.IFFCO Tokio General.
8. National Insurance Co.Ltd.
9.Reliance General Insurance Co. Ltd.
10.Royal Sundaram Alliance Insurance Co.Ltd.
11.The oriental Insurance Co. Ltd.
12. The New India Assurance Co.Ltd.
13.United India Insurance Co.Ltd.