Insurance

The Meaning of Insurance:

Insurance means protection against external and internal damage. In India, this concept has pervaded our lives in every aspect be it health or travel insurance. You need it for every task, every venture, property, vehicle and development enterprise.


Life insurance:

This type of insurance stands for protecting your lifer for self and for family members. It is a safe and secure way to safeguarding your future and ensuring that your loved ones do not have to suffer financially if you happen to become the victim of a tragedy. Financial assurance will ease the insecurity wrought by a personal tragedy. Today, there are different kinds of policies ranging from term insurance to whole life and endowment policies. Term life and endowment insurance generally mean the same thing i.e. the person chooses to pay the premium amount for a term or specified period only. In contrast, whole life policy stands for insurance through out the person's life. Whole life insurance is generally used when the need for life insurance is lifelong, or permanent. In addition it has a built-in savings element since you will pay premiums and hence build up a cash value within the policy. Additionally, whole life insurance may be used as a part of your estate planning.

Another deviant of this policy has been child insurance. Child insurance is taken out through out the life of the child i.e. from birth till the age of 18. At the onset of this age, the insurance amount is paid to the child. The policy offers loans against its cover for a variety of purposes such as education. These policies in general are flexible offering optimal tax benefits. They help you lead your life without any worry or tension.


Auto Insurance:

It is legal and mandatory in most countries to have motor insurance. In India, this is relatively a new concept. Its spectrum is broad ranging from car insurance, to commercial vehicle and two wheeler insurance. In the subcontinent, farm motor insurance is slowly gaining popularity especially in agricultural states of Andhra Pradesh. Motor insurance usually covers all motor damages including any physical medical trauma to the motor driver and passengers.


Health insurance and travel insurance:

As its name suggests, health or medical insurance provides cover against medical expenses. Medical insurance ranges from critical illness to hospitalization, physical abuse, trauma, emotional and mental disorders, physical and emotional injuries and accidental trauma. Medical insurance can be domestic, international, student or even child related. It usually overlaps with travel accident insurance. In technical language, it basically stands for cover against all accidental injuries suffered during your travels, be it to a foreign land or a domestic city.


Home Insurance:

Home insurance is the most flexible, diverse and easily available policy online. There are primarily two types of home insurance. There is home owner insurance where the owner insures his or physical property from natural and manmade calamities. These include fire, flood, sprinkler damage, terrorism, vandalism and earthquake. The second type of insurance refers to internal or burglary insurance taken by the house occupant for household items. The process of home loan application online is simple. You can get all the information online including home insurance quotes.

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