What is Insurance Meaning (Premium) Insurance Policy Types
Insurance – An arrangement by which a company or state undertakes to provide a guarantee of compensation for loss (specified), damage, illness or death in return for amount of a specified premium. Proper policy or thing providing protection against a possible occurrence.
Meaning Insurance a contract (policy) in which specific person or entity receives financial protection against damage from company (insurance).
It’s an contract (agreement) between individual and insurance company, wherein person or entity get compensation against losses from an company, which provide insurance. It works by gathering small amounts (installment) from its client, after that funds that total amount together to pay for damages.
Some common insurance – Life Insurance, Term Insurance, Medical Insurance, Car Insurance, Two wheeler insurance and others.
What is Insurance Meaning
Life Insurance – Term Life, Money back policy, Unit linked insurance plan, Pension Plans
General Insurance – Motor Insurance, Home Insurance and Health Insurance
Term Insurance known as basic type of insurance and cover specific time period. In this case family get lump sum amount in case of death (if however you survive the term, no money will be paid by company to you and your family).
Endowment Policy – As like term policies it only valid for certain period (Some amount will paid to your family in event of death. But you get maturity proceeds after specific time period.
Whole Life Insurance – In this insurance it covers you for a lifetime. After death some amount will be given to your family.
Money back policy – In this policy certain percentage of sum assured paid to individual periodically. After expiry of term you also get remaining amount as maturity proceeds. Also in this policy family get entire assured in case of death during policy time period.
What is Insurance Premium
Insurance Premium – Specific amount to paid for a contract of insurance. Amount of an business/individual pays for an policy. Amount of insurance premiums charged by companies is calculated by statistics and mathematical calculations done by department of insurance company. It also charged to customer depends on statistical data that exist about age, health and life history.
Insurance meaning in Hindi – बीमा
Synonyms – Assurance, Indemnity, Protection, Defence, Safeguard, Shelter, Security and others.
Annually and monthly most common ways to make life insurance payment or premium. Your may choose different schedule like Annually, Semi Annually, Quarterly.
- Annually Once a year
- Semi Insurance Twice a year
- Quarterly Four times a year
- Monthly – You have to pay installment per month
Insurance Types in India pdf
Zero Commission Investment
2 Wheeler Insurance
Family Floater Mediclaim
Return of Premium
Guaranteed Return Plans
Life Insurance Pays out a sum of money either on the death of insured person or after a set period.
Term Life An policy company promises that it will pay your beneficiaries a amount, if you die during policy term.
Health Insurance It taken out to cover the expenses of medical care.
Auto Insurance (Car/2 Wheeler) A contract between individual and company that protects you from financial loss in event of accident or theft.
Child Plans Combination of investment and insurance that ensure a secure future for your child.
Retirement plans Identifying source of income or estimating expenses. It’s process of determining retirement income goals. In a financial context refer to allocation of savings or revenue for retirement.
Travel Insurance Cover various eventuality like trip cancellation, interruption, trip delay, medical coverage, loss of passport, person liability, emergency cash advance and others. How to pay Insurance Premium?
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