Why is life insurance considered as a contract of assurance

Why is life insurance considered as a contract of assurance in Hindi – General Insurance , Life Insurance . Health Insurance , Motor Insurance , Home Insurance . Fire Insurance , Travel Insurance , Term Life Insurance , Whole Life Insurance.

Insurance is a type of financial protection against sudden and uncertain events. There is a person who protects us from loss. The policyholder gets it insured. (Policy Holder) is also an entity which you. Insurance provides him insurance. In insurance, the company is called the financial institution provided by the insurer to the insured person. A promise is made to compensate for the loss

What is Insurance

Insurance means insurance due to natural, accidental and uncertain events occurring in the future. There is a written evidence between an insurance company and an individual to avoid loss. The insurance company will compensate for the financial loss, but let us tell you that the insurance. In this written contract (Policy) made between the Company and you. The insurance company will have to pay a fixed amount at a fixed time. The insurance company will pay you only when the premium is called.

The insurance company will pay you only those things which are mentioned in its policy.

The insurance company will pay you only those things which are mentioned in its policy.

For example, suppose you have taken a loan from the insurance company for a car or house. If you have insured your smartphone, then in case that item gets broken, broken or lost or damaged. Insurance Company (Insurance Company) gives compensation to the owner as per pre-decided conditions.

Types of Insurance

Insurance is mainly of two types. One is related to a person’s life and the other is personal. Along with this, whenever you get any insurance, you also get benefit from it. Premium has to be paid, the duration of which depends on the insurance taken by you.

1. Life Insurance (जीवन बीमा)

2. General Insurance (सामान्य बीमा)

1. Life Insurance

What is Life Insurance (Jivan Beema) – What is meant by life insurance is that. Any of the person taking the insurance policy. If death occurs in an accident, then his dependents (wife/children/parents) will be covered by the insurance company. Compensation is given as per the terms of the policy along with life insurance and financial security of the family. Life Insurance Policy Section of Income Tax Act 1961. Also helps in saving tax under 80 C and 10 D.

Life Insurance has many benefits like:- Financial assistance, Accident cover, Assured income, Loan facility, Income tax exemption.

Types of Life Insurance (जीवन बीमा के प्रकार) – Term Insurance Policy , Whole Life Insurance , Adornment Policy . Child Insurance Policy , Pension Plan , Investment Plan , Unit Liked Insurance Plan , Money Back Plan Etc.

Things to keep in mind while getting life insurance – Keep in mind the claim ratio, check the background of the company, evaluate the sum assured. Read customer reviews carefully

Documents required to take Life Insurance Policy

You should have documents proving your age:- Driving License, 10th & 12th Mark-sheet, Birthday Certificate, Voter ID, Passport etc.

Documents proving your identity:- Pan Card, Passport, Driving License, Voter ID and Aadhar Card etc.
Documents proving your address:- Water Bill, Telephone Bill, Ration Card etc.

How to claim for life insurance policy

In case of death of the insured person, the nominee should take the following steps

  • Informing the Insurance (Beema) Company about the cause, place and time of death.
  • Sending the death certificate of the insured along with the claim form to the insurance company.
  • Submission of legal documents regarding your (nominee) and relationship with the insured person.
  • Attach all the documents like hospital, doctor’s report and police verification etc.

List of Life Insurance Companies in India 2024

  1. Bajaj Allianz Life Insurance
  2. Birla SunLife Life Insurance
  3. HDFC Standard Life Insurance
  4. ICICI Prudential Life Insurance
  5. Exide Life Insurance Co. Limited
  6. Max Life Insurance
  7. SBI Life Insurance
  8. TATA AIA Life Insurance
  9. IDBI Federal Life Insurance
  10. AEGON Life Insurance
  11. Star Union Dai-ichi Life Insurance
  12. AVIVA Life Insurance
  13. Shri Ram Life Insurance
  14. PNB Met life Insurance
  15. Reliance Life Insurance
  16. Sahara Life Insurance
  17. Canara HSBC Life Insurance
  18. India First Life Insurance
  19. Life Insurance Corporation Of India
  20. Bharti Exa Life Insurance

2. General Insurance

What is General Insurance (Beema) – General insurance includes everything like house, animals, crops, vehicles, health etc. Insurance is done on any item so that the financial loss caused due to damage to that item can be avoided.

Types of General Insurance – Home Insurance , Motor Insurance , Health Insurance . Travel Insurance , Crop Insurance , Business Liability Insurance Etc.

  • Home Insurance – In case of damage to the house due to natural disaster (like fire, earthquake, lightning, flood). Loss is and includes losses caused by artificial calamities (e.g. home theft, fire, fights, riots)
  • Motor Insurance – Covers theft of the vehicle or an accident involving it
  • Health Insurance – Health insurance covers the expenses incurred on illness.
  • Travel Insurance – Travel Insurance. The policy is valid from the beginning of the journey till the end of the journey. Insurance policy may be as per different conditions of different insurance companies.Crop Insurance – Under the crop insurance policy, the cover is covered due to fire, flood or any other. Compensation is given in case of crop damage due to diases, but let us tell you. Insurance companies give compensation only when most of the crops in the surrounding fields have been damaged.
  • Business Liability Insurance – Losses caused to a customer due to the operation of a shop or a product. Shop is meant to compensate for the fines and legal proceedings imposed on the shop.

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