What is Insurance?
Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Car, Life, Health, travel Insurance.
What is policy?
An insurance policy is a type of contract, whereby an individual gets financial protection or gets insured against any losses of property or other assets from an insurance company.
What is a quote?
A quote is basically an estimate of what you are willing to pay as a premium to get that insurance policy. This quote can change or be negotiated by both the insurer and the insured person. The value they agree to become the ultimate premium of the policy.
What are the types of Insurance ?
Life Insurance – Life Insurance plans pays a certain amount of money (lumpsum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Unit Link Policy; Short Term Guarantee Plans, Systematic Investment Plans etc..–
Health Insurance – Health insurance gives coverage for the insured’s medical or hospital expenses.
This assures you that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized.Types of Plans: Individual Health Plans; Family Health Plans; Senior Citizen Health Plans; Critical Illness Plans; Preventive Health Plans, Mediclaim Plans etc.
Motor Insurance – Motor Insurance provides financial security to you and your vehicle. In case of an accident involving your vehicle. The Insurance company pays for the repairs; damages to a third party etc It also covers theft or loss of vehicle, depending upon the policy.
Types of Plans: Car Insurance, Two Wheeler Insurance, and Third party Insurance.
General Insurance – General Insurance will protect your movable and immovable assets and investments. It could be your house, your office, your godown, your jewellery etc.
Types of General Insurance: Travel Insurance, Home Insurance, Personal Liability, Property Insurance etc.
How to choose the best Insurance Plan?
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
Why compare insurance quotes on InsureMile platform?
1. First, you can compare Insurance Premium quotes on our platform without giving your contact details.
2. All our competitors ask for contact details and only then you can find out about Plans.
3. With your contact details, you are flooded with irritating telemarketing.
4. InsureMile not only gives you the Best Premiums, but also the Best Benefits, all simplified.
5. All transactions on InsureMile platform are digital and transparent.
6. InsureMile has the best experts in the business to guide you on Plans.
6. InsureMile respects your time and your investment
Why the need for Insurance in India?
From an individual perspective, it provides financial security, besides other benefits including tax.
From a national perspective, it furthers economic development. So if we as a nation have to accelerate the pace of economic development, then it is necessary for all of us to take one or the other insurance, be it Life, be it Health, be it Vehicle etc.
Presently, India is a highly under-insured and un-insured nation, thus affecting national development. As per a report, over 63 million Indians are paying from their pocket for healthcare services and due to this they are pushed to go below the poverty line (BPL). With rising health care costs, they have had to raise the funds either by selling off their movable and immovable assets; borrow; or take to some other recourse for medical treatment.
A National Survey has indicated that people spend the least portion of their out-of-pocket (OOP) expenses on inpatient treatment. while they spend the most on purchasing drugs. Nearly 72 % of OOP expenditures (74 % in rural areas, 67 % in urban) are drug related.
India accounts for less than 1.5 per cent of the world’s total insurance premiums despite being the second most populous nation.
India needs to increase the spread of Insurance as it:
• Provides safety and security (to individuals, organisations and other entities).
• Generates financial resources (which can be deployed into investments and other development activities).
• Generates large-scale employment.
• Adds fillip to economic growth (mobilizes domestic savings)