Indian Insurance Buying Behavior

In India, insurance is a risk management factor. This is used to manage the uncertainties of a family after a demise, injury or destruction. Insurance provides financial security to an individual after facing major risks in property, health, life and legal liability. The requirement for an insurance is a dynamic factor for every citizen of the country. The government has taken a lot of steps to ensure its highly growing population. Increase in insurance is directly proportional to the growth of the country. This is because people tend to take more risks towards growth and development when they are adequately insured. Eventually, they make way for economic development.

A brief history of Indian insurance
The first introduction of insurance in India happened in the 19th century. This was regulated to meet the losses of businesses in those days. The Indian insurance industry was primarily under the control of the Life Insurance Corporation (LIC). To make it feasible to the lower sections of the society, the industry was nationalized in 1950. This aimed at increasing the insurance penetration in India which in turn is a cause for the growth of GDP.
Need Analysis: The nationalization, however, did not lead to expected results. Most of the population (almost 75%) then too remained uninsured. In 1999, the concentration of public sector was shifted to the private sector. Insurance Regulatory and Development Authority (IRDA) Act in 1999 led to the emergence of private insurance companies. Today there are 24 private insurance companies certified by IRDA along with LIC. This has increased Insurance density to provide positive development in the country.

Insurance buying behavior in India
Risk Analysis: In India, there are three major types of insurances:
⦁ Life Insurance
⦁ Health insurance
⦁ General insurance
Insurance generally is considered as a mode of savings or investment. People also buy insurance to escape from the paying of taxes. There are several insurance policies that are given for the benefit of people. They can choose the most suitable policy to protect their families. However, insurance is more like a compulsion by insurance agents. People don’t analyse if the policy would be suitable for them. It is more seen as a means of saving than a risk management tool. The savings made in insurance alone is 19.5% in India. In recent years, the savings via insurance policies has decreased due to increase in share of currency, mutual, provident and pension funds. There should be more savings done along with insurance as our country is exposed to a lot of uncertainties than in developed countries.
Protection Analysis: Although it is important to take insurance policies for a life coverage, it is evident that the end benefit is not very sufficient for an average family. Still, an insurance plays a vital role in stabilizing families to a certain extent. The awareness towards having insurance is reaching the less privileged people nowadays. They get insurances with lower premium rates.

The major factor for people to skip having an insurance is the level of income. Other factors leading to this are:

⦁ Increased costs of living
⦁ Higher rates of interest
⦁ Growing rate of population
In India, insurance is, thus, a tax saving tool that faces a great deal of competition with saving options available. This is also a great tool for hiking the GDP of our country. This summarizes the insurance buying behavior in our country.

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Buying the Health Insurance plans for your family will give you lots of benefits

Health Insurance is a type of insurance that gives coverage of medical and surgical expenses of an individual. As you all know that the medical or the surgical expenses are increasing day by day. Nowadays it has increased so much that many people can’t afford the expenses. So for them, only health insurance will help them a lot. They will provide money in the clinic, hospitals, Healthcare, Practitioner and pharmacy for the treatment of the individuals. In the emergency departments, the level of treatment also depends on what type of insurance the individuals have.

What are the main points you should keep in mind before buying any Health Insurance plans?

The followings are the main key points you should always keep in mind before buying any health insurance plans:

1. One of the most important points is that you should know the importance of good insurance plans to cover your medical and surgical expenses.

2. Its one of the crucial decision that you should always choose that health insurance plans that suit right for you and your family.

3. You should always know your requirements before buying any of the health insurance plans.

4. While you are buying the health insurance plans, you should always keep in mind the rising medical costs. But in this case, you should buy that insurance place that is affordable for you and for the payment of the premium.

5. If you are really very much confused about the expenses of the hospital and if you are confused about which health insurance plans is the best, then you can do a little research work in this.

6. You can go to any of the reputed Hospital sites and search for the expenses about the Hospitals treatment. After that only you can buy the Health Insurance plans.

What are the main benefits of the Health insurance plans?

The followings are the main benefits of the health insurance plans:

• Provide Funds in a short time

As there is an increase in the cost of all medical treatment, so many people can’t afford it. The health insurance plans will help you the most. The health insurance plans will provide you with the fund for all the treatments of the individuals. They will also provide you with the fund in a very shorter time.

• Worry-Free, positive outlook

Buying the health insurance plans will give you a positive outlook on your work and family life. The health insurance policy will provide you with the fund for better treatment so that you and your family can stay fit.

The health insurance plan will help you a lot regarding health care. If you buy the Health insurance plans, you don’t have to worry about the expenses of the treatments or running out of cash in the hospital. Buying a health insurance plan is very much important for you and your family.

There are lots of companies which provide affordable Health Insurance plans. If you are taking the Health insurance plans, then they will provide money to many reputed hospitals.

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General Insurance will give protection from all the unforeseen events

As you all know that life is full of risks and insecurities. We don’t know what will be going to happen to us even in the next few minutes. Now we are fine but in the very next moment maybe some unforeseen incident can happen to us. There are some of the things that are very important for our family. They are home, cars, shops, etc. In this matter, the general insurance will play an important role in our life.

 

 

What is the importance of general insurance in our life?

 

We can be the sufferer of a natural disaster like an earthquake, floods, storm, landslides, etc. Apart from the natural disaster, the other types of issues can also happen to our life. For example, we may get involved in some of the legal issues or problems and we don’t have a way out. So in this situation, general insuranceand such policies will play a crucial part to provide help in that situation of life. General insurance is very much important in our life to protect ourselves and our family from the bad events occurring in our life.

 

 

What are the types of General Insurance?

 

The followings are the types of general insurance and they are:

 

  • Health Insurance

Most people try to save money for the future for the treatment of any illness. But due to the increase in the expenses of the treatment, sometimes they cannot afford the expenses. So for them, only health insurance will play a vital role. The health insurance will give coverage or fund for medical or surgical expenses of an individual.

 

  • Vehicle Insurance

Accidents can happen at any time in life. Due to the increasing number of the two-wheelers and the four wheelers accidents are happening more nowadays. So vehicle insurance is a type of insurance that provides financial protection against damage of bikes or body injuries happened due to accidents.

 

  • Travel Insurance

Travel Insurance is a type of insurance that provides coverage against loss of baggage and loss of passports.This insurance covers all the risks which are involved with travelling either within India or to abroad.

 

  • Home Insurance

Home is the most comforting place for anyone. Thus, the homed insurance company will provide a fund in case of loss of your shelter. The loss can be due to man-made or from the natural disasters.

 

 

What are the increasing demands and scope of the General Insurance?

 

  • Health sector

According to the health sectors, 2% of the expenses of health are being covered by Health Insurance. 17 – 18% urban people and less percentage of rural people get the coverage of health insurance.

 

  • Contribution of Government

All the public and the private sectors are helping the government to add all the low-income people under the scheme of “Pradhan Mantri Fasal Yojona.

 

We should try to invest in general insurance policies apart from the other schemes to protect our life.

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Motor insurance for the coverage of most unusual causes

Motor insurance is basically a documentation in case any uncertainty happens with the vehicle. This insurance is done for cars, trucks, motorcycle or any other vehicles. In order to provide protection for financial loss or any of the legal issues, motor insurance is done. Coverage is provided for the uncertainty which includes physical damage, injury, theft, any loss due to natural disaster and death cover for the third party liability. Most of the insurance support instant claim and compensation amount so that the proceedings may not be hectic.

Different types of motor insurance

Well, motor insurance certainly includes all of the on-road vehicles and coverage is also provided for specific segments. The most prominent types of motor insurance are as follows –

  • Two wheeler insurance – This insurance policy includes coverage for the bikes and scooters. In this, the premium amount entirely depends upon the actual value of the vehicle.
  • Car insurance – For the uncertainty like accidental damage or theft for a third party or own car, coverage is provided. Many of the insurance policies include different premium which overall depends upon the vehicle.
  • Commercial vehicles – The major risk related to commercial vehicles is an accident only. As they are basically goods carrying vehicles, their insurance must be done without any second thought.
  • Third party Insurance – While driving if any other person has been injured by you then coverage is provided for this cause. It does not include the direct benefits. The liabilities are provided for serious injuries and damage.

Benefits with the motor insurance

At present days there is a wide range of options which are available in order to secure your possessions and properties as much as you can. Motor insurance is basically done for private or commercial vehicles in order to get financial help when needed. When any of the loss or damage occurs to the vehicle, compensation easily reaches the policyholder or client. Other benefits associated with it are as-

  • Financial assistance to the owner of the vehicle with the uncertainty and provides shield when any damage occurs.
  • In case of an accident on collision, liability cover is provided.
  • Coverage for the accidental deaths or third-party injuries.
  • It also provides assistance in case the vehicle is lost or theft.
  • Through the insurance, you get instant guidance and renewal in most of the cases.

Generally, people invest a lot in their vehicles. Undoubtedly the vehicle may have toiled for you as well, but it must be your priority to fix the issues which may come later or when any uncertainty occurs. Most of the causes like accidental damages, theft, and damage due to a natural disaster or any other are often seen hence it must be on priority to get a backup. Most of the tax benefits are easily available under motor insurance policies. All you have to do is just take a follow up for this type of policies by proceeding with the details of your vehicle. These motor insurance policies can be renewed easily just after a period of time.

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Life insurance to secure your family

Life insurance is a documents assurance given by the insurer to pay a sum of money upon the death of the insured. The insured is required to pay a premium on a yearly basis. This is the amount the insurer covers up on the death of the individual. Life insurance is essential for every individual as it provides financial security for survival after the death of the insured. This benefit given after the death of the individual is called death benefit.
You can choose life insurance policies depending on your financial status. Thus at the end of the term, you will get a benefit to meet the requirements of the family. So you should invest in some life insurance plans to secure the people around you.
Different Types of Life Insurances
• Money back plan
This plan is designed to meet short-term financial requirements along with life insurance. You can get small amounts of money in short intervals during the term policy. The insurer also gives bonuses during the insurance term. You begin to get an income from money back plan after a few years of paying the premium.
• Term life insurance
Term life insurance is the easiestkind of life insurance that you can avail until a certain period of time. The death benefit is given in case of death of the insured during this period. Otherwise, you have to claim the insurance to obtain the money. This is one of the affordable means of life insurance as it assures a high sum of money at low premium rates.
• Endowment plan
Endowment plans give you double advantage of investment as well as insurance. The premium you pay gets divided where a part of it is reserved for life cover and the rest is invested by the company. You get added bonuses which will be paid as a matured benefit during the end of policy term.
• Unit Life Insurance Plan
This is a beneficial insurance plan for investment and insurance cover. Like the Endowment plan, a part of the premium is accounted for investment and insurance. The best feature in ULIP is that you can choose the mode of investment you would like to do. The investment options are bonds, mutual funds, debits, equities etc.
• Whole life insurance plan
This plan covers your entire life, unlike the term policies. This is a long-term insurance, hence the premium is high. With this plan, you get insurance for your entire life which could also be utilized by your next generation.
• Child plan
Child plan is to benefit the future of your children. The term of the policy is generally up to 18 years. This will secure your child’s education and expenses.
• Retirement plan
This is a long-term savings plan that benefits you after your retirement. The term the policy is 60 years. You can choose this type of life insurance to have a secured retired life.
Life insurance is the best way to protect your family financially after your demise. This is essential both for short-term and long-term expenses.

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To leverage the wealth of future through best life insurance Investment Plans

What are the investment plans?

 

Investment plans are basically a financial asset that provided security to your future and provide enough opportunity for you to think beyond the basics. Most of the insurance plans are somewhere amalgamated to provide enough investment seeking for a wealthy future. These investment plans are broadly divided into 2 types.

 

  • First, which providesreturn based services.

 

  • The other one where the amount is paid only after the policy get matures.

 

 

Having a Presumptuous prospect towards investment for your future

 

It is harsh to think of yourself as grey and old but still, it is a truth which no one can deny. You can always assume the hardships or consequences which you may witness when you will be 60+ or above. Many of the times it is witnessed that people get into the influence of agents or clients and starts any policy but soon they give up. The actual key behind any investment is that you have to sustain and stick over it. For this, you can easily compare life insurance investmentplans and then make the decision. Once you have started any policy just trust the investing procedurals and follow it until it gets matures.

 

 

What are the benefits of an investment plan?

 

If you had opted for any of the investment policy previously, then the benefits which you can enjoy later are –

 

  • Purpose-related with the investment is fulfilled.
  • The amount which was expected with the investment is gained.
  • The anticipated time interval has also sustained.
  • You are always free to choose further investment plans.

 

 

 

What are the different options present in the investment plan?

 

It is obvious to choose the most beneficial investment plants with extreme return policies. In the due run, best online life insurance Investment Plans will help you as investment plans include multiple-size-fit approach. The most valuable options available are-

 

  • Unit-linked insurance plans (ULIPs) – It is limited over a single plan yet it is the most effective financial asset. It includes the investment for the most underlying funds of variant segments like balance debt or moderate returns.

 

  • Mutual funds – We all have heard enough about Mutual Funds as most of the investors in the market are screaming only for it. It is not limited to a huge amount of investment hence it is most liked by the individuals having monthly wallet issues.

 

  • Fixed deposits – Another well renowned and extremely durable investment plan is fixed deposits where the sum of money gets incremented up to a certain period of time.

 

 

What should be kept in mind before investing?

 

Life insurance Investment Plan quotes might definitely help you with the long run of making Investments. Before you make up your mind to invest your money with the plans, just make sure you ask yourself certain things.

 

  • You can always analyze your risk profile which includes your waiting period, amount if returns got terminated or anything else.
  • Nothing other than budget is most important hence you can definitely consider the amount which you want to invest.
  • The amenities offered by the investment plans.

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Secure your crops and agricultural land with agricultural insurance

What is meant by the agriculture plan?

Agriculture is one of the largest primary occupations in India. It is the prominent sector that provides food to our country. The cropping pattern may undergo changes due to climatic changes and calamities. Farmers will require funds to recover from natural disasters like storms, heavy rainfall, flood, lightning, drought, cyclones, landslides and so on. There are a number of general insurance agriculture plans available for farmers. The Agricultural Insurance Company of India Ltd offers various insurance options.

 

What are the different types of online general insurance agriculture plan?

Crop insurance and weather insurance are the two most required insurances for farmers. Some of the best general insurance agriculture plans for farmers are –

 

  1. Pradhan Mantri Fasal Bima Yojna (PMFBY)

This is a scheme by the government that focuses on implementing technology for higher yield with low premium rates. Farmers will be greatly benefited and will withstand losses during calamities. This general insurance agricultural plan quote will cover pre-sowing and post-harvest losses.

Features of PMFBY:

  • Low premium rates: The farmers will need to pay only a 2%, 1.5% and 5% premium rates for Kharif crop, Rabi crop and commercial crops respectively.
  • Premium support by the government: The government will take responsibility in paying the remaining premium amount. This will benefit the farmers with complete insurance covers with low premium rates.
  • Use of technology: The scheme widens the use of technology for reducing crop cutting risks. Farmers are updated with crop cutting data. Remote sensing is used to reduce unnecessary crop cuttings.
  • Financial support: This general insurance agricultural policy acts as financial support to the suffered crops. This stabilizes the income of farmers and their family.
  1. National Crop Insurance Program:

This scheme is an outcome of merging several other insurance-related schemes for farmers.

Some distinct features are:

  • Farmers with loans get covered by the scheme after being notified by the state.
  • Farmers without loans are also covered under the combined schemes with NCIP.
  • Certified insurers by IRDA can also implement this scheme other than AIC.

 

  1. The insurance products by AIC:

AIC gives specific insurances based on crops and weather, thus, making general insurance agriculture policies available for every farmer.

Here are some of the products:

  • Plant insurance
  • Rainfall insurance
  • Rubber plantation insurance
  • Potato crop insurance
  • Cardamom plant and yield insurance
  • Coconut Palm Insurance Scheme
  • Pulpwood tree insurance

 

What are the general insurance agriculture policies by private insurers?

Other than AIC, there are insurance companies providing agricultural insurance. They term this under the category of General Insurance as of the IRDA regulations. These cover post-harvest losses, shortage of yield due to calamities and losses due to adverse climatic conditions. They also cover the farmers with insurance under the National Crop Insurance Program. The premium is based on the type of crop and location. Farmers can compare general insurance agriculture plans of the different insurers to choose the best. Farmers, banks and companies supporting agricultural equipment are eligible for general insurance agriculture policy.

Quintessential lifestyle after retirement with the retirement plans

What is meant by the retirement plans?

 

Retirement Plans actually helps you to design a systematize way for your financial events once you are done with your job. These plans convey enough financial security and assurance of certain amount which makes things quite easy for you to execute. Following the best life insurance retirement plans you get to live your life with the standards you have always followed without compromising on any segment. Retirement plants are actually a kind of investment which you are making from a certain amount and it gets accumulated by a period of time into a large amount.

 

 

What are the features associated with the retirement plans?

 

Most of us have already started thinking or done something regarding our retirement period. This might be followed by any investment plans or policies. Online life insurance retirement plans will undoubtedly help you in this context. Under circumstances, most of the benefits come into your favour, especially when it is retirement plans. The multiple offerings with them are –

 

  • Individuals get enough options with the annuity hence it is easy to choose the one which suits the requirements.
  • In certain cases, early payouts are eligible following an option of the early retirement as well.
  • A flexible time period for receiving the amount assigned.
  • When the amount of premium exceeds the limit, then in those cases incentives are assured by the companies.
  • With the most efficient policies, it is possible to get a higher pension at lower rates.

 

 

What are the benefits with the appropriate retirement plans?

 

One always have to anticipate planning the future better and better. Processing with any of the fulfilling life insurance retirement plan most of the necessities can be met. Unfortunately, if any uncertainty arises after your retirement then these policies hold enough to help you in need. They are designed only in a way to relieve you during the worst situations providing additional financial securities for the future. The major benefits with these policies are –

 

  • Lump sum amount is paid when the policy gets matured.
  • A clause for pension includes receiving monthly, quarterly or yearly income by the policyholder.
  • Most of the times no maximum limits are there for purchase or annuity.
  • There is a certain age criterion followed.
  • A certain amount of bonus is guaranteed in a few cases.

 

 

How to choose the best retirement plan for your future?

 

No matter how promising the plan may seem, it would be dumb enough to build a castle in the air. In case the wrong choice is made, all of your investment may go in vain. There are multiple retirement plans. All you have to do is compare life insurance retirement plans with each other so that you can know more and proceed with the most benefitting. There are certain things which can help you choose the best retirement plan.

 

  • Maximum and minimum amount which is associated with the investment.
  • The amount which you will get returned after a period of time.
  • Additional benefits followed by insurance.
  • Tax benefits provided with the plan.

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Protect unnecessary expenses with a personal accident insurance

What is a personal accident insurance?
Accidents are unexpected and sometimes maybe fatal. In such cases, you will have to spend a lot to recover and come back to normal. That is why you will need a general insurance personal accident quote. A personal accident insurance is very different from life and health insurance. The general insurance personal accident plan covers you during a severe accident or physical illness. Life and health insurance cover only after your death or form medical expenses. Unlike that, the best general insurance personal accident plan will help you with expenses after an accident. You tend to go out every day and probabilities of meeting with an accident could be more. So an online general insurance personal accident plan is essential for unexpected situations.
What are the benefits of personal accident insurance?
• Cheap premium rates: For a general insurance personal accident plan, the premium rates are low. So you can easily afford the insurance plan.
• No age limit: The best general insurance personal accident plan does not have any age limit. The rates of the premium are the same for all ages.
• Premium depends on job nature: In the insurance companies certified by IRDA, the premium for accident insurance is decided by your job, income and other conditions.
• Covers your family: Under a single personal accident insurance, you can include your family and children too. So this option can benefit your entire family and cover them during accidents.
• Accidental Death benefit: The general insurance personal accident quote also gives compensation in case of death caused by accidents. This makes your family financially secure.
• Accidental disability benefit: You may suffer a permanent or partial loss of body parts after an accident. The policy also covers such losses for you.
• General benefits: General insurance personal accident plan also covers educational expenses and home allowances. It includes funeral expenses, hospital charges and ambulance charges.
• Transportation benefit: Some insurance companies take care of the transportation benefits too. This helps you and your family members to reach the hospital under the insurance coverage itself.

Awareness about having insurance for personal accidents:
In India, the awareness about this general insurance personal accident plan is low. This is because of the primary usage of life insurance and health insurance. This is categorized under general insurance by IRDA unlike the primary life and health insurance. You must know these things about personal accident insurance.

• Only a personal accident insurance gives coverage against the accident-related expenses. Life and health insurance do no support this feature.
• Accidents are highly unexpected. Such fatal risks can be compensated with the general insurance personal accident quote.
• Most insurance companies have the compare general insurance personal accident plan for you to utilize.
• This is as essential as the motor insurance you have for your vehicle.
• However, injuries caused by wars, terror attacks and pre-existing disorders will not be covered by the policy. Injuries caused by the participation in adventures also will not be covered too.

Presumptuous liabilities of income replacement life insurance

Income Replacement is a broad term for the amount that is outsourced or invested in an alternative way from the regular income. It is far different from the individuals monthly or regular source of income. In the long run, best life insurance income replacement plans undoubtedly serve the need. As the specified amount of money or income is one of the most important financial assets of any individual, hence the investment of other incoming amounts must be totally fruitful and profitable.

 

When the actual time comes or while you are off from the work, the life insurance income replacement policy helps to replace a certain amount of money. There are multiple risks involved under these policies. The coverage starts from any physical disability, illness, accidental cases, unemployment or any other. If any of the policy is purchased than a certain amount of tax-free income is provided to the policyholder if they find themselves unable to work. You can simply compare life insurance income replacement plans in a more significant way.

 

Fundamentals of income replacement insurance plans:

 

Income replacement is not as tough to understand, more or less it is quite similar to the prevailing insurance plans. These policies overall secure the future of your family and saves your income from your monthly package. The most important thing with life insurance income replacement plans are actually they are not meant for the investor, people behind them will be benefited with its profits. If you are sowing a seed your successors will grab the fruits. These policies are most required for –

 

  • The individuals who have people depending on them financially.
  • All those who want to secure the future of their family in case any uncertainty happens.
  • People who have creditors behind them.
  • For the people who are seeking support for the future event.

 

Extreme benefits of life insurance term plan quotes:

 

There are ample amount of advantages offered by the life insurance income replacement policy and the quotes categorized under it. Most of the segments on edge are –

 

  • Income replacement plans are easily affordable, unlike other policies you don’t have to invest a large sum of money.
  • You are always given the liberty to choose the time as per your compatibility.
  • With this insurance plan, no other significant change occurs in your usual savings.
  • You can always figure out an alternative approach towards you are income or any other moderate way to outsource it.
  • Income replacement life insurance plans are offered in a hierarchical manner providing enough guidance and profitable securities.
  • These plans are totally adaptable towards your financial requirements at any particular moment.

For the future reliability, online life insurance income replacement plan actually serves the need. In order to channelize the entire sequence of profits more efficiently, you are given multiple options. It is hard to imagine but still how is a family going to survive after the earning member passes away, must be given consideration. Under any circumstances, it will only provide security to you and your family.