Insurance buying behavior in India-why-should-we-vote-in-india

https://insuremile.in/tata-aig-two-wheeler-insurance/ urllinkcontent: 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. nextrowlinkcontent