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Insurance is a financial agreement between an individual and an insurance company, where the insurer provides compensation for specific losses or damages in exchange for regular premium payments.
A premium is the amount you pay periodically (monthly, quarterly, or annually) to maintain your insurance coverage.
Common types include:
Health Insurance: Covers medical expenses.
Life Insurance: Provides financial support to beneficiaries after the policyholder’s death.
Auto Insurance: Covers damages and liabilities related to vehicles.
Home Insurance: Protects against damages to your home and belongings.
Travel Insurance: Covers trip-related risks like cancellations and medical emergencies.
A deductible is the amount you pay out of pocket before your insurance coverage starts. For example, if your deductible is Rs 500, you’ll need to pay that amount before your insurer covers the remaining costs.
To file a claim:
Notify your insurance provider about the incident.
Fill out the claim form with details of the loss or damage.
Submit required documents, such as proof of loss or receipts.
Await claim approval and settlement.
Age
Health or driving record
Location
Type and level of coverage
Claim history
Yes, most policies can be canceled. Contact your insurer, complete the necessary paperwork, and pay any applicable cancellation fees.
The policyholder is the individual or entity that owns the insurance policy and is responsible for paying the premiums.
A beneficiary is the person or entity named in a policy to receive benefits, such as in life or health insurance.
Life Insurance: Provides financial benefits to beneficiaries after the policyholder’s death.
Health Insurance: Covers medical expenses for illnesses, injuries, or preventive care.
Yes, you can have multiple policies for different needs, such as life, health, and auto insurance.
Missing a payment could result in a lapse in coverage. Some insurers offer a grace period to make the payment before cancellation.
Consider:
Your needs and budget
Coverage limits and exclusions
Reputation of the insurance company
Premiums and deductibles
A no-claims bonus is a discount offered for not making any claims during a policy period, commonly applicable in auto insurance.
Exclusions are specific conditions or circumstances that the insurance policy does not cover. Always read the policy details to understand exclusions.