Insurance
Now a days the awareness on Insurance is increasing. Hence we should know the fact and its importance, that’s why I am writing this to you.
The Insurance is not a very new concept. Actually speaking, it is the concept of Babylonians .In olden days people would go for hunting fish in the sea, trading etc. Coming back to home was not certain. Hence they formulated the concept of giving an amount that was collected from everybody to the person’s family who did not return. The family would suffer less in the absence of that person. Everybody in that group knew that the turn would come any time. If that happened, his family would be secured. The amount is for two reasons.
Huge amount will be provided to family in the case of misfortune
If no risk, the amount will be given to the one in that group who suffered.
All Insurers
are regulated and controlled by IRDA (Insurance Regularity and Development
Authority. Death is certain, but time of
death is uncertain. All human beings require four kinds of plans.
Term Plan: The premium amount is very
small. Maturity amount will not be provided at the end. For example if you pay 5000
per year 50 lakhs will be provided on misfortune. (The amount varies depending
on the age of the policy holder and Insurance company) .Real and original
concept of insurance. Almost all companies are providing this term insurance ,
Reliance life , Aviva, HDFC life ,Max life ,Bajaj Allianz , Edelweiss Tokio
etc. Compare with respect of claim settlement ratio, premium amount and maximum
coverage age. If the maximum coverage age is 60 .If the risk occurs at age of 61,
your family won’t get anything. I insured myself with the value of 80 lakhs upon
yearly payment of Rs.10,000 , maximum
coverage age 80.
Health Insurance: This is known
as Medical Insurance. It provides reimbursement of medical expenses or cashless
facility during the medical treatment. This is compulsory in many countries. Here
the companies which concentrate only on health insurance would be better.
Example star health, Apollo Munich , Cigna TTK etc. It may cover individual,
family or group of employers. Here family means husband, wife, children,
husband’s father & mother and Wife’s father & mother. That’s it. Here family
does not mean your sister, cousins etc. we have plan for 10 lakhs upon premium payment
of Rs.25 000 rupees. I don’t get that Rs.25000 if nobody is admitted in the
hospital in this year. It gives me immense pleasure if nobody admitted in the
hospital. If risk happens I can get 10 lakhs. My father died due to heart
attack in the year 2011, we realized the importance hence it continues every
year Rs.25 ,000.
Saving plan: People need variety
everywhere. The amount paid should be returned. But they need insurance too.
They can opt saving Insurance plan. Here If you pay 1 lakh every year that will
be returned as 50 lakhs after 30 years with death benefit of 10 lakh.
Pension plan: The Government has stopped
giving pension (India) in many sectors. The private sectors are blooming. After
50 plus if you need salary with the insurance coverage you can opt this. Here
you plan your retirement. That’s it.
If you want to know more terms go through below.
RPR- Renewal Premium
Receipt
Free Look period-15 days / one month (Cancellation can be done ,
full premium will be refunded)
Grace Period -31 days
Lapse Period - 3
months (Revival with fine)
Nominee- 2 or more dependent persons
In my point of view term and health insurance must be required for
all. I would say, if you don’t have, you are an ‘illiterate’. If you have all the
four, then you are ‘sophisticated’. Thanks to the Reliance Life Insurance who
has given this knowledge to me.
