Insurance revolves around risk management, safeguarding against financial losses. The key components include the policyholder, insurer, premium, policy term, sum assured, and the claim process.
Insurance is a safety net against life's uncertainties, From health risks to accidents or property damage, it provides financial protection, offering peace of mind and security. Insurance policies can help to offset the family's financial loss caused by the untimely demise of the family's primary source of income.
An insurance premium is the payment made to maintain an active insurance policy. It's like a safety investment that ensures coverage as per the policy terms.
Risk in insurance denotes the possibility of a negative occurrence, like damage or loss, which is covered under the policy. The insurer assesses this risk to determine premiums.
The basics include understanding key terms: policyholder (insured person), insurer (insurance company), premium (payment for insurance), policy term (coverage duration), and sum assured (benefit on claim).
The two primary types are Life Insurance, offering coverage for life's uncertainties, and General Insurance, protecting against varied risks like health, vehicle, and property.
A claim is a formal request to the insurance company for a payment based on the policy's terms. For instance, in car insurance, you'd file a claim to cover accident repair costs.
The principal in insurance refers to the insured person or entity. For example, in a health insurance policy, you are the principal insured.
Insurance offers financial protection against unforeseen losses and peace of mind during emergencies. It also serves as a beneficial financial planning tool.
The insurance amount is based on factors like income, age, health condition, and policy term. For life insurance, a common recommendation is a sum assured ten times your annual income.
Claim type refers to the kind of claim made, such as cashless claims where bills are directly settled with the provider, or reimbursement claims where initial costs are repaid.
The minimum age for an individual insurance policy is 18 years. However, children can be covered under parental policies or through specific child policies from 90 days old.
Education insurance is designed to secure a child's future education expenses. It ensures funds are available when needed, providing peace of mind about your child's education.
A maturity claim is when the policyholder receives the promised sum assured and accrued bonuses, if any, at the end of the policy term. It represents the policy's successful completion.
Prices are inclusive of taxes
¹Source: Insurance Company’s website
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Finzoomers Services Private Limited - [Registered address: 624-625, 6th Floor, Suncity Success Tower, Golf Course Extension Road, Sector - 65 Gurugram – HR- 122005] [IRDAI Corporate Agent (Composite) Registration No- CA0744 Validity till - 02/03/2027] Principal Officer- Mr. Ankur Goyal Principal Officer email id- po@finzoomers.in] [CIN: U74990HR2020PTC086201] [Email id: insurancesupport@indmoney.com]
The information used here for comparison has been taken from public domain.
This is displayed for your awareness and ease of comparison purpose. This is nowhere to be treated as any kind of suggestion/recommendation. Please refer to respective insurance companys' website before taking any decision.