Insurance: Importance, Types and Benefits

  • Posted Oct 10th
  • 50 Comments
  • 22/7/2020

Insurance: Importance, Types and Benefits | URG Insurance

The most obvious and most important benefit of Insurance is that you can transform your dreams into reality. Want to buy a car or a home or anything expensive? We are here to help you. You dream, we make them true. An insurance policies is a contract used to indemnify individuals and organizations for covered losses.

What's Insurance ?

Basically, insurance is all about protection from financial losses. Insurance is a legal agreement between 2 parties, i.e. the insurance underwriter(insurer) and the individual (insured). The insurance underwriter guarantees against the risk of contingent or uncertain loss. The insured pays a premium reciprocally for the promise created by the insurance company.

The contingency is that the event that causes a loss. It will be the death of the client or damage/destruction of the property. It’s referred to as a contingency as a result of there’s associate degree uncertainty relating to happening of the event. The insured pays a premium reciprocally for the promise created by the insurance company.

However will insurance work ?

How do Insurance policies work- The Insurance company and insured person sign a legal contract (The terms & condition of the policy), that is known as Insurance. As we write before, Insurance has details regarding the conditions and circumstances that the insurance underwriter can pay out the insurance quantity to either the individual or the nominees. The Amount that insured to you and the premium that you must pay depends upon the insurance policy that you choose. There are several policies plans, you can choose according to your convenience.

Any individual or company will obtain insurance from an associate degree insurance underwriter, however, the choice to produce insurance is at the discretion of the insurance underwriter. The insurance underwriter can evaluate the claim application to form a call. Generally, insurance firms refuse to produce insurance for bad candidates.

Insurance in India Will Be Loosely Divided into 5 Categories:

Categories for insurance policies- Visit our website to know more about the various insurance policies. We provide all types of insurance solutions to secure you and your family against unexpected and untoward events. We cover Life Insurance, health Insurance, Home Insurance, Vehicle Insurance, Commercial Vehicle Insurance, Education Insurance and many more. Get secured with us.

Life Insurance

Life Insurance is all about caring for your family financially. Life insurance is especially necessary if you're the only earner for your family or if your family highly depends on your financial gain. Well, no one can really predict the future, we all are clueless about future happenings, but we can protect it. choose Life Insurance for you and your family.

Health insurance

Everyone wants to live a long and healthy life, no one likes to go to hospitals, But our health and mishaps are not in our control. Keeping in view the costly treatments, this is not possible for everyone to bear it. Health Insurance is a good option for all of us. The premium paid towards an insurance policy covers treatments, hospitalization, and drug prices.

Vehicle insurance

Vehicle Insurance can give you coverage from any untoward incident like accidents. Nowadays, Insurance is a vital policy for all automobile owners when they buy a vehicle and owners should renew the policy regularly upon expiry. Buy our policies to get secured.

Education Insurance

The child education insurance is love a life assurance policy that has been specially designed as a saving tool. associate degree education insurance will be a good thanks to give a payment quantity of cash once your kid reaches the age for instruction and gains entry into faculty (18 years and above). This fund will then be accustomed buy your child’s instruction expenses. below this insurance, the kid is that the life assured or the recipient of the funds, whereas the parent/legal guardian is that the owner of the policy.

You can estimate the quantity of cash that may get in funding your children’s Education designing Calculator.

Home Insurance

We all dreaming of owning our own homes. Home Insurance provides coverage against natural and man-made calamities. Basically, Home Insurance covers different instances like lightning and earthquake etc. Choose our policy and enjoy the freedom of life.

Tax Benefits On Insurance

Apart from the protection and security of choosing plans for insurance, There are some tax benefits through insurance policies that you should know about. As per Section 80C, the premium paid towards life insurance policies up to the maximum limit of Rs. 1,50,000 is eligible for tax deduction. A medical premium of up to ₹25,000 for you and your family and ₹25,000 for your folks will be claimed as a tax-saving deduction below Section 80D. These claims need to be created at the time of e-filing tax returns.