Insurance: Importance, Types and Benefits

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

Insurance: Importance, Types and Benefits | URG Insurance

Website is your net Address for the entire world that is accessible 24X7 by somebody mistreatment the net. Despite the on top of reality that is thought to each businessperson it's been analyzed that 40%-50% of companies still do not have their own web site. is not it shocking? Despite the on top of reality that is thought to each businessperson We have tried to allow you a grade of the most points because the importance of the web site to business during this post.

what's Insurance ?

Insurance could be a legal agreement between 2 parties i.e. the insurance underwriter (insurer) and also the individual (insured). In this, the insurance underwriter guarantees to form smart the losses of the insured on happening of the insured contingency.

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 ?

The insurance company and also the insured get a legal contract for the insurance, that is named the insurance. The insurance has details regarding the conditions and circumstances below that the insurance underwriter can pay out the insurance quantity to either the individual or the nominees.

Insurance could be a approach of protective yourself and your family from a loss. Generally, the premium for a giant insurance cowl is far lesser in terms of cash paid. The insurance underwriter takes this risk of providing a high protect little premium as a result of only a few insured folks truly find yourself claiming the insurance. this is often why you get insurance for a giant quantity at an occasional worth.

Any individual or company will obtain insurance from 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 to bad candidates.

3. What area unit the categories of insurance accessible in India ?


Insurance in India will be loosely divided into 3 categories:


Life Insurance

As the name suggests, life assurance is insurance on your life. you get life assurance to form certain your dependents area unit financially secured within the event of your untimely end. life assurance is especially necessary if you're the only real earner for your family or if your family is heavily dependent on your financial gain. below life assurance, the client’s family is financially stipendiary just in case the policyholder expires throughout the term of the policy.

Health insurance

Health insurance is bought to hide medical prices for costly treatments. differing types of insurance policies cowl associate degree array of diseases and ailments. you'll be able to get a generic insurance policy additionally as policies for specific diseases. The premium paid towards a insurance policy sometimes covers treatment, hospitalization and drugs prices.

Car insurance

In today’s world, a insurance is a vital policy for each automotive owner. This insurance protects you against any untoward incident like accidents. Some policies additionally catch up on damages to your automotive throughout natural calamities like floods or earthquakes. It additionally covers third-party liability wherever you've got to pay damages to different vehicle house owners.

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 instruction mistreatment Education designing Calculator.

6. an affordable and effective selling tool

Having an internet site is incredibly cheap today. the value and quality of the web site rely upon the data, creativity, and knowledge of the net Designer or net planning Company you decide on. as an example, the most effective net planning company in Jaipur like URG INFOTECH PVT. LTD. offers the essential static web site, beginning at federal agency 5000 solely which too with on-page SEO.

Home Insurance

We all dreaming of owning our own homes. Home insurance will facilitate with covering loss or injury caused to your home thanks to accidents like fireplace and different natural calamities or perils. Home insurance covers different instances like lightning, earthquakes etc.

4. What area unit the tax edges on insurance ?

Apart from the protection and security edges of shopping for insurance, there are the tax edges that you just will avail.

Life insurance premium of up to ₹1.5 hundred thousand will be claimed as a tax-saving deduction below Section 80C

Medical premium of up to ₹25,000 for yourself 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.

Conclusion

Be it life assurance, insurance or general insurance, you'll be able to get associate degree insurance offline additionally as on-line. similar to there area unit insurance agents WHO can assist you get a policy, there area unit websites additionally that you just should buy a policy from. make sure that you've got done your analysis before selecting associate degreed finance in an insurance.