What Is Insurance? Meaning, Types Of Benefits

Today’s article is going to be very informative for all of you because in today’s article we will give you all the information related to insurance as we all know, insurance has become very important in today’s era, so if you also want to get information related to insurance, then do not forget to read this article till the end.

What Is Insurance?

Insurance is such a thing which is an effective weapon to deal with any loss in future We all know that no one knows what will happen tomorrow, we will live, we will die, that is why insurance policy tries to compensate for the possible loss in future If any company insures a person, then the company compensates for the financial loss caused to that person.

In the same way, insurance is not only for the person, but you can get insurance for your house, phone, car, everything, that is, if for some reason your phone is broken and stolen, then the company will compensate it Insurance is a contract between an individual and an insurance company, the compensation is fixed in advance as per the terms.

Types of Insurance

Now if we talk about the types of insurance, usually there are only two types of insurance, one is Life Insurance and the other is General Insurance . In life insurance, a person’s life is insured, you must have heard that along with life, even after life this means that if a person dies, his dependents get compensation from the insurance company.

General Insurance:- General insurance includes vehicle, home, animal, crop, health insurance If you insure your house with a general insurance company, then who protects your house, that is, if any kind of damage happens after buying your house, then the insurance company pays for it.

Motor Insurance:- Insurance of vehicles running on the road in India is very important because the law has made some rules for which it is also very important‌ You must have seen that if you take it out on the road, then the traffic police can fine you if you do not have insurance and there are many reasons such as not wearing a helmet or not having a license and if for some reason if you are on road and suddenly got an accident and gets damaged, then if your vehicle is insured, then the company will give you the claim which must have been decided at the time of insurance.

Health Insurance:- We all know that the way diseases are increasing, in the same way the cost of treatment is also increasing, so it is very important to have health insurance because if you have health insurance, then the insurance company covers the cost of your treatment, but not for minor diseases, if you get a major disease, then health insurance policy is very important.

Travel Insurance:- Travel insurance i.e. if you ever suffer any loss during the journey then it protects you from Suppose if you go for a trip abroad, then you get hurt or something happens during the trip, then the insurance policy gives compensation for it.

Crop Insurance:- According to the current rules, it is necessary for every farmer who takes an agricultural loan to buy crop insurance because if you have any kind of damage to the crop, then the insurance company will give compensation for it.

So this was some special things related to insurance, if you also want to get insurance, till now you have not done any insurance, then insurance is very important, whatever it may be, Health Insurance, Travel Insurance, Vehicle Insurance etc.

Conclusion

We hope that this article of ours will prove to be very informative for you, if you like the information given by today’s article, then definitely share it further and tell us by commenting in the comment box.

Leave a Comment