Insurance is how much important for every individual
Insurance is how much important for every individual why I choose this
content because it is the most important part of financial planning so I
thought I want to share something about this with you. Insurance is a security
to you is life, the most of peoples didn’t have any idea about the insurance
some peoples take the insurance policy without any knowledge about that, this
is the common mistake of most people. Insurance is also an important part of
financial planning, is the most important thing for every individual. I already
posted about financial planning in my blog you can search in the search box of
the site. Insurance has many types every insurance plan has different benefits
so you have to decide which is apt for you and also, your dependents because
mostly in the term insurance you will not get the amount back that’s an
investment for, your dependents your spouse, children like that. Insurance, not
an investment some people the insurance considering an investment’s insurance
as security to you and your dependents so you have to understand the
differences. Some peoples take insurance plans without any knowledge about the
insurance these kinds of things will trap you because some insurance companies
make more scams so you have too conscious here. if you want to build a good
financial life? Then you need the financial planning so here the insurance is
contributing the financial life.
Types of insurances
1.
Life insurance
2.
Motor insurance
3.
Health insurance
4.
Travel insurance
Life insurance 
Life-giving assurance for you are life, this life insurance has seven
types.
1.Term insurance
plan
Term insurance is the type of life insurance after the death the
person’s dependents will get the insurance return. This is the nature of this
term insurance every family man has to take this policy this is also an
investment to your family.
2.Endowment plan
This insurance plan covers death benefits and also maturity benefits.
3.ULIP (unit-linked
insurance plan)
ULIP insurance plan covers the death benefits and also mutual fund
benefits.
4.Whole insurance
plan
The whole insurance plan ensuring the whole lifetime of the person this
is the nature of this insurance plan.
5.Child's insurance
plan
This insurance plan giving security to the child if the parents of
the child when dead the mature amount will get to that child this is the nature
of this insurance plan.
6.Money-back
insurance plan
After the specific period, the person will get the amount back this is
the nature of this insurance plan.
7.Retirement
insurance plan
After retirement the person can claim the amount, this amount can
withdraw monthly or lump sum.
2 Motor
insurance
These insurance plans have three types like own damage, comprehensive,
third party insurance these are the three types of insurance plan.
1.
Own damage
This is the type of motor insurance plan in this insurance plan will
cover only the own vehicle damage.
2.Third-party
insurance plan
This third-party insurance will cover the third-party damages it will
not ensure your damage. If you want to take this policy? Then your vehicle must
be new.
3.Comprehensive
insurance plan
This comprehensive insurance plan is mixed of the own damage plan and
third-party insurance plan. My personal opinion is, this is the best plan
compare with your own damage and third-party plan, here the premium amount will
high compare with another plan.
3 Health
insurance
Health insurance is the most important one for every individual it will
cover future uncertainties. Here have eight types of insurance plans like
individual health insurance, family health insurance, group medical insurance,
maternity health insurance, personal accident insurance, senior citizen health
insurance, critical illness insurance (it will cover critical illnesses like
cancer, diabetes, etc.), and preventive health care insurance. These are the
types of insurance (plans you have to choose which correct for you.
4 Travel insurance
The travel insurance will assure you for travel purposes. Theft chances
are high in traveling time so this plan giving security this plan also provides
other securities. The travelers can choose this plan it’s very useful for them,
here have two types of insurance plan one is domestic and the other one is
international.
conclusion
Insurance is the most important one for every family and person because
this is security to, your life and also, you’re dependents. Most people didn’t
have any idea about insurance plans before going to take any policy you have to
ask some questions to yourself like why I want to choose this plan, what is the
benefit from this plan for me or my dependents? These questions will clarify
you then you can make good decisions in your insurance plan. Who the salaried
person in the family that person have to take the insurance policy and before
choosing any insurance plan you have to know the advantages and disadvantages
of the plan?
You need to analyze something before choosing any plans, analyzing is
always good nature so you must analyze the claim settlement ratio and amount
settlement ratio because then only you can understand how much the company
claiming for their clients. The amount settlement ratio is a must then only you
can understand how much amount is given to their clients. Here the amount
settlement must above 80%-90% which at least 75% have to give the company. So,
you must analyze the company and ensuring the plan well.
I hope this content you understand well.
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