Insurance Advisory Services

As we all know that Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. Actually, Insurance is a legal agreement between insurance company (insurer) and the individual (insured). In this, the insurance company promises to cover the losses of the insured on happening of the insured contingency. It can be the death of the policyholder or damage/destruction of the property. The insured pays certain amount of money called a premium in return for the promise made by the insurer.

Insurance in India can be broadly divided into three categories:

Life insurance
As the name suggests, life insurance insures your life. It pays you or your dependants a sum of money either after a set period or upon your death as the case may be. life insurance is considered as a back-up plan for life which ensures that your family and you receive financial support in case you are not able to bring in the much-needed income yourself (maybe due to an accident, retirement, or untimely demise).
There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life.

Health insurance
Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured. Different types of health insurance policies cover an array of diseases and ailments. You can buy a generic health insurance policy as well as policies for specific diseases. The premium paid towards a health insurance policy usually covers treatment, hospitalization and medication costs. The insurance company either pays the medical expenses incurred directly to the hospital or will reimburse the expenses to the insured individual

General insurance
General insurance or non-life insurance covers insurance of the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small – from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps – and even from the costs of legal action against us.
The six main forms of general insurance are: Home and Contents Insurance, Motor Vehicle Insurance, Business Insurance, Mortgage Loss Insurance/Lender’s Mortgage Insurance/ Mortgage Protection Insurance, Workers Compensation and Travel Insurance.