Human life is full of surprises, insurance is like a superhero shield for us. It helps us when something unexpected happens.
Let’s talk about what is insurance especially what is life insurance?, and how insurance keeps us secure.
What is Insurance?
Insurance is like a safety net for your money.
It helps you when something bad happens, like if your house gets damaged or if you get sick.
It’s like having a friend who helps you fix things when they go wrong.
Types of Insurance
Insurance isn’t the same for everyone. There are different types of insurance like Life Insurance, Health Insurance, Car Insurance, Bike Insurance, Travel Insurance, General Insurance etc.
It’s like having different tools for different jobs.
Read – Benefits of Insurance
What is Life Insurance?
Life insurance is a special kind of insurance. It’s like making a promise to take care of your family even if something happens to you.
It’s not just about money, it’s about showing love and responsibility.
Types of Life Insurance
Life insurance comes in different packages too. There’s one for a certain time, another that lasts your whole life, and one that’s like a savings account.
It depends on what you need and what fits best for your family.
Why Insurance Matters?
Insurance Makes Us Feel Safe:
Knowing you have insurance is like having a superhero cape. It makes you feel safe and protected.
You don’t have to worry too much because you know someone has your back.
Choosing the best Insurance plan for you and your family makes you more relaxed and assured for the future.
Insurance Helps with Money
Besides feeling safe, insurance also helps with money. If something bad happens, like an accident, insurance helps pay for it.
It stops big problems from becoming big money problems. There are many payment plans which help insured and family members in bad times.
Read – How to do Financial Planning for Avoiding Debt and Securing Family Future?
Choosing the Right Life Insurance
Picking the right life insurance is like choosing the right toy. It would be best if you thought about what you like and what your family needs.
Talking to smart grown-ups can help you make good choices.
Also, you need to do some research in the market as some companies only show offers in advertisements.
Pick the best insurance plan from the best Insurance providers only. Check their past settlement score, User reviews and Other important parameters.
Understanding Big Words in the Sector
Life insurance has some big words, but they’re not so scary.
Things like premiums and beneficiaries just mean paying money and helping the people you love when you’re not around.
In a world full of surprises, having insurance is like having a superhero friend.
Whether it’s for your stuff or your family, it helps you stay safe and protected.
How many insurance companies in India?
IRDA or The Insurance Regulatory and Development Authority of India(IRDAI) is a statutory body set up to protect the interests of the policyholders while regulating and licensing the insurance and re-insurance industries in India.
As per the IRDA website, 50+Insurance Companies are working in India. Of which 23 are Life Insurance Companies, 26 are General Insurance Companies and 5 are Health Insurance Companies. ( See the Current list on the IRDA Website)
FAQs
Q: Is life insurance only for old people?
Life insurance is for everyone, not just old folks. It’s for anyone who wants to care for their family, regardless of age.
Q: Why does life insurance cost different for different people?
The cost depends on things like how healthy you are, how old you are, and how much money you want to leave for your family.
Q: Can you have more than one life insurance?
Yes, you can have more than one. It’s like having different tools for different jobs. Each one helps with something special.
Q: What happens when you have life insurance and don’t need it?
If you don’t need it, that’s great! It means nothing bad happened, but it’s still good to have, just in case.
Q: How does the money come out when someone has life insurance?
When someone with life insurance passes away, their family gets the money. It helps them with things like bills and other important stuff.
Q: Can life insurance help when you stop working?
Yes, some life insurance can give you money even when you’re not working anymore, kind of like a special savings account.
Read – Best Travel Insurance For Europe
