Insurance is a legal agreement in which there are two parties i.e. the insurance company and the insured Individual. The insurance company promises to provide financial coverage to the insured on the mishappening. Mishappening can be the death of the insured or damage to the property.
The insurance policyholder pays a premium in return for the promise made by the insurer.
How Does Insurance Work?
The insurance company provides an insurance policy to the insured individual. In an insurance policy, they include information about the insured conditions and circumstances under which the insurance company will pay out the sum assured. Insurance is a way of protecting yourself and your family against financial loss.
Any individual or organization can seek insurance policy from an insurance company. But the decision to provide insurance is the only responsibility of the insurance company.
The insurance company takes risk of providing a high sum assured as very few insured people end up claiming the insurance. That’s why people get insurance for a big amount at a low price.
Types Of Insurance
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Why Do You Need insurance?
There are a plethora of different types of insurance you can get according to your need. But some insurance is compulsory like you can’t drive a car without basic car insurance. Moreover, you can’t get a mortgage on your house without insurance. After compulsory insurance, the most important thing is to protect yourself and your family.
The type of insurance that you need depends on what you want to protect.
First, of all, Ask Yourself What’s Important to you:
- People who travel abroad, they must choose travel insurance to get hospitalization expenses if you get injured or sick.
- If you have children and you died unexpectedly? Life insurance would help financially.
- If you have a big mortgage and you became too ill to work?
- So Income protection insurance could cover your payments.
Frequently Asked Questions
Apart from the security benefits of insurance, there are income tax benefits that you can avail of
- You can save tax by buying life insurance up to ₹1.5 lakh.
- Medical insurance for yourself and your family can save tax under Section 80D.
- We offer lowest prices.
- Keeping customer requirement first we offer unbiased advice.
- 100% Reliable
- Hassle-Free Claim Settlement Process
- Excellent Customer Support At Your Service
There are two ways in which you can make a claim:
- Cashless Claims: The claim settlement process depends upon the type of insurance i.e. life, health, motor or so on. On the happening of any misfortunate event immediately get in touch with your insurer and inform them about your claim so that they can guide you instantly.
- Reimbursement Claim: Reimbursement claim is made in case of unavailability of a cashless facility. If you want to claim motor insurance, you need to pay the entire claim after informing the insurer of the claim and get it reimbursed after the repair of the vehicle from insurance company. Same in the case of health insurance, once you have to pay the entire bill of hospital after informing the insurance company and get the reimbursed from the insurer after discharge of the patient from hospital.
Invest Market offers all types of insurance plans such as life insurance, car insurance, bike insurance, health insurance, travel insurance, home insurance, fire insurance, marine insurance, etc. The process for buying insurance from Invest Market just takes 5 minutes with 100% safety.