By | April 19, 2022



In today’s competitive business world insurance is playing very vital role for the need and safety of every individuals and groups. We have summarized this topic with top 10 key factors and also various/different types of insurance policy available in India.

Insurance is meant to safeguard someone and therefore the family from disasters and money burdens. There square measures several styles of insurance of that, the fundamental and most vital are taken into account to be life assurance. It provides for the dependents on account of death of the insured.

Since there square measure sure money commitments you wish to satisfy throughout life and do contribute in how to the family financial gain, you wish to produce one thing even in death—to secure the house, facilitate the family meet expenses ,etc. Shield dependent oldsters, or secure the youngsters or spousal equivalent.

Financial obligations might embrace ceremonial occasion expenses, unsettled medical bills, mortgages, business commitments, meeting the school expenses of the youngsters, and so on.

How much insurance someone wants would vary, reckoning on fashion, money wants and sources of financial gain, debts, and therefore the range of dependents. Associate degree insurance advisor or agent would advocate that you just take insurance that amounts to 5 to 10 times your annual financial gain. It is best to take a seat down with associate degree professional and bear the explanations why you must think about insurance and what reasonably insurance coming up with would profit you.

There are different types of insurance as per the requirement of each individuals as per below:

  • Auto Insurance (car, bike, commercial vehicle,etc.)
  • Life Insurance (term life insurance, money back policy, endowment policy, whole life insurance, savings and investment plans, retirement plans, unit linked insurance plans- ULIPs, child insurance plans, group life insurance policy, etc.) Different types of riders can also be added among these plans or policy.
  • Health Insurance plans
  • Standard Fire and Special Perils Policy plans (with or without burglary cover)
  • Marine Insurance
  • Transit Insurance
  • Disability Insurance (mainly with long term disability plans)
  • Travel Insurance
  • Specific designed insurance policy by insurance companies (mainly with the help of team of underwriters & strategic units) for various needs of the Industrial sectors like shed, factory, machinery & various assets of the industries)

As a vital a part of your plan insurance provides peace of mind for any uncertainties in life. Here are some important key factors:

1. Life assurance properly planned can on premature death offer funds to manage monies due, mortgages, and living expenses. It offers protection to the family you allow behind and is a money resource.

2. It secures your hard-earned estate on death by providing tax free money which might be used to pay estate and death duties and to serve business and private expenses.

3. Life assurance will have a savings or pension part that gives for you throughout retirement.

4. Some policies have riders like coverage of crucial sickness or insurance for the youngsters or spousal equivalent. There square measure sure rules concerning eligibility for riders that you’ll have to confirm clearly.

5. Having a legitimate insurance is taken into account as money assets that improve your credit rating once you want insurance or a consumer credit or bank loan.

6. In case of bankruptcy, the money price still as death edges of associate degree insurance is exempt from creditors.

7. Life assurance are often planned such it’ll cowl even your ceremonial occasion expenses.

8. Term life assurance has double edges, it protects you from uncertainties and also you’ll get a refund throughout strategic points in your life.

9. Insurance protects your business from loss or any liabilities just in case a business partner dies.

10. It will contribute towards maintaining a family’s life vogue once one causative partner suddenly dies.


The companies which are providing insurance in India are mainly categorized in two types i.e. Government & Private Companies.

Insurance is significant to sensible money coming up with and security however you’d got to assess your personal risk and long run commitments. Insurance stands someone in sensible place throughout life and may be utilized in case of emergencies throughout the life by requesting a withdrawal or loan.

Final Notes:

Insurance is meant to safeguard someone and therefore the family from disasters and money burdens. The fundamental and most vital benefit is taken into account to assure the necessity to insure of life or assets. It provides security for dependent’s financial security, loss or damage of assets and secures the future of every individual or groups.