Why Insurance Policy Is A Very Important Part Of Everyone
The importance of insurance cannot be ignored in todays life
. These days, insurance has become a very form of security and protection in perhaps everyones life. It provides protection and compensation upon the occurrence or non-occurrence of a particular event. These days, we can observe the influence of insurance on many fields ranging from life, health, business, automobile, travel, savings and investment, etc. There are range of these products which include life insurance, health insurance, auto insurance, travel insurance, savings and investment through ULIPs, children plans, pension plans, etc.
Prior to the year 2000, there were only few of the public sector insurance companies which were offering insurance services. Life Insurance Corporation of India was the only company which had monopoly control over life insurance while other companies were only limited to general insurance which included motor insurance, fire insurance, health insurance, travel insurance and other business insurance. But, after the year 2000, many private companies were admitted into the field, particularly life insurance which was a very big move from the government. This opened up the insurance market and there were many private insurance companies offering a range of insurance products ranging from life insurance, health insurance, auto insurance, travel insurance, children plans, pension plans, ULIPs, etc.
With so many insurance companies offering various insurance products, it becomes so much confusing for people to choose the best insurance policies with the lowest insurance quotes around. To blow away the confusion from the minds of the people, online insurance comparison tools have been initiated. These third party online insurance comparison and retailers provide various ways to compare insurance quotes from different insurance companies. Only with help of insurance quotes does anyone can compare various policies and arrived at the best policies.
Nowadays, the types of insurance which are becoming more and more popular with people include life insurance both term life insurance and whole life insurance policies, health insurance policies, auto insurance policies, children plans or savings policies, pension plans or retirement policies, etc. Each of these policies provide specific uses to offer.
Life insurance policy is designed to take provide financial safety and security when the policy holder passes away suddenly. Some of the major sub-types in life insurance include term insurance and whole life insurance. Whole life insurance is further divided into ULIPs and savings based insurance.
On the other hand, health insurance has been designed to provide free hospitalization or cashless treatment in case of medical emergencies.
Auto insurance has been designed to provide compensation to the vehicle as well as the drivers in case of accidents and calamities.
Children plans are those kinds of plans which have been designed to act as a saving and investment schemes which accumulate wealth over a period of time that is helpful for education, career and wedding expenditure for your children in the future.
Pension plans are another type of savings insurance, which is similar to children plans, but the only difference is that this policy is not for children but for senior citizens in the future. Pension plans act as saving and investment plans which will accumulate wealth and give out return on the investment in the future as pension or retirement income.
These are some of the very popular types of insurance which are becoming popular day by day. One can also buy these policies online. Many insurance experts argue that buying online insurance is much better in comparison to buying through conventional methods because of the comparison tools available online and also because of the low cost of online insurance.
by: Andy Smith
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