Insurance in its central form is described as an agreement among two parties whereby
one party identified as insurer undertakes the responsibilities in exchange for a predetermined amount identified as premiums to compensate the other party called insured a predetermined cash amount on the occurrence of a certain incident. In plain terms it is an agreement amid the person who purchases it and an Insurance company who sold the plan.
Insurance is mainly a defense in opposition to a monetary loss which can arise on the occurrence of an unforeseen happening.
Insurance companies gather premiums to offer for this monetary defense. By paying an extremely little amount of cash a person can defend himself and his family money-wise from an ill-timed incident. For instance if a person pays money for a Life Insurance by paying a premium to the Insurance company the family members of insured person are given a predetermined return in case of any unlucky happening like loss of life. There are diverse types of Insurance Products accessible for example Life Insurance plans, Vehicle and Home Insurance etc.
Why do we require Insurance?
What will happen to my folks if god forbidden something happens to me? If this problem troubles you, in that case Life Insurance is the answer. An Insurance company gathers a little proportion from you and in return assures to compensate your family a determined amount in case of an unlucky occurrence.
The fundamental reasons of acquiring Insurance are to:
Give financial safety to your family.
Shield your property for example vehicle, Equipments, home etc from mishaps or natural adversities.
A way of Investments as well as Savings.
What are the advantages of taking Insurance?
There are more than a few benefits for taking Insurance; a number of them are listed below.
Monetary safety of Life and possessions, in case of an unlucky happening.
Income tax Relief by means of subtractions from earnings, which lowers income tax burden.
Promote savings and helps in monetary arrangement for the Future.
Plans of Life Insurance in India can be used as security to get hold of finance.
Metlife is one good and well known company of life insurance in India, which you can look forward to for your cover requirements.