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Know The Important Advantages Of Insurance Policy

Know The Important Advantages Of Insurance Policy

Insurance is an agreement between the two parties- insurer and insured wherein insurer

agrees to compensate insured in the event of any contingency and insured pay premium in turn to attain these benefits. Insurance coverage depends on type of insurance bought and various plans associated with different types of insurance. Insurance is a legal binding by law. Every insurance provides dual benefits of safety and savings. An insurance policy provides financial assistance at the time of uncertainties and provides lots of benefits to the insured which are described below:

Risk cover: Insurance policy provides coverage from various kinds of risk such as medical contingency, accidental cover, home security which helps us in maintaining good quality of life against any unforeseen event. It provides financial assistance and several other benefits at the time of an unexpected event.

Planning for life stages: Insurance cover not only provides financial security during contingencies but acts as a source of investment and depending on which we can plan and meet our future goals. We can plan for children education, their marriage; it can fulfill your dream home, and living a relaxed retired life as well. Some traditional insurance plans like endowment policies provide cash benefits, money back and guaranteed maturity amounts.

Safe and profitable investment: In todays world nothing is certain. So, having a sound investment becomes a key and insurance act as a profitable and safe investment. It is highly regulated by laws as insurance providers have to adhere to various rules and regulations.

Assured income through annuities: Insurance policies are of several types. Particular kind of insurance provides regular income as well which can help us after retirement. We can compare insurance policies and online insurance quotes in order to select the plan that can give us higher annuity income. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.

Removing fear: Insurance helps to remove various kinds of anxiety from the mind of the people. The insured is secured in the knowledge that the shield of the insurance fund is behind him if some gloomy event happens. It thus creates confidence and eliminates doubts which are difficult to evaluate, but the benefit is very real.

It becomes difficult sometimes to buy insurance policy fulfilling our needs. So, choosing a right type of insurance becomes our priority. We can compare insurance policies and online insurance quotes to select the best policy. One cannot be sure in choosing the policy, so one should compare insurance India through various insurance aggregators like policybazaar.com to decide the policy.

by: Addy Brown
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