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Insurance protects.
Insurance is a ‘critical’ factor when it comes ‘Protecting’ wealth. Insurance is a form of risk management practice. It is primarily used to hedge against the risk of a contingent, uncertain loss.
While evaluating an insurance, ask yourself this
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What are the consequences if I do not obtain appropriate Insurance cover?
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What are the different types of Insurance Policies I need? (Life insurance, Health Insurance, Others – Vehicle Insurance, Machinery Insurance, Property Insurance, Travel Insurance)
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How much cover of each type of Insurance I would need to purchase?
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From which insurance entity do I purchase the policy, so as to get the best deal?​​
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What is the fine print that I must know - so that I / my family get the amount?
There are two parties involved in insurance.
You, the insured
The insurer
Policy Holder
Insurance company
The policy holder pays a certain amount of fees (premium) at regular intervals to the insurer. And in return, the insurance company agrees to cover the financial losses and expenses of the policyholder, as pe the contract / agreement.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
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God is in the detail
It is important for proposer to read and understand the terms and conditions of a policy before they enter into an insurance contract. The proposal form needs to be filled in completely and correctly by a proposer to ensure that the cover is adequate and the right one. The proposer needs to provide complete and correct information / details before obtaining insurance policy. Any incorrect / erroneous representation may adversely affect the proposer during the claim settlement.
Life Insurance
Life insurance offers coverage in case of death or injury of the insured. There are multiple types of Life insurance :
1 Term
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Pure Risk cover without returns
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Low premium
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High risk
2 Endowment
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Risk cover
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Returns at specified period
3 Whole Life Plans
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Lifelong Risk Coverage
4 Moneyback Plan
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Risk cover
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Returns at regular intervals
5 Policy for
Child's life-stages
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Education
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Higher Education
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Marriage
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Future Provision in case of death / disablement of parents, guardian
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Returns at regular intervals
6 Retirement Policy
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Lifelong Pension after certain years
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Immediate Pension
7 Special Plans
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Unit Linked Insurance Plans
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Plans with Guaranteed Additions / Hospitalization
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Critical illness Cover
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Disability Cover / Risk + returns for life / Cover for short duration / Limited payment plans
8 Pension &
Group Gratuity
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Employer - Employee Insurance
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Pension / Gratuity / Leave Encashment
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Employee Deposit Linked Insurance / Risk Cover
General Insurance
General Insurance includes insurance other than Life Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Marine Insurance
Insurance against the 'perils of the sea' covering namely hull, cargo & freight
Professional Indemnity Insurance
Insurance against loss/circumstances incurred as result of negligent act, error or omission in carrying out the profession / business.
Important Terms in the Wold of Insurance
Insured
A person, group or organization whose life/health or property is covered by an insurance policy
Insurer
A person or company who provides risk cover to the insured in return for a premium.
Insurance Premium
An insurance premium is the money charged by insurance companies for covering risks.
Sum Assured
The money paid by the insurance companies to the insured/claimant on the maturity of insurance contract or on a claim.
Claim
A claim is a legal action to obtain money or property. It is a demand by the insured for his rights on the happening/damages/loss of the covered risks.
Broker
A person or organization who functions as an intermediary between two or more parties in negotiating agreements like an insurance contract. A highly regulated entity which deals with all insurance companies on behalf of its customers. A broker is different from an agent which deals with only one insurance company. The entity being a consolidator of business to the insurance company is able to negotiate better deals and service.
Certificate of Insurance
A document which describes the insurance policies maintained by an insured is known as certificate of insurance. It contains the policy number, effective and expiry dates and name of the insurance company. It is a certificate which acts as a proof of insurance.
Cover note
A cover note is a temporary certificate of insurance issued by the Insurer before the policy is issued and after the Insured has submitted a duly filled in proposal form along with the premium paid in full. It is valid for a period of 60 days from the date of issue and then a certificate of insurance is issued once the cover note expires.