What is insurance-Car insurance-Life insurance full details

What is insurance||Car insurance||Life insurance full details

Today we will discuss what is insurance, Is it really important to do, and why? Those of you who have a lot of questions in mind about insurance will find the answers to those questions through today's post.

What is insurance?

Insurance is simply a policy where you pay or pay a certain amount of premium per month on top of your valuable life and assets. Based on that payment, the insurance company will bear the risk of losing your life and your property. Because if you insure your life, if you are physically harmed, or if you die, the company will pay you your full premium before the due date to cover the loss. Or the amount your insurance will pay you back.


For example, you can say that you have opened insurance of Rs 5 lakh for 5 years. Now if you die for any reason after paying two or three installments, they will pay you the full amount of Rs 5 lakh or whatever is due as per the policy. Even if you do not pay the full premium, you will still get the money.




The family will receive the money before it expires. Similarly, in the case of assets, if you insure your valuable assets, if those assets are damaged for any reason, the insurance company will pay you compensation based on the loss of your assets.


Then there are basically two types of insurance. One is general insurance and the other is life insurance. General insurance refers to all the insurance that you have except life insurance. The insurance you take out on your home, your property or your car, your boat, or anything else is general insurance. Suppose you have a private car and you insure it. If it is damaged or another person is damaged by a private car, this insurance company will pay the compensation. Then it is general insurance.



In the same way, you can insure any property. For example, if your house is damaged due to any reason, natural calamity, fire, or any other reason then under this general insurance you will get compensation for that loss.


And life insurance is about your life, for example, if you accidentally break your arm or leg or become disabled for any reason, then you will be paid under this life insurance. If you die, the compensation will be paid to your family members.


||Why general insurance is needed||

This is why general insurance should be done: Suppose you have a private car that has been damaged due to an accident. So will you cover the loss with your own money? If you impose liability on a third party, then your maintenance cost is no more or less. When you receive this compensation from them, you can easily compensate for the loss of your assets.


Naval insurance

Under general insurance, naval insurance is if your vessel is damaged or taken hostage by pirates on an international route if the vessel is damaged for any reason, then the ransom of that hostage is covered by naval insurance.

The insurance company will be obliged to compensate you for all these conditions when you take out insurance.


Fire insurance

Fire insurance is if your home or factory or vessel is damaged due to a fire, Then the insurance company will compensate you under this insurance.


Abduction insurance

Abduction insurance means that if your property is stolen or robbed for any reason, you will be considered as a loser under this abduction insurance and you can claim compensation.


Third-party insurance

If any other person is harmed or ill by you, the insurance company will be responsible and obligated to treat or compensate him. Suppose you are driving a private car by the road. Now if your private car has third-party insurance then if any other accident or loss is caused by this private car then that insurance company will be obliged to compensate you under this third-party insurance. They will pay compensation to that third party on your behalf.


||Why life insurance is needed||





You must know why you need life insurance. Human death cannot be said. People can die suddenly at any time. If a working person dies suddenly or has an accident due to any reason and if he/she is unable to earn or loses his / her ability to earn, then the insurance covers his / her family. With this insurance compensation money.



If you have debt then after your death, your family may be under a lot of financial pressure to pay off the debt. But as a result of this insurance, they will be able to repay your loan well with that insurance money. The hassle of repaying the loan will be reduced to a great extent.


If you are ill for any reason, you will be able to cover the medical expenses from your insurance money. And if you insure, you will be free from worries in future. You will no longer have to worry about what will happen after your death or what you will do when you retire.


Another is tax exemption. If you take out an insurance policy and pay the money every month, you will get a certain amount of tax deduction or exemption by showing this money. If you insure by saving a small amount every month, you will easily get a huge amount of money after a certain period of time with which you can implement your plan.


Insurance also helps you in many ways if you retire from a job, such as a government job or a job that has a pension system but other jobs that do not have a pension system then what will they do after retirement! Basically, insurance is important for them. Because if you have this insurance then you will get this insurance money after a certain period of time after retirement and it will be a good amount of money. With that money, you will be able to carry your retirement life well.

Car insurance

Now if we say car insurance, car insurance is very important and third party insurance you must do. If you do not have first-party insurance then you must have third-party insurance.

✏First-party insurance

✏Third-party insurance

First-party insurance is if your car is damaged for any reason then the insurance company will be obliged to pay compensation for the loss. The insurance company that is paying you the compensation is first-party insurance. Where you are the first party and you will get the insurance money.

Third-party insurance is if any other person or property is damaged due to your motor vehicle then the compensation insurance company will pay the third party person or property on your behalf. This is third-party insurance. This insurance is currently compulsory. So if you are the owner of a motor vehicle then you must take this insurance and also pay its premium. If you do not pay it then you will be punishable by law.

Car insurance coverage:

Accidental damage and theft

If your car is damaged due to an accident, you will be covered and you can claim compensation. Or if your car is stolen, you can claim compensation and you will definitely get compensation.

Fire

You can also claim compensation for your car due to fire. And the company will be obliged to pay that.

Natural disasters

If for some reason your car is damaged due to natural calamities like storm surge, tidal wave, earthquake, landslide you can also claim compensation under car insurance.

Damage caused by terrorist activities

You can claim compensation under this insurance if your car is damaged due to any reason such as strike, movement, or if it is damaged due to terrorist activities.

Out of the scope of car insurance

Illegal work

You will not be compensated if your car is involved in any illegal activity and if it is damaged due to that. For example, if your car carries an explosive that is illegal that causes damage to your car, you will not be covered by this insurance.

Drug damage

You cannot claim insurance money if you carry any drugs and if your car is damaged due to that.

Not having a driving license

If you do not have a valid driving license and the car is damaged as a result, you cannot claim compensation.

Mechanical error

If you have a mechanical defect in your car and you do not check it, you will not be able to claim this insurance money if you suffer any damage due to it.

However, before insuring your car, the company you are insuring with should find out if your car has been involved in an accident, whether it is your own and the third party's and whether they pay compensation.

And if your car is encountered in a natural disaster or theft or fire or terrorist activity

Then whether the car will be covered by insurance. Knowing all this, you will ensure car insurance.

In the same way, in the case of life insurance, you can talk to the company and find out under which they take life insurance.

So insurance is very important in human life, it is very important to get insurance for financial liberation and also in case of huge compensation. Therefore, everyone should have more or less insurance and those who are thinking about the future should be insured.