- So there are Two Types of Insurance :-
1) Life Insurance 2) Non-Life Insurance
Further there are some parts in these two types, which are as discussed bellow .
👉 Life Insurance :-
* Term Insurance
* Health Insurance
👉 Non-Life Insurance :-
* Vehicle Insurance etc.(which is not related to body )
*IN THIS ONE WE WILL DISCUSS ABOUT LIFE INSURANCE *
Q. To whom should take this Life Insurance ?
1) A person who is bread earner(solo earner) in a family.
2) A person who has no sufficient investment or corpus.
3) Who has some debt/loan such as home loan or something.
4) Who has major responsibilities such as children education/wedding etc.
⌚ Right time to apply for term insurance .
~ Should be assured (apply) in early age .
Should apply in early age because :-
1) Premium will be low .
2) Hence the same amount you are going to pay per annum till maturity .
💰 Amount of Insurance Cover :-
Amount should be 10 times of your annual income .
So that family can easily survive till ten year , so as they (children) can complete education or other things without any extra hassel.
* From where to get extra details about the plan you want to take ?
- So there are basically two option either you can talk to an Agent, agent will try his hard to sell that of his plan from where he is getting more income as a commission or you can check on internet on "Policy Bazar.com" which is quite a smart choice to do so because you can contact there a person, they will explain all the things to you about your plan, you supposed to take.
☝ Information about your insurance claim :-
- According to section 45 of insurance act, the company has right to decline your claim if it's just your three years from apply for your plan.
If you give wrong information about your health that is suppose you drink and smokes but if you said you don't consume alcohol or something like that, while filling your form then after this company founds that the information provided by you is wrong then company can decline your claim so always provide right information about yourself , don't tell lie about yourself just to reduce your premium amount . Yes, if you consume drugs, alcohol or something like that then your premium will be high as compares to the normal person who don't consumes these type of things.
👀 Parameters to check before having insurance policy from a company :-
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1) CSR ( Claim Settlement Ratio ) :- It means a company got 100 claims and rejected only two of them then CSR will be of 98% and CSR of above 90% considered as good percentage .
* This thing you can check on IRDA report or can check on internet again on "Policy Bazar ".
* Also company posts these details on their sites .
2) ASR (Amount Settlement Ratio) :-
This is again the same thing and this is important and should be greater than 90 % .
3) Solvency Ratio :-
It is that company have how much multiple assets of their liability .
Company has more assets against their liability is good for any company so if the company has more assets, then it means that your money is also safe there 😏.
Should be maintain at-least 150 % or 1.5 .
So its basic and can go with it and these are the enough knowledge to take insurance all by yourself there are many more things you can research on but its enough for you to take better policy.
Tip :- For some tip from my side, LIC as a insurance company can be better for you.
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IF you want me to share something you want to know about then do tell in comment section.
* THANK YOU FOR READING *
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