What does mean by an Insurance/Understand an Insurance/Cheap insurance?
In a simple language, we can say that an insurance is a protection from possible eventuality & financial loss. It could be your health, Belongings, family ETC.
We have to keep in mind that everything is important in our lives and in order to keep that protected, we should have a genuine insurance by consulting an adviser from an authorized insurance company.
Basically, this is most important part of our life to be protected & happy life.
There is a huge market of insurance in India. In order to buy an insurance you need to pay the premium once in a year. An insurance company will cover some portion of the loss of policy holder as per their term and condition.
For example, suppose you have a Bike insurance policy. You pay 6000 INR per year in premiums for a policy with a face value of 200,000 INR with your insurance company when company approves the claim. You pay your 6,000 deductible, and the insurance company covers the remaining 199,000 of your loss.
When you buy an insurance policy, you’re pooling your loss risk with the loss risk of everyone else who has purchased insurance from the same company.
To be continued ……..