Insurance is a contract between the insured and the insurance company whereby the insured financial risk is covered by the insurance company. The risk can be of your vehicle, property, legal etc. So effectively, you pass on the risk to the insurance company and they charge you a nominal sum of money for taking that risk which is called Insurance Premium.
With insurance in hand, today our clients can provide security for their families; protect their home against loans; save for their children’s education & marriage; deal with medical contingencies efficiently and address their retirement and estate planning needs!
With the aid of a detailed financial and insurance fact finder, we arrive at an impartial, need-based, customized and holistic solution chosen from a carefully researched data base of products offered by various Life and Health Insurance Companies in India.
We look first at our client in terms of his need for insurance, existing policies, his goals and then consider the product offerings from various insurance companies and evaluates them on parameters such as presence and strength in the market, performance and track record, claim settlement procedure and history, service and of course, premiums and the product base.
What’s more there is an evaluation and a review process that goes on to ensure that the coverage is adequate as insurance requirements need to keep up with the changing circumstances of life.
What is Insurance & why we need Insurance is normally misunderstood by Indians?
Most of the time, when we ask any investor about his investment portfolio, he/she invariably lands up saying that we have investments in some sort of insurance policy in LIC, ULIPs, Endowment Policy, Money Back Policy etc. etc. In fact, over the last 50 years or so, LIC has taught Indians everything other than Insurance. We all understand insurance as Tax Saving Instrument, Investment Tool but do we understand Insurance as Insurance??
You must be surprised by our sentence, but that is the hard core fact of life..
Types of Insurance
There are two types of Insurance:
Life insurance is insurance on human beings. Though Human life cannot be valued, a monetary sum could be determined which is based on loss of income in future years. Hence in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’ in the case of life insurance. Life insurance products provide a definite amount of money to the dependents of the insured in case the life insured dies during his active income earning period or becomes disabled on account of an accident causing reduction/complete loss in his income earnings.
An individual can also protect his old age when he ceases to earn and has no other means of income – by purchasing an annuity product.
There are a number of life insurance products which offer protection and also coupled with savings. Products must fit you well as per your requirement.
General Insurance – Insuring anything other than human life is called General Insurance. Examples are insuring property like house, vehicle, shop and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalization for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance. It is really a funny to observe that now days; people are more concerned with their vehicle insurance rather than their own life coverage.
Another type of Health Insurance
People fall sick all the time. But only when it happens to you or your family, do you realize the gravity of the situation. We might save for a dream holiday, a dream house or our child’s needs. But rarely do we plan or set aside money for medical emergencies that may come up at any unexpected moment…and when they do, we are caught completely unprepared.
While medical care has become more much better and advanced, it has also become very expensive. On the other hand, lifestyles of today also come with health problems as a package deal. When you or someone in your family needs medical help, a mediclaim or health insurance policy is one of your best options.
To ensure that all the financial goals of our clients are met and to provide them sufficient protection against known risks, we have added Apollo Munich and Max Bupa Health Insurance to our basket of financial service offerings.
Adequate health insurance for yourself and your family is becoming a prerequisite to enjoying a stress free life! And we are there to help you get there faster.