Insurance is the contract between the insure r and the insured. It protects insured and his beneficiaries from the uncertainties of the future.
The insured amount can be redeemed according to the situation and the insurance plan taken. Following are the different types of insurance policies namely:
1. Life Insurance Policy
2. Health Insurance Policy
3. Motor Vehicle Insurance Policy
4. Accidental Insurance Policy
To know the right insurance which fits our needs we need to consider the following things:
1. Consider the amount of investment: Different people have different rate of investments based on their earnings. So the first thing you need to keep in mind to get the right insurance is by knowing yourself how much and how frequently can you invest.
2. Time frame: When considering the time frame it’s the life insurance we are talking about. You need to analyze whether you need the money at the after the maturity period or want to keep it for your beneficiaries. So, keep select the life insurance plan depending on its term by which you want to claim your amount.
3. Consider different companies: Different companies have different plans which offer different benefits. Choosing the best from them is what you need to do next. It is moreover like choosing the best brands at the lowest prices.
4. Type of cover: You actually should know the thing that need to be insured. Just decide whether it’s you who is going to be insured or your belongings like your car, your business organization etc.
5. Check out for frauds: Checking out whether the company from whom you are buying your policy is a reputed one is a must. There are many frauds companies who claim to be one of the best insurance companies. However all that they do is take your insured amount and never get back. So it is important and necessary to cater to this point.
Insurance is not simple and considering the lowest price policy is not the best deal. Consulting a good insurance agent is necessary. Choosing the policy that caters best to your insurance needs is also mandatory. In addition to the above mentioned points also make your own research depending on your needs. Remember you are your best judge.