Insurance Planning

What is Insurance Planning? Who is the Insurance Provider in Pitampura, Rohini?

Insurance is a mechanism for collecting money from a large group of people and using that to money compensate those who suffer loss or damage. It involves paying a premium to the insurance provider company in Rohini order to get covered against a certain risk.
Insurance can be bought to cover almost any risk, like the risk of dying early, covering medical treatment cost, the risk of a probable car accident and so on.

Purpose & Need of Insurance

All assets have an economic value.
There is always a possibility that these assets might get damaged or destroyed due to varied reasons.
Purpose of insurance is a protection of assets against future risk. Factors that create the need for Insurance:
Risk – Possibility of loss
Peril – Event which causes the loss
Hazard – Situation which increases the chances of loss.

Types of Insurance

Insurance is generally divided into two main categories:
Life Insurance – covers life of a separate against uncertainties.
Non-life Insurance – covers all materialistic possessions against uncertainties.

Different Categories Of Insurance

  • Life Insurance
  • Health Insurance
  • Property Insurance Auto Insurance
  • Liability Insurance
  • Disability Insurance

Khushi finance offered you all types of insurance planning in Rohini, Pitampura with our expert financial expert.

Advantages of Insurance to Society

  • Insurance gives financial stability.
  • It helps in recovering from ordinary losses.
  • It helps in recovering from catastrophic losses. It helps people to obtain credit.
  • It protects against financial consequences of death.

Insurance Industry in India

  • Life and General Insurance were nationalized in the 1950s and 1960s respectively.
  • IRDA came into existence in 1999 which looks after the regulatory and developmental activities of the insurance sector.
  • The first life insurance company in India was Oriental Life Insurance Company.
  • • Private life insurers came into existence after the establishment of IRDA in 1999.