General Insurance job in kolkata

A Beginner's Guide to Insurance policy

Obtaining the right kind of insurance is central to sound financial planning. Several of us may have some form of insurance policy but very few really understand what it is or why one must have it. For most Indians insurance is a form of investment or a superb tax saving avenue. Ask the average person about his/her investments and they will proudly mention an insurance coverage product as part of their core investments. Regarding the approximately 5% of Indians that are covered by insurance the proportion of those adequately insured is a lot lower. Very few of the insured view insurance as purely that. There is perhaps no other financial product that has observed such rampant mis. Selling at the hands of agents who are over enthusiastic to offer products linking insurance to investment earning them fat commissions. General Insurance job in kolkata

Exactly what is Insurance?

Insurance is a way of distributing out significant financial danger of a person or business entity. To a sizable group of individuals or business entities in the occurrence of an unlucky event that is predetermined. The cost of being insured is the monthly or total annual compensation paid to the insurance company. Inside the purest form of insurance if the predefined event does not take place until the period specified the amount of money paid as payment is not retrieved. Insurance is effectively a means of spreading risk among a pool of men and women who are insured and lighten their financial burden in the event of a shock.

Types of Insurance policy

Potentially any risk that may be quantified in conditions involving can be insured. To guard loved ones from loss of income due to immature death one can have a life insurance policy. To safeguard yourself and your family against unforeseen medical expenses you can opt for a Mediclaim policy. To safeguard your vehicle against robbery or damage in accidents you might have a motor insurance policy. To protect your home against fraud, damage due to fire, flood and other challenges you can find dating a home insurance.

Most popular insurance forms in India are life insurance, health insurance and motor insurance. Apart from these there are other forms as well which are discussed in quick in the following paragraphs. The insurance sector is regulated and monitored by IRDA (Insurance Regulatory and Development Authority).

Life insurance coverage

This particular form of insurance provides cover against financial risk in the event of premature death of the insured. There are 24 life insurance companies enjoying in this arena of which Life insurance coverage Corporation of India is a public sector company. There are several varieties of life insurance policy policies the simplest form of which is term plan. The other complicated policies are endowment plan, whole life plan, money back plan, ULIPs and annuities.

General Insurance

All other insurance policies besides Life Insurance fall under General Insurance. There are 24 general insurance firms in India of which 4 namely National Insurance Organization Ltd. New India Assurance Company Ltd, Oriental Insurance coverage Company Ltd and United India Insurance Company Ltd are in the public field domain.

The biggest curry of non-life insurance in conditions of premiums underwritten is shared by electric motor insurance followed by executive insurance and health insurance coverage. Other types of insurance made available from companies in India are home insurance, travel cover, personal accident insurance, and business insurance.