A life insurance policy is a legally binding agreement that an insured person and an insurance company enter into to provide financial security for the insured person’s family. The insurance provider agrees to provide the coverage in return for the life insured paying recurring premiums. Life insurance provides “financial protection” in the form of life cover, also referred to as sum assured. It is a predetermined sum that must be paid in the event that the life insured has an unfortunate event.
The information on your application about your past and present health conditions must be accurate in order for the life insurance contract to be enforceable and for life insurance quotes to be accurate. When purchasing life insurance, you must also pay a single premium or recurring premiums as selected. Using the insurance calculator, you can get an estimate of life insurance quotes based on your financial situation.
A term insurance policy protects your family from life's uncertainties and aids in securing the future of your loved ones. One can obtain a large life cover (Sum Assured) at a reduced premium with a term insurance plan. The nominee receives the amount assured as specified in the policy in the event of an unfavorable occurrence, such as the death of the life assured in your family.
These plans offer financial security for your retirement years by way of life insurance products. With the aid of these life insurance policies, you can invest during your working years and build up a corpus that you can use entirely or in part to finance your retirement. Investing in retirement plans can be viewed as a methodical approach to saving for your golden years.
Plans for child insurance, also referred to as saving life insurance plans, are intended to assist you in securing the future of your child. These life insurance plans provide your child with life insurance as well as milestone payments at various points throughout their academic journey. Purchasing child plans protects your child from unfavorable circumstances such as death or serious illness.
What is the meaning of vehicle insurance?
Having auto insurance is essential if you drive a car, motorcycle, or any other kind of vehicle. It offers financial security against unforeseen circumstances like mishaps, theft, or harm done to other people.
What does “automobile insurance” mean?
Generally referred to as motor insurance, this kind of insurance covers any vehicle, including cars, motorcycles, and commercial vehicles, against theft or damage. This insurance aids in reducing the financial damages brought on by collisions that damage cars.
| Comprehensive Car Insurance | Third-Party Car Insurance |
|---|---|
| Covers third-party liabilities and damages to your own vehicle. | Only addresses third-party liabilities |
| Offers your car total protection. | Only covers legal liabilities |
| May come with extras like roadside assistance, zero depreciation, etc. | Only contains third-party coverage that is required by law. |
| Greater cost when compared to insurance for third parties | Reduced cost in comparison to full coverage |
| Obtainable both offline and online | Must be acquired in order for a car to be registered. |
