Things you must know before buying an Insurance Plan

An insurance plan is essentially an agreement between an Insurance company and a customer

. Under the agreement the company promises to pay a pre determined sum of money upon the death of the policy holder or upon his inability to earn owing to a disability. For getting this benefit, the customer pays an amount called as premium, every year.

Reasons for Insurance

The past few years have witnessed tremendous changes in the product offerings. There are a variety of reasons why people opt for an insurance plan. An insurance cover helps in meeting unforeseen situations confidently. In many situations having a risk cover helps protect your family from any future economic loss in case of an unfortunate death or disability to you. It is also a long term investment plan that also provides with a large risk cover.

Life Insurance

Since life is quite unpredictable, there are certain things that you must know before buying an insurance plan. The best way to protect yourself as well as your family is through life insurance. A life insurance plan offers protection against any unforeseen circumstances and at the same ensures that there is no economic loss due to the unfortunate demise of the policy holder. There are different kinds of life insurance plans that not only offer protection but also provide returns on your investment. Life Insurance investment includes Endowment plans, Money Back Plans, Unit Linked Insurance Plans, Pension Plans, Children's Plan, Whole Life Plans, etc. Most of these plans provide long term savings as well as systematic creation of wealth.

Non Life Insurance

Covering the risk for any thing else other than human life is referred to as non life insurance. Some of the popular non life insurance plans include Motor Insurance, Marine Insurance, Fire Insurance, Health Insurance, Personal Accident Insurance, Liability Insurance, Engineering Insurance and other non life plans. Irrespective of whether you are looking for a life insurance plan or a non life insurance plan, it is better to contact a reputed Insurance Broker who can help determine the best insurance plan for you.

Things you must know before buying an Insurance Plan

By: SMC Global

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