General Insurance malaysia list

A Beginner's Guide to Insurance policy

Getting the right kind of insurance is central to sound financial planning. A few of us may have some form of insurance coverage but very few really understand what it is or why one must have it. For the majority of Indians insurance policy is a form of investment or a superb tax saving avenue. Inquire a typical person about his or her investments and they will proudly mention an insurance coverage product as part of their core investments. Of the approximately 5% of Indians that are insured the proportion of those adequately insured is significantly lower. Very few of the insured view insurance as purely that. There is perhaps no other financial product that has witnessed such rampant mis. Selling at the hands of agents who are over enthusiastic to offer products connecting insurance to investment generating them fat commissions. General Insurance malaysia list

Exactly what is Insurance?

Insurance is a way of spreading out significant financial chance of a person or business entity. To a huge group of individuals or business entities in the occurrence of an regrettable event that is predetermined. The cost of being insured is the month-to-month or total annual compensation paid to the company. In the purest form of insurance if the predetermined event does not happen 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 individuals who are insured and lighten their financial burden in the event of a shock.

Types of Insurance coverage

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

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

Life Insurance

This particular form of insurance provides cover against financial danger 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 general public sector company. There are several varieties of life insurance 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 providers in India of which 4 namely National Insurance Company Ltd. New India Assurance Company Ltd, Oriental Insurance policy Company Ltd and Combined India Insurance carrier Ltd are in the public industry domain.

The biggest curry of non-life insurance in conditions of premiums underwritten is shared by engine insurance followed by engineering insurance and health insurance coverage. Other varieties of insurance provided by companies in India are home insurance, travel cover, personal accident insurance, and business insurance.