General Insurance vacancy in kolkata

A Beginner's Guide to Insurance policy

Having the right kind of insurance is central to sound financial planning. Some of us may have some form of insurance policy but very few really determine what it is or why one must have it. For many Indians insurance is a form of investment or a superb tax saving avenue. Request the average person about his or her investments and they will proudly mention an insurance policy 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 seen such rampant mis. Promoting at the hands of agents who are over enthusiastic in selling products linking insurance to investment generating them fat commissions. General Insurance vacancy in kolkata

What is Insurance?

Insurance is a way of spreading out significant financial chance of a person or business entity. To a big group of individuals or business entities in the occurrence of an unlucky event that is predefined. The cost of being insured is the month-to-month or gross annual compensation paid to the insurance company. Inside the purest form of insurance if the predefined event does not occur until the period specific the cash paid as payment is not retrieved. Insurance coverage is effectively a means of spreading risk among a pool of men and women who are insured and lighten up their financial burden in the event of a shock.

Types of Insurance

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

Most popular insurance types 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 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 actively playing in this arena of which Life Insurance 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 complex 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 Organization Ltd. New India Confidence Company Ltd, Oriental Insurance policy Company Ltd and United India Insurance Company Ltd are in the public industry domain.

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