Documents Required for Insurance :
Identity Proof:
- Aadhaar card
- Pan Card
- Cancel Cheque
What do you mean by insurance?
Insurance is a legal agreement between two parties – the insurer and the insured, also known as insurance coverage or insurance policy. The insurer provides financial coverage for the losses of the insured that s/he may bear under certain circumstances.
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
Four types of insurance that most financial experts recommend include – Life, Health, Long-term disability and Auto.
Key Features:-
- Life insurance will help provide financially for your survivors.
- Health insurance protects you from catastrophic bills in case of a serious accident or illness.
- Long-term disability protects you from an unexpected loss of income.
- Auto insurance prevents you from bearing the financial burden of an expensive accident.
1. Life Insurance
The two basic types of life insurance are traditional whole life and term life.
- Whole life can be used as an income tool as well as an insurance instrument. It includes a death benefit and also a cash value component. As the value grows, you can access the money by taking a loan or withdrawing funds and you can end the policy by taking the cash value of the policy.
- Term life covers you for a set amount of time like 10, 20, or 30 years and your premiums remain stable. Commonly the most affordable type of life insurance, a term policy can work to cover the years during which a mortgage loan is outstanding or throughout your children’s college years.
2. Health Insurance
Health insurance can be obtained through your employer, the federal health insurance marketplace, or private insurance you buy for yourself and your family by contacting health insurance companies directly or going through a health insurance agent.
3. Long-Term Disability Coverage
1. Long-term disability insurance supports those who become unable to work. According to the Social Security Administration, one in four workers entering the workforce will become disabled before they reach the age of retirement.
2. While health insurance pays for hospitalization and medical bills, you are often burdened with all of the expenses that your paycheck had covered. Many employers offer both short- and long-term disability insurance as part of their benefits package. This would be the best option for securing affordable disability coverage.
4. Auto Insurance
1. Despite years of improvements in auto safety, an estimated 31,785 people died in traffic accidents on India roads and highways in the first nine months of 2022, according to the National Highway Traffic Safety Administration.
2. Almost all states require drivers to have auto insurance and the few that don’t still hold drivers financially responsible for any damage or injuries they cause.
