Safety money or reimbursements obtained after the damages or losses caused to any life of the person or any object through any natural accident or damaged purposefully by anyone are called insurance against the small payments made periodically to any insurance firm. The person who sells the insurance from the firm is called insurer and the person who makes the payment and buys the insurance is called insured. There are 3 types of insurances.
Life insurance: – This is the insurance which is purchased by the insured with the help of the certificate issued by the insurance companies. In this type of insurance insured is bound to pay the premium amounts periodically to the insurance company for a fixed duration of time for example few years. After the completion of the time period of the insurance the insured gets paid the full money from the insurance company along with some interest rate. If in case the purchaser of the insurance or the insured dies than the relatives of the insured or the nominee as mentioned b the insured while applying the application form will get the total money.
Medical insurance: – This is also called as mediclaim. In this the purchaser buys the mediclaim insurance and pays for the insurance periodically like monthly, annually. The claim is insured to the purchaser if incase the person is accustomed to sickness or any major health problem. The cost of the treatment is beard by the insurance company and the insured doesn’t have to shell out any money from his pocket. This mediclaim can be either purchased for individual person or for the whole family.
General insurance: – This insurance is similar to mediclaim. In this the risks which are formed with the vehicles, properties like land, business etc is paid when any damages happens to any of the mentioned objects above. The premium is paid as per the scheme yearly or monthly and as soon as the insured faces any damages he gets that amount for his damages by the company.
In India the insurance forms the industry of worth 41billion$ and it is increasing at very fast rate i.e. 32-34% every year. In India there are many government and private insurance companies which provides insurance money to the insured in case of any damages or hazards caused by the natural disaster or damages caused by anyone purposefully. Even though India is expanding the insurance industry at fast rate but still only 0.2% of the whole Indian population has mediclaim where as US has 75% of population under mediclaim.
India has a huge potential in future for expanding the insurance industry in future by observing the current development in the insurance industry. Indian permits foreign direct investment of 26% after the reforms introduced in 1999 by the government of India. In 1956 LIC came in to force under the life insurance act and now LIC is one of the major government insurance company which provides all sorts of policies to the people. Along with LIC there are numerous other government and private which provide insurance policies. This company also insures the insurances to the major business companies and banks.
IRDA (insurance regulatory and development authority) regulates all the insurance companies like medical, engineering, sectors, science etc. candidates who are good at mathematics are eligible to join this field at any point of time in their life.
Here at online India education we provide you the list of the information of all the institutions who offers coaching for the insurance education. There are vast career opportunities under insurance fields.