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INSURANCE SERVICES

Insurance is system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered.Insurance policies cover the risk of life as well as other assets and valuables such as home, automobiles, jewelery.The functions of Insurance can be bifurcated into two parts,Provide Protection:The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others, Collective Bearing Service:Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid,Assesment of Risk:Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also,provide certainty:Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

On the basis of the risk they cover, insurance policies can be classified into two categories:Life Insurance Policies,General Insurance Policies.

LIC:Life is very fragile and death is a certainty. We cannot control the uncertainties of life. But, we can cover the risks surrounding us. Life insurance, simply put, is the cover for the risks that we run during our lives. It protects us from the contingencies that could affect us.Life insurance is not for the person who passes away, it for those who survive. It is the responsibility of every bread earner to guard against the events that could affect the family in the unfortunate circumstance of his / her demise. Thus, having a life insurance policy is very vital. Before going for a life insurance policy it is imperative that you know about various types of life insurance policies. Major among them are: Endowment Policy, Whole Life Policy Term Life Policy, Money-back Policy, Joint Life Policy, Group Insurance ,Policy Loan ,Cover Term Assurance, Policy Pension Plan or Annuities, Unit Linked Insurance Plan

General Insurance Of India: General Insurance provides much-needed protection against unforeseen events such as accidents, illness, fire, burglary et al. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Almost everything that has a financial value in life and has a probability of getting lost, stolen or damaged, can be covered through General Insurance policy.Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also one's liability towards others can be covered under general insurance policy. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

Major insurance policies that are covered under General Insurance are: Home Insurance, Health Insurance, Motor Insurance, Travel Insurance ,Aviva Life Insurance,Bajaj Allianz, Birla Sun Life Insurance,HDFC Standard Life Insurance, ICICI Prudential, ING Vysya, Kotak Mahindra,LIC,Max New York Life Insurance,Metlife India Insurance,Reliance Life Insurance,SBI Life Insurance,Shriram Life Insurance, Tata AIG Life Insurance