What is Insurance?
Insurance is a type of financial instrument that helps you prepare yourself for any financial disabilities and emergencies in the near future. It actively protects the financial condition of the policyholder as well as the family members to promote well-being and quality living.
Insurance is a contract that binds the policyholder and the insurance provider in a concrete financial agreement. As per the agreement, the insured a predetermined amount monthly, quarterly, half-yearly or annually against a lump sum money that is termed as the sum insured, which can be claimed against accidents or destruction (under General Insurance), death (under Life Insurance) or for any treatment (under Health Insurance).