Holiday Travel Insurance :Insurance Quotes

The idea behind insurance policy is to reduce or eliminate risks which are associated with your life and property. In India the largest part of population buy insurance policy just to save tax because under Section 88 of Income Tax Act, a fraction of premiums paid for life insurance policies are deducted from tax charge. Similarly, exemption is available for health insurance policy premiums. In india, the overall insurance industry growth is very slow as per expectations. Most of the people are not aware of insurance policy worth; they buy insurance policy just to save on taxes. Both private insurance companies and government insurance companies are trying to make people understand insurance and significance associated with insurance policies.

Importance of insurance policies:

Life insurance policy: as the name suggests it covers the part of your life. Various types and their benefits are:

• Term life insurance policy: This policy helps in case if you are the only bread winner in the family and when some kind of liability is on you like you have to pay loan to bank. You have to pay specific amount every month and your family will get money at the time of your death. This policy is cheap and covers risk.

• Whole life insurance policy: This policy covers your death and you will also get return on regular intervals.

• Endowment policy: This policy covers risk along with financial savings. In this policy your family get assured sum at the time of your death during insured period and you will be paid out on survival also. This is similar to fixed deposit in banks.

• Money back policy: This policy covers time value of money, in this you pay premium for particular period of time, a portion of sum insured is paid on regular intervals and rest is paid on survival. If person dies then full sum insured is paid by company.

• Pension plan: This plan covers your living costs when you finished working and also helps to maintain your lifestyle after retirement.

• Child plan: This plan helps in your child higher education, tuition fees and marriage expenditure.

• ULIP plan: This plan is purely investment plan for your growth.

Car insurance policy: In india, people buy car insurance policy to stay away from fine because government has made car insurance is a compulsory requirement, it is illegal to drive car without insurance. If life insurance policy secures your life then car insurance policy secures your car. Like life insurance car insurance is also necessary:

• It secures your vehicle against number of mishaps such as theft and fire.
• It protects you from costs incurred at the time of accident.
• It also helps you out in paying third party liability at the time of accident.

Health insurance awareness in india is not as much of life insurance and car insurance. Health insurance facilitates medical care on time. Various benefits which are associated with health insurance are:

• Health insurance policy helps in routine medical check ups and care.

• Best medical insurance policy protects you from heavy medical costs and treatment costs.

• Family health insurance protects and covers you financially when it comes to medical fee; you need not to buy separate policy for every member of family.

Time to compare insurance quotes online:

Due to lack of knowledge many people end up paying too much to insurance companies and they’ll never know that they are doing so. Therefore your first step should be to compare insurance quotes online from all leading insurance companies. Insurance quotes online comparison helps you out in saving time and money and also buying better to have better life.

Originally posted 2010-01-29 17:30:10. Republished by Blog Post Promoter