insurance
Insurance is the best way which helps to manage your risk. When a person buys insurance, he purchases protection against uncertain financial losses due to some unexpected happenings. if something bad happens to him then the insurance company is liable to pay him or someone to whom, he chose to pay.
When you will buy insurance from any insurance company then they will provide you, with an insurance policy of your name which is a written contract and assurance to pay in the case of bad happens to you.
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Insurance can be defined as a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable risks and happenings. The insured is the policyholder whereas the insurer is the insurance-providing company. The insurers provide financial coverage or reimbursement in the case of a bad happening with the insured person.
There are many types of benefits you can see after getting insurance for example-
Insurance works well to cover many types of risks in your life’s journey
There are many types of risks that can be covered with insurance such as-
Insurance is keeping a very important role in the life of a person. The life of a person is variable and he will have to see many problems and risks in his journey. Insurance is important due to its many benefits such as-
There are many types of insurance, but some common types are described here.
Health Insurance: Helps you pay for doctor fees and sometimes prescription drugs. Once you buy health insurance coverage, you and your health insurer each agree to pay a part of your medical expenses — usually a certain amount or percentage of the expenses.
Life Insurance: Pays a person you select a set amount of money if or when you die. The money from your life insurance policy can help your family pay bills and cover living expenses.
Education Insurance: Child education insurance is akin to a life insurance policy that has been specially designed as a saving tool. Education insurance can be a great way to provide a lump sum amount of money when your child reaches the age for higher education and gains entry into college (18 years and above).
Disability Insurance: Protects individuals and their families from financial hardship when illness or injury prevents them from earning a living. Many employers offer some form of disability coverage to employees, or you can buy an individual disability insurance policy.
Auto Insurance: Protects you from paying the full cost for vehicle repairs and medical expenses due to a collision. In most states, the law requires you to have auto insurance when operating a motor vehicle.
Homeowner’s or renter’s insurance: Protects your home and personal property against damage or loss and insure you in case someone gets hurt while on your property. If you have a mortgage on your property, most lenders require you to have homeowner’s insurance as a condition of the loan.
You must have insurance because If you have no insurance and suddenly an accident happens, you may be responsible for all related costs. Having the right insurance for the risks can make a big difference in your life. And the insurance is the one that can pay your family after your death.
Apart from the safety and security benefits of buying insurance, there are also the income tax benefits that can be availed such as
Life insurance premium of up to ₹1.5 lakh can be claimed as a tax-saving deduction under Section 80C
Medical insurance premiums of up to ₹25,000 for yourself and your family and ₹25,000 for your parents can be claimed as a tax-saving deduction under Section 80D.
These claims have to be made at the time of e-filing income tax returns.
There are different types of insurance policies when it comes to life insurance. These are:
An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.
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