Insurance refers to a contractual arrangement in which one party, i.e., the insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount in exchange for an adequate consideration called a premium.
The insured receives a contract called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured.
Life Insurance
Life insurance is a contract where the insurer pays a Sum Assured as Death Benefit to the nominee of deceased life assured or a Sum Assured as Maturity Amount to the policyholder, in case the life assured survives the policy term.
Health Insurance
Health insurance provides protection against financial loss in case of medical emergency and covers medical and/or surgical expenses in cashless or in reimbursement mode.
Personal Accident Insurance
Personal accident insurance provides financial protection against accidental injuries, accidental temporary loss of income, accidental death, or accidental permanent disablement, offering compensation to the insured or beneficiaries.
Motor Insurance
Motor insurance is a contract that protects against financial loss from damage to one's own vehicle and/or to a third party resulting from an accident, theft, or natural calamities.