Awareness on National Insurance Day | Top 10 FAQs Related to Insurance

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Insurance Samadhan offers best wishes on National Insurance Day which should be celebrated for reasons given below:

  1. It is a powerful part of economy because Insurance Companies contribute over 65% of their premium on growth of various Government schemes.
  2. It protects families with risk of moving in lower level of family income through claim settlement in case of death in family and in case of medical emergency.
  3. It provides employment to many.
  4. It covers the large losses due to fire and flood specially in business activity.

Insurance is an integral part of economy but often misunderstood.

Top 10 Frequently Asked Questions Related to Insurance

Through this blog, let us try to answer few frequently asked questions related to Insurance as mentioned below:-

Q1: What is Insurance?

Answer: Insurance is a method of risk management where you transfer your risk to a common pool of people who are facing similar risk. This is called risk transfer. This the most economical system of risk management.

Q2: Why should I buy insurance?

Answer: If you are responsible and generating income for many people who are dependent on your income then you must insure self and assets. If you love your family then you do not have any choice.

Q3: How much Insurance should I buy?

Answer: At least 10 times of your current income which means that your family would get money to survive for 10 years. In Health Insurance, go for sum assured equivalent to your one-year income. In general Insurance, depreciated value of asset must be insured.

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Q4: Which life Insurance should I buy?

Answer: In life insurance, you need to take a Term Insurance then supplement it with saving plans linked to your financial goals. Term would protect your family and saving plans would have a guaranteed fulfillment of purpose in case of death.

Q5: Which rider should I add?

Answer: You must add Accidental Death and disability cover. You must also go for critical illness cover. Probability of occurrence of these events are higher than that of death. Hence these riders are absolute must.

Q6: What precautions should I take?

Answer: Always be honest and all disclosures. Prevention is better than cure. Hence give all declarations. Read policy terms and conditions. Get it quality checked through Insurance Samadhan. Try to fill the form. Renew your policy in time. Give self instruction in bank / credit card rather using ECS of Insurance Company.

Q7: When should I buy insurance?

Answer: If you earning then do not waste any time in protecting future of your loved ones. Do not waste time in looking for best. All companies are regulated by IRDA and all products are approved by IRDA.

Q8: What should I do in case of any service request:

Answer: All insurance Companies have call centers and you can always reach them or visit Branch office of Insurance Company.

Q9: What is IRDA?

Answer: Insurance Regulatory Development Authority is a Govt of India body to protect interest of Policy holders. In case of any problem , you can approach IRDA through IGMS.

Q10: What is Ombudsman?

Answer: IRDA has provided Insurance Ombudsman located at many capital towns to handle customer grievances. Any decision of Ombudsman is binding on Insurance Company.

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So go ahead and buy an insurance. In case of any complaint, you can also approach Insurance Samadhan. Insurance Samadhan is a private body run by seasoned professional. You can view many testimonials through our website. Visit our website to know more about Insurance Samadhan.

Shailesh Kumar

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