Understanding INSURANCE

 



    Insurance is the most effective risk management tool which can protect individuals and businesses from financial risks arising out of various contingencies. The emotional and psychological loss can never be compensated, but at least the financial loss can be compensated with insurance. Though there are uncertainties in life which you cannot mitigate, but insurance will surely help you transfer the financial risk associated with the same. No one  had thought of  COVID19 pandemic  will cause so many deaths as well as financial losses but Insurance is all about expecting the unexpected & preparing for that.

    Let us understand how it works. The concept of insurance works on the basis of ‘risk pooling’. When you buy any type of insurance policy from the insurance company for a specified period with specific cover, you will make regular payments (referred to as premiums) towards the policy. Similarly, Insurance Company collects premium from all of its clients (referred to as insured) and pools the money collected to pay for losses arising out of an insured event. In case the insured event takes place, and you make a claim, losses will be compensated by the insurance company from the pool of policyholder’s premiums. In case you don’t make a claim during the specified policy period, no benefits will be paid to you. However, there are various types of products offered by insurance companies today which also involve savings element attached to it.


Everyone should assess his/her social & financial situation & opt for the suitable product. Just to list the benefits of doing so..

  • Promotes risk control
  • Provides peace of mind
  • Promotes economic growth
  • Helps to get loan easily
  • Inculcates savings habit
  • Provides tax benefit

Financial advisors/Experts can suggest you the right product, cover & duration. Some insurance like motor insurance are mandatory in India by law but others are voluntary so everyone  must plan his/her life understanding the risk in our lives so that our loved ones or financial assets should not suffer in difficult times.

Need guidance? Or Want to buy a suitable Insurance?

Call or WhatsApp: 9511600639



Comments

  1. GERTRUDIS CANDELARIOSeptember 2, 2021 at 9:21 PM

    I give praise to Mr Pedro enough for his help in securing a loan to buy our new home for our family. Pedro was a wealth of information and he helped educate me and my family as to why a home loan was the best option for our particular situation. After conferring with Pedro Jerome and our financial advisor everyone agreed that a home loan was the perfect solution.
    You can contact Mr PEDRO JEROME if you also looking for any kind of loan on Email/Whatsapp
    email: pedroloanss@gmail.com
    Whatsapp: +1-8632310632

    ReplyDelete

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