Insurance policies is like a protection very similar to a helmet when you are riding a bike. It does not Guarantee that you are not going to meet with an accident but it is just going to protect you when you do so. It work on a very similar principle, it is a safety jacket for your finance. God forbid, when any kind of untoward incident takes place in your life be it with you or with the things and the people who belong to you that is when Insurance comes to your rescue. It is a simple procedure of paying a set of premiums on a regular basis so that you can gain huge returns in the Future. people use it sometimes used even for Investment purpose in some cases.
There are a wide range of Insurance policies around us and policies differ from one geographical area to the other. Let us first try compare the Indian Insurance policies with the Western policies.
In India the Insurance Policies started getting adopted and accepted just 200 hundred years ago which was rather nascent back then but has picked up tremendous momentum now. But there are surely a lot of areas where we fall behind in terms of policies when we compare ourselves to the west. The first thing is how stringent the rules around the health Insurance are in the west. Every individual has to compulsorily have a Health Insurance in the west but that need not be the case in India. Despite having rules there is a lack of enforcement of these rules in India. Although there is a clear non-compulsion when it comes to the employee ensuring the insurer to have an insurance of health or life covered. The health insurance in the west covers everything including just a routine check-up to the doctors whereas in India it only takes care of Hospitalisation charges. The employer is mandated to provide Heath Insurance cover for an employee even post resignation until he finds another company to cover for him, this is the rule in the west but there is nothing that even comes close to such an organization in India. The Premium rates are much higher in the west due to a greater number of people opting for the Insurances leading to a better lifestyle but that is not the case in India. Since there is a lot of mismanagement. The west has the government involved in making the Insurance policies that are tailor made to suit the geographical location but since India does not enjoy such privileges of the government of India, we have insurance policies that are taken by the private entities. The focus in the west is mostly towards the benefit of the person taking the Insurance policies where as in India since it is run by Private entities the Insurance companies are nudging a little bit towards monetary benefits.
Despite all of that there are some of the Elite insurance policies in India and According to Policy Bazaar a search engine that helps us with the best policies, by comparison, states that the best Insurance policies in India are by Life Insurance Corporation, Max Life Insurance and Aegon Life Insurance, among many others like Kotak Life insurance policy, etc.
Where as in the West the most popular Insurance policies are Progressive Auto Insurances, Senior Americans Life Insurances, Pacific Insurance group, Medicare, etc. The different kinds of policies are health Insurance, Life Insurance, Auto Insurance, Insurance against theft and property, Insurance on Products and Digital Appliances like Phone, Television, or Furniture, Insurance for Child’s education, Pension Scheme Insurance, etc. Having all of these insurances will let you relax and carry on with your day to day activities and it gives you a financial security in the face of any adversity. Because of which it is a necessity and a compulsory mandatefor everyone to have insurance today to save himself/herself, family and belongings