By Ajeet Khurana

Insurance is a signed contract called policy. The party who buys the policy is called the Policyholder and the party that sells it is called the Insurer. It is taken to safeguard oneself from any financial loss occurring due to any event like death, accidents, damage to property or business, through acts of nature or caused by humans. It gives you peace of mind because you know you”ve prepared yourself for the worst.

The policy is always taken for a fixed period on which a pre-determined amount is paid at regular intervals to the insurer. This amount is called the Premium. Premiums are either paid as lump sums for a year or in installments.

Well, there are two types of insurance coverage: Life and General or Non Life Insurance. Life coverage is taken to support one’’s family in the unfortunate event of death or permanent disability or a life-threatening disease. If you have loved ones who are financially dependent on you, then seriously opt for this cover. General coverage on the other hand covers all non-life losses. These can include health issues, damage to property or business, etc.

Lets discuss health, accident and vision insurance, in the sense, what are they and how they are different from each other. Think for a moment and you”ll realize how time has passed by. Basic necessities like food, education, etc are not available at the same price today, which were few years back. In short, our cost of living has increased which means with the rise in the cost, health care has also become expensive now-a-days.

Healthcare expense would include medical bill, operation charges, medicines, hospital stay etc. If one day when you fall seriously ill and need to be hospitalized then this policy will help cover the medical expense. This way you are saving yourself and your family from financial difficulty.

You”ve been a very good driver all these years with a clear record. You follow rules and safety precautions, but not everybody does as you do, although they are expected to do it. Don”t fool yourself into believing that nothing will happen to you. What if one day you get hit by a fast moving vehicle coming your way. You can be badly injured and it might even lead to death.

In such situations an accident policy will take care of you and your family. It will cover tall the expensive medical treatments, physical therapy, crutches, wheelchairs etc.

Vision insurance is different from health insurance but is also a part of it, in the sense that it focuses on a certain part of your body i.e., your eye. It pays for eye examination, eyewear and other vision services. Some of the benefits you can get when you take this policy are: routine eye check at reduced rates, access to ophthalmologists, laboratories, surgeons etc.

What I strongly recommend is, before taking an insurance cover make sure to check the history of the company and its reputation. Evaluate policies with the insurer for changes or alterations in premium rates.

About The Author

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