KOTAK LIFE INSURANCE

What is Insurance? and Why we need to Insure?

The concept of insurance has been extended beyond the tangible assets.where human beings are mentioned as geretating assets.These assets are insured as they are likely to get destroyed in any manner likewise due to uncertainities.

So the simple machanism of insurance is people who are exposed to the same risk come togeather and agree that, if one of them suffers a loss the others will share the loss and make good to the person who lost.

Insurance contract specifying what risks are insured and what premiums must be paid to keep the policy in force. Policies also spell out Deductibles and other terms. Policies for life insurance specify whose life is insured and which beneficiaries will receive the insurance proceeds. Homeowner's Insurance Policies specify which property and casualty perils are covered. Health insurance policies detail which medical procedures, drugs, and devices are reimbursed.

Auto insurance policies describe the conditions under which car owners will be covered in case of accidents, theft, or other damage to their cars. Disability policies specify the qualifying conditions of disability and how long payments will continue.

Business insurance policies describe which liabilities are reimbursable. The policy is the written document that both insured and insurance company refer to when determining whether or not a claim is covered.

Individual, group, or property that is covered by an Insurance Policy. The policy specifies exactly which perils the insured is indemnified against. The insured may be a particular individual, such as someone covered by a life insurance policy.

It may be a group of people, such as those covered by a group life insurance policy purchased by a company on behalf of its employees. The insured may also refer to property, such as a house and its possessions which are covered by a Homeowner's Insurance Policy.

What is Premium?

Premium is the consideration that the policyholder has to pay in order to secure the benefits offered by the insurance policy. It can be looked upon as the price of the insurance policy. It can be a one time payment or can be paid at regular intervals like quarterly, halfyearly or on annual basis.

A default in premium can endanger the continuance of the policy in such case the policy will be terminated or lapsed and the expected benefits will not be availed. The premium charges will vary according to the ages.

The specified amount of payment required periodically by an insurer to provide coverage under a given insurance plan for a defined period of time. The premium is paid by the insured party to the insurer, and primarily compensates the insurer for bearing the risk of a payout should the insurance agreement's coverage be required.

The premium of an option is basically the sum of the option's intrinsic and time value. It is important to note that volatility also affects the premium.

If a fixed-income security (bond) is purchased at a premium, existing interest rates are lower than the coupon rate. Investors pay a premium for an investment that will return an amount greater than existing interest rates.

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For more information on individual plans...

Despite the long distances and the inconvenient infrastructure for travel and staying the effort may be rewarded. The rural folks are simple people, but not ignored of worldly matters. The consumption of consumer products are more in rural areas than in urban.

So the prospect of growth in future is better in accordance with the rural market.Based on these aspects a new scheme has been introduced so called as Bima Yojana it covers all rural and urban poor who is at the age of 18 and 65 years and are bread winners of the family. A fixed amount is allotted as per the norms of the policy act.

For more information on rural plans..