Max Bupa Health Insurance Review in Detail

Max Bupa Health Insurance Review in Detail

Max Bupa Health Insurance Limited Company is a leading insurance company that offers first-class health insurance to its customers. The company offers a wide range of health insurance plans to manage financial opportunities in medical emergencies. Max Bupa Health Insurance Review says that their policyholders provide insurance support for all their clients. The company was founded in 2008 in India. 

Bupa, a UK-based healthcare provider, has an extensive network of 29 million customers in 190 countries, while Max India Limited offers healthcare and insurance services expertise in India. The merger unites the two giants to provide competent health and insurance services in India.

The reason for this successful synergistic relationship is the vision and value of both companies. As Max Bupa and Max India Limited and Health Insurance Limited Company, Max Bupa wants to become India’s most admired health insurance company. They do very hard work to become one of the Best Health Insurance In India. The company shares a common mission to deliver world-class customer service and health insurance products. Max Bupa believes in building a long-term relationship with its customers and becoming the preferred choice for customers as their health insurance partner.

 

Different things covered under Best Health Insurance Policy In India?

1) Quick and easy Max Bupa health insurance Easy online purchase.

2) Health insurance companies offer a maximum of 1 ruble.

3) Provides insurance coverage for the whole family, including newborns and seniors, through a range of individual and family float plans.

4) Max Bupa pays the birth costs of mothers and newborns 2 years after taking the HeartBeat health insurance.

5) Max Bupa Health Insurance Review provides information that Some health insurance plans also cover existing illnesses.

6) Includes the option to extend the lifetime.

7) Hospital rent includes health expenses before and after hospitalization, reimbursement of OPD expenses, organ donation, and daycare.

8) Hospital accommodation at home and in hospitals is included.

9) Includes emergency services that allow the policyholder to extend the annual basic insurance amount when all or some of them are exhausted. This advantage is valid for all plans except Family Plan First.

10) It includes regular health checks once or twice a year.

11) Max Bupa has an extensive list of more than 3,500 network hospitals in India where the insured person can use cashless facilities in the hospital.

13) Some Max Bupa health insurance plans include cancer, transplant, etc. It is located.

 

What is not included in Best Health Insurance In India?

While the full list of exceptions depends on the plan you choose, below is a list of the most common exclusions included in the maximum health plans by Best Health Insurance Policy In India.

  1. Existing diseases do not cover a certain waiting period. Insurance protection allows only after the waiting period
  2. Some treatments and diseases, such as hernias, skin, and prosthetic joints, expect.
  3. Diseases within the first 30 to 90 days after the purchase of the policy insure only if they are accidental
  4. Cosmetic treatments exclude
  5. HIV, AIDS and other sexually transmitted diseases do not include
  6. Unless otherwise states, pregnancy and childbirth do not insure
  7. Dental plans do not include in most plans
  8. Diseases or injuries from war, riots, riots, riots, and nuclear threats exclude.

Features of Max health insurance by Max Bupa Health Insurance Review

  • Direct demand solution service: All requests made with Max Bupa are processed smoothly in a direct process. There are no external managers and questions handle by an experienced customer service team.
  • Fast and most reliable cashless services: Max Bupa has an extensive network of cashless authorization networks that provides customers with high-quality healthcare services within 30 minutes.
  • Better coverage options: Max Bupa Health Insurance Review offers the best health insurance service that provides comprehensive coverage tailored to your specific needs and preferences.
  • International service: Those who prefer the Heartbeat Platinum plan can benefit from medical treatment abroad for some critical diseases.
  • Maternity allowance service: In the health insurance programs offered by Max Bupa, pregnancy is insured before and after birth.
  • Family coverage service: All family members, including seniors and newborns, can stay in one plan.
  • Lifetime renewal service: Max Bupa offers guidelines that can be easily expanded for life.

Different Insurance services by Max Bupa Health Insurance Review 

It is a leader and offers the best health insurance in India. The company tries to develop health insurance plans according to the needs of its customers. The holding company offers its customers and their families special health products and services. Below is a comprehensive list of various health insurance services by Max Bupa Health Insurance Review.

Health insurances by Max Bupa roughly divide into three different categories. Let’s fully understand the classification and types of health insurance provided by Best Health Insurance In India in various categories.

Hospital plans are compensation health insurance plans that cover hospital costs. The plans cover the maximum amount of the insured person selected and the actual costs incurred. The Company offers accommodation options in several hospitals:

  1. Max Bupa health insurance
  2. Max Bupa Health Support Plan
  3. Go Active health insurance
  4. Max Bupa Heartbeat health insurance
  5. Max Bupa Health Renewal Plan
  6. Health Plus Plan
  7. Max Bupa savings health insurance

Max Bupa Health Insurance Review to extend your policy

It is also easy to renew the existing Max health insurance as the extension can be done online. You can expand the company’s website. The “Update” option is available on the main page. If you click the option, you will redirect to a new page. You must enter your valid health insurance number and date of birth on the page. Once the details submit, your current plan will be displayed. You can make changes to your plan by increasing the insured amount or choosing add-ons. Then you will have to pay the renewal premium online and your Best Health Insurance Policy In India will be renewed.

An Introduction To Aditya Birla Health Insurance company

Aditya Birla Health Insurance

Aditya Birla Health Insurance company is a joint venture of 2 leading companies of India and South Africa. In 2015, Aditya Birla and MMI Holdings of South Africa started this company with 51% and 49 % of respective shares and started their business in October 2016. In a short time period of 4 years, this company has managed to maintain a good reputation in the health sector. Although this company was dealing with other sectors since 1857, it is admirable to set up their business in the insurance sector. They have 17,000 registered employees working around the world. Apart from this, 2,00,000 employees are working with Aditya Birla Health Insurance company as a broker, agent, or channel partner.

Health plays an important role in every person’s life and you should take good care of it. As per a survey, we found that a normal person spends around 5-6 thousand rupees per month on their health. Hence if we calculate the annual data then it will go too high. Also. when we talk about health, then the first thing that comes in our mind is the hospital expenses. Just think once, if you get diagnosed with any critical illness. Is your saving sufficient to provide good treatment? Maybe not, no middle-class person has this much savings to spend on their medical emergencies. That’s why opting for health insurance is not a choice in the current scenario. Additionally, it will be a cherry on the cake if you purchase it from the best health insurance in India like Aditya Birla Health Insurance company.

After all, the Aditya Birla group of companies has well-maintained credibility in the Indian market. But there are so many other reasons to choose this company as your financial support in health emergencies.

Reasons Why You Should Choose Aditya Birla Health Insurance?

  • This company provides family floater benefits to all individuals as well as long term plans.
  • Provide an annual health check-up facility for all age groups.
  • Provide attractive discounts at the time of purchasing and renewal. Also, provide a bonus at the end of the policy so that the policyholder can renew their policy on discounted rates.
  • This company will provide various plans to cover all the health emergencies, whether they are critical, pre-existing, or permanent.
  • Users can make their policy more effective by opting add on covers along with the basic plan.
  • The insured person can avail Tax deductions benefits as per Section 80D of the Income Tax Act.

Aditya Birla capital health insurance company has an incurred claim settlement ratio of 85.34%.

Features & Benefits provided by Aditya Birla Health Insurance company

·  High sum insured:

A policy with a low sum insured will not be able to cover your overall medical expenses. So, this company provides a high sum insured of up to 2 crores. You can purchase a health insurance plan of a minimum of 10 lakhs to the maximum as per your budget and need.

·  Long term policy:

Customers can purchase a long term plan of 3 years to eliminate the hassle of renewing the policy every year.

·  Supplementary Coverages:

It is important to take supplementary coverage with a basic health insurance plan. This will cover your additional expenses such as in-patient treatments, surgery charges, ICU costs, private room rent, and many others

·  Day-care treatment cover:

Surgeries taking less than 24 hours are covered in the policy. Generally, most of the insurance provided doesn’t cover these expenses in the policy.

·  Pre and Post Hospitalization cover:

Policyholders can remain stress-free of their pre and post-hospitalization expenses. Expenses incurred after and before within a certain period of hospitalization is covered in the policy.

·  Range of network hospitals:

Aditya Birla health insurance company has more than 6050 network hospitals in India. Insured persons can take cashless treatment at these hospitals.

·  Lifetime renewability:

Aditya Birla Health Insurance company provides lifelong insurance renewability features. You can purchase a policy until the end of your life and get rid of paying high medical expenses.

·  Sum insured reload:

In case you sum insured gets void in mid of any treatment then the insurance provider will refill your account with a 100% sum insured.

·  Domiciliary hospitalization cover:

Patients can take treatment at their residence if they are physically challenged or medically unable to move. This insurance company will cover the medical expenses of the treatment taken at your home.

Types of the plan provided by Aditya Birla Health Insurance company

Aditya Birla Health Insurance company is providing the best health insurance policy in India. From an individual plan to a family floater plan, we have all the range of policies. Apart from this, you can also customize these plans according to your budget and requirements:

·   Individual Plans:

If you are still a bachelor then you can take an individual plan for yourself. This has a low premium as compared to other plans provided by this company. A person can pay his all hospital expenses by purchasing this individual health plan.

·  Family Floater Plans:

If you want to take an insurance policy for more than 2 persons, then family floater plans are perfect for you. You can include your parents, spouse, and kids in this policy. This type of plan has a high premium as the insurance provider is providing a high sum insured. Also, purchasing a family floater plan of people will cost you less than purchasing individual plans.

·  Critical Illness cover Plans:

If anybody in your family gets diagnosed with any critical disease then you can think of a critical illness cover. This insurance cover will pay the entire expenses of the treatment after the waiting period.

·  Long Term Plans:

If you don’t want to take the hassle of renewing your policy or forgot to renew it then go for this policy. Users will also get attractive discounts on purchasing long term plans.

Apart from this, recently Aditya Birla Health Insurance company has announced a special plan for COVID treatment. In this policy, you can take cashless treatment after serving the waiting period of 30 days.

What are the Permanent exclusions in Aditya Birla Health Insurance policy?

  • This policy will not cover any treatment if suicidal attempts. Apart from this, they will also not cover your medication of intake of any intoxicants or hallucinogenic substances.
  • An insurance policy will not cover cosmetic surgery, contact lenses fixing, and aesthetic treatment.
  • Any surgery or treatment for hearing aids and spectacles is not included in the policy.
  • Aditya Birla Health Insurance policy will not cover the treatment of mental illness or psychological disorder.

Is Your Corporate Insurance Plan Enough To Deal With Increasing Medical Costs?

best health insurance policy

If we do a survey on this then we will get to know that only 10% of people are satisfied with their corporate policies. This is way too less of a ratio that we can’t rely on the best health insurance plans. The medical prices are increasing day by day due to inflation. Obviously, every person thinks about the protection of their family. So, they prefer to own a personal insurance cover for complete coverage of their family.

If you are still in doubt, then read the below point to know about the disadvantages of not taking a personal insurance plan.

  • Discontinuity with the organization:

    This is the most important factor that will surely hit you if you are in a private job. We all know that private job employees are not on a permanent basis. They look to change their job at regular intervals and every new company offers different insurance coverage. However, it is somehow easy for government sector employees to continue with the corporate plan. As they don’t have to change their jobs at small intervals. But your job change will not affect your personal family floater plan. You can continue it with any job whether you are in the government sector or the private sector. 

  • Limited coverage:

    We are aware that corporate health insurance plans provide limited coverage. They don’t cover your critical illness, pre-existing disease, and maternity expenses. Also, there are various types of limitations in the clause such as capping on room rent, sub-limits, co-payments, and deductions. However, the Best health insurance company does not stop you from taking treatment in any hospital of your choice. There are no certain limitations or additional charges that you get in corporate plans. 

  • Low sum insured:

    Corporate insurance plans are risky when it comes to paying high expenses. Corporate plans are taken in bulk hence cover only basic medical expenses. The best health insurance plan provided by corporate offices will give you a maximum sum insured of 5-8 lakhs. Whereas in this time of inflation a simple surgery will cost you for a minimum of 5 lakh. So, it is better to take a personal health insurance plan in which you will get more benefits and a high sum insured. Customers can check online quotes to choose from the best health insurance company in India

  • Post-retirement coverage:

    As long as we know, we are sure that any corporate plan will not cover you after retirement. It becomes more stressful when you are the only earner in your family. The premium of a family floater plan is decided according to the age of the oldest person in the family. So, purchasing an insurance plan at the ages of 60 or above will surely drain your savings. To avoid these situations, experts always advise you to take insurance policy at an early age. Also, there are very rare chances that any company will cover your pre-existing illnesses or any critical illness in the ’60s. 

  • Low premium amount:

    There is no doubt that a corporate plan has low premium charges. Also, it does not bother you because it is deducted from your salary. But if you ever try to make a claim with the corporate insurance plan then you will get to know the hindrance.

Most of the corporate plans work on a reimbursement basis. First, you have to pay the entire expense from your pocket. Later the insurance company will verify the bills and reimburse the expenses.

Private companies provide corporate health insurance plans as perks. They have the right to change the clauses overnight. It gets very problematic when your family member is admitted to the hospital for treatment and you get to know about the changes. So, it’s better if you don’t rely on your corporate plan and purchase a family floater plan in addition.

What are the reasons to choose the best health insurance plan apart from corporate insurance plans?

There are uncountable best health insurance companies in India that provide comprehensive health plans. You just have to decide your coverage according to the requirements of your family. Different families have different medical histories and issues. Also, the oldest person has different ages in different families. So pre deciding your family medical needs will help you in selecting the best health insurance policy in India. Here are certain points that you must look before purchasing a family floater or personal insurance plan

  • All the best health insurance in India provides a flexible medical treatment facility. You can get treatment at any hospital that is too without any capping or sub-limits.
  • You can cover your parents and kids in the same health insurance plan. Where most corporate plans do not cover your parents in the policy if you are already married. 
  • A family floater or individual health insurance policy provides you with a high sum insured. It is sufficient to bear all the medical costs of the entire family. But with corporate plans, you will get a fixed amount of sum insured. Above all, that sum insured is not enough to cover the entire family of 4-5 people.
  • A personal family floater plan will surely cover the maternity expenses after the waiting period of 2-4 years. But I am not sure whether your corporate plan will cover the maternity expenses of your family or not. 
  • Corporate plans are designed according to the need of one person. But an organization serves it as comprehensive coverage. Hence it gets short at the time of claiming.

Learn more about United India insurance online payment and other details!

United India insurance online payment

United India is a company known for its one of the Best Health Insurance Policy. The company has various liability and performance insurance policies against various medical threats. Customers can also take drivers with them for added protection. Policy renewal is done by the United India insurance online payment portal read below to know more about policy in detail. 

The company has over 30 years of experience in non-life insurance at its headquarters in Chennai. United India Insurance offers products such as health insurance, auto insurance, liability insurance, fire insurance, industrial insurance, travel insurance, marine insurance, and more.

With decades of experience in the non-life insurance industry, United India Insurance Company is one of the Best Health Insurance Policy providers. The head office of the insurance company is in Chennai. United India Insurance’s mission is to provide full insurance coverage and ensure customer satisfaction.

Why United India Insurance Company is the Best Health Insurance Policy In India

The above information about the company is more than enough to understand that the company is genuine and respected. Rest assured that investing in good United India Insurance Company health insurance is beneficial. Some similarities and advantages of the United India Insurance Online health insurance:

  1. It is no secret that the health insurance plans of this company are at the forefront of large customers when necessary.
  2. As mentioned earlier, the company operates in more than 200 cities II and III. The level is strongly represented in sections and villages.
  3. Its pioneering activities include the Jan Bima Yojana tsunami, national animal insurance, and active participation and implementation of many other programs.
  4. The health insurance offered offers the following advantages: If the insured person dies within the insurance period during the insurance period, all insured are paid to the relevant insurer.
  5. Loss of a link or both is one of the contractual clauses, one or both reasons In the event of an accident, all insurance will be reimbursed.
  6. Addicted children may need additional help by paying an additional premium to meet their needs.
  7. Some policies are insured domestically and others worldwide. However, the age limit for health insurance is 80 years after the medical test. Mandatory medical tests are performed for people over 70 years old.

Best Health Insurance In India by United India Insurance Company

The health insurance policies of United India are diverse and offer viable scope and benefits. The following health insurance plans can be purchased on the official website of the United Indian Insurance Company (see below). Learn more about Best Health Insurance In India offered and some of their key features:

1. United India Family Medicine Policy:

This health insurance helps ensure the insured applicant and his family under the insured insurance. In addition to basic premium insurance, additional insurance can be selected from the two available options.

2. United India Family Medicare 2014 Principles:

The United India Family Medicare 2014 policy is a variant of the previous policy, so most of the outstanding features of this policy are similar. It includes the applicant and his family, consisting solely of spouses and dependent children.

3. United Indian Individual Drug Policy:

This unique policy is an umbrella that includes three other important plans, the Gold Program, the Platinum Program, and the Senior Program. Let us know this guide before getting to know these systems separately

4. United India Platinum Health Insurance:

The advantage of using the Platinum Policy is that it covers hospital costs incurred in India for the treatment of diseases or injuries caused by the conditions covered by the Best Health Insurance Policy during the insurance period. The target customers of the policy are young people with age of 35 in India.

5. United India Gold Insurance Policy:

The next gold insurance system on the list of individual Mediclaim guides: also covers hospital/disease/injury/illness costs and is inexpensive. If you have continually expanded the policy, you can only exceed 60 years.

6. United Indian Elderly Citizen Health Insurance:

The senior program is the latest plugin to protect most of the community. This age group individually insures due to the high-risk factor. Therefore, United India Insurance Online creates a system that is sustainable and protects the needs of these people.

7. United India Charge and Super Charge Plan:

The above plans were only the first premium insurance. On the other hand, top-up and top-up insurance act as additional plans to develop basic insurance for basic insurance. They complement these guidelines and are economical and useful.

8. UNI Critical Health Insurance Plan:

This policy is very important as it covers 11 critical diseases and ensures payment to the public as described below. Payment refunds when a person diagnoses with one of the diseases for the first time in the insurance period.

9. United Indian Workers Medicare Policy:

All hospital costs resulting from an accident involving employees during employment are the target of this policy. Your ideal target industry is factory / entrepreneur / contractor etc. This health insurance helps work accidents and work environments.

How to Renew your policy via United India insurance online payment method

Renewal of a mature directive is as important as the implementation of a directive. Necessary insurance protection should there with all necessary documents to protect and guarantee insurance protection and to complete all formalities. One can do the renewal process by the United India Insurance Online portal.

There is some disadvantage of not changing over time is that you have the option to continue your series to take advantage of the benefits you initially enjoyed. If you regularly renew it, via United India insurance online payment to get additional benefits.

The Policy renewal process is possible through the official website or through a physical visit to the company. You can also follow the below-given steps:

  1. Visit the official website and select the Health section.
  2. Then scroll to Extend health insurance option on your screen. Then enter your 20 digit insurance number.
  3. You then need to update your customer ID to complete the required policy renewal.
  4. payment is the last step; You can pay with one of the common payment modes such as net banking, mobile banking, debit or credit card, NEFT, etc.

Why choose best health insurance policy in India?

Best health insurance policy in india

As per WHO, India will observe a high rise in cancer cases in the coming years. Also, we are observing a vast transformation in the health sector that leads to a swift increase in treatment costs. If the treatment cost gets doubled the next year then there is nothing to get surprised about. With a rough estimate of the expenses, it is assumable that the treatment of any critical illness like cancer will cost you more than 5 lakhs. So, It is a necessity of every individual to cover them and their family with health insurance. Otherwise, all your investment gets void to treat the diseases. There are many companies providing the best health insurance policy in India. You can also compare their quotes online to choose the best among them.

As per a report, an individual spends 25% of their income in dealing with health issues. So, it is important to purchase an insurance plan on time to maintain your savings as it is. The sooner you purchase health insurance, it will prove more beneficial in your old days. You can insure a baby of three months to a senior citizen till death.

Different insurance health insurance companies in India have different premium prices depending on the facilities provided by them. So, don’t forget to compare health insurance online prior to purchasing it.

How to choose the best health insurance in India?

There is no doubt that only the best insurance plan will fulfill all you need. If you try to compromise with the premium prices then it will surely decrease the facilities in an insurance policy. Make sure to check these pointers while purchasing the best health insurance in India, otherwise you will regret later.

  • A best health insurance plan will not only save your money but also provide complete coverage to all types of diseases.
  • The best health insurance plan is easy to buy and renew.
  • It can be customizable as per your requirement and family needs. You can include your parents, kids, and spouse in a single insurance plan.
  • A good insurance policy will cover all the pre-existing, critical, asthmatic, and chronic diseases.
  • There should be no age limit to opting for co-payment in the insurance plan.
  • The best health insurance company will ensure to cover all the daily expenses, transportation costs, OPD, room rents, and maternity expenses.
  • There should be no capping on room rent charges.
  • The best health insurance plan must have easy claiming procedures. You don’t have to visit multiple insurance offices to complete your claim.
  • The best health insurance company will provide an auto-recharge facility so that your account doesn’t get empty while treatment.
  • You will get up to a 20% cumulative bonus every year
  • A good health insurance company will ensure to cover all the maternity expenses of the baby as well as of mother.
  • The best health insurance company must have a wide range of network hospitals all over the country.
  • While choosing the best health insurance plan make sure to consider all medical situations of your family.
  • If you have more than one person in your family then go for a family floater plan. A family floater plan will give you a high sum insured in a comparatively low premium that you pay in separate individual plans.
  • Choose for the policy that can be renewed up to maximum age. You will get no claim bonus on renewing it every year and that will increase the sum insured.
  • Check the reviews on the official website of the company to get a rough idea of the claim settlement ratio. Choose the insurance company that applies no capping on room rents.

Reasons to choose the best health insurance policy in India:

  • Provide comprehensive coverage to the family:

Customers can choose cashless family floater plans to cover more than one member in the family. Rather than taking separate individual plans, a combine’s family floater plan will help to reduce your premium. Additionally, you will get more sum insured in family floater plans to cover all the family members.

  • Affordable:

The best health insurance plan in India should be affordable. You can pay the amount easily by maintaining all the savings and other expenditure of the family.

  • Easy to maintain:

The best health policy is easy to maintain. On taking multiple individual plans you may get confused among their renewal date. If you forget to renew the policy on time due to this confusion then it gets lapsed. So, maintaining and renewing a family floater plan is easier instead of renewing multiple individual plans.

  • Cashless treatment:

You can take a cashless treatment facility in all the network hospitals. Suppose a medical emergency occurs at midnight then you or your family member need to rush to the hospital. In that case, if a network hospital is there near your location then it will be truly a relief for you. All the expenses of your treatment will be looked after by the insurance company.

  • Multiple coverage options:

The best insurance policy will not only look for the medical expenses but it will also cover other expenses outside the hospitals. Like OPD facility, post-hospitalization expenses, tests, blood bank costs, organ donor expends, domiciliary care and many more

  • Customizable Riders:

Different families have a different medical history, thus need customized facilities as per their family need. All the major family floater plans come with customizable rider plans. You can choose or eliminate the riders as per your requirement while purchasing the insurance plan. If you have a person in your family suffering from critical illness then select a critical illness rider. If someone in your family is getting involved in accidents frequently then choose a personal accidental rider for then. You can also customize these riders’ plans to increase or decrease the sum insured.

  • Tax benefits:

Customers can avail tax benefits under Section 80 D of the Indian Income Tax Act on purchasing an insurance plan for their family. It also proves to be a good investment track for the future.

Major Pros and Cons of Insurance Policy that you should look for

Insurance– A short intro

Insurance is a protection plan that will provide you financial security in uncertain conditions. There are many types of insurance plans that you can take from any private company. Insurance companies are regulated by the state government. You can insure any object including your car, mobile phone, house, shops, jeweller or any object having financial value. you have to pay a premium monthly and can take the reimbursement of financial loss. There are numerous insurance companies available in the market, offering a wide range of benefits in their insurance plan. If anyone is taking insurance for the first time then they must have to check several quotes online and compare the provided benefits prior to purchasing.

The three main components that you have to keep in mind while purchasing any insurance plan are premium, policy limit and deductibles. The premium of the policy must be low so anyone can easily afford it. Policy limit should be high so that it can cover the maximum expenses. Deductibles should be low so that customers will receive the extreme benefit at low price.

The major type of insurance policy is:

  1. Life insurance: It will provide financial security to the family of the insurance holder. If he passed away due to accident, medical issue or any other unforeseen circumstances. Insurers have to pay a fixed amount of money to the insured person or his family after the death of the person or after a fixed period of time.
  2. Health insurance: It provides the medical expenses of the insured person and his family if they are covered in the insurance plan. In health insurance you have to pay a fixed amount annually. It will cover your surgeries, medicines, check-ups, room rent, day care, Outpatient department, maternity and many other facilities depending upon the plan you have taken.
  3. Car insurance: These days cars are a major and costly thing everyone wants to purchase. But if you ever meet with an accident or have to spend money on repairing a car then the bill is too much expensive. So, if you have a car then it is also important to have car insurance. So that you don’t have to pay the repair bill from your pocket.
  4. Marine insurance: Marine insurance will protect you from the loss of marine perils. It will include collision of ship or cargo with rock, destruction in ship, attack by enemies, disappearing of ship or captured by pirates.
  5. Fire insurance: You can do fire insurance to recover the loss caused due to fire in your shop, houses, factories. The reason for fire can be short-circuiting, human activity or natural calamities. You will get the amount of loss from the insurance company for reconstruction of property.
  6. Property insurance: Property insurance will recover the loss caused to your property due to climatic occurrences, accidents, fire or theft. 

Importance of Insurance:

  • Insurance provides mental peace.
  • Having an insurance plan will stabilize your family and business at the time of any financial misfortunes.
  • It will also encourage saving and help you to save your hard-earned money
  • It will transfer the financial risk caused to any individual to the insurer.
  • Medical expenses are too high, so insurance will help your family financially in case of unpredicted medical emergencies.
  • If you have to pay a high tax amount to the government then you can also get a discount on tax if you have an insurance policy.
  • Having an insurance policy will also help to reduce the inflation rate of the country.
  • Having an insurance policy will also help you to run your business smoothly.

Disadvantages of insurance: Apart from all the importance. There are also several drawbacks to the Insurance.

  • The complexity of insurance policy: The policy is so hard to understand that they can easily manipulate an uneducated person. So, you must need an expert to know every point of the condition carefully.
  • Lengthy formalities: You have to follow lengthy formalities, visit various offices and it will take a lot of patience for settlement.
  • High deductible: If you will ask for more benefits from the insurance company then they will increase the premium for every extra facility and also deduct extra charges for those benefits.
  • High premium cost: The premium cost is too high for some of the insurance companies, that a middle-class family cannot easily afford it. So, you have to choose wisely for a suitable plan in which you will get maximum benefit at a nominal premium cost.
  • Risk of getting cheated: there are many fraudsters or brokers also available in the market, who will take money on the name of insurance and can cheat you.
  • The risk to the life of the policyholder: Specifically, in the Life insurance policy it may lead to an increase in crime incidents because the beneficiaries might get tempted and will use wrong ways to get the insured amount.