You might have heard the term IRDA before, the term is an abbreviation, and its full form is – Insurance Regulatory and Development Authority. The authority oversees the functioning of the life insurance industry and general insurance companies operating in the company, and acts as the regulator of the insurance industry in India. Protecting the interest of the policy holders and regulating the insurance industry is the main objective of the IRDA.
Term and whole life insurance, two of the oldest forms of life insurance, are still among the most popular. It's not that insurance firms haven't attempted to make it more difficult to reach a wider audience.
A life insurance is a contractual understanding between the insurer and the policy holder, which outlines terms and agreements that will be honored by the insurance provider, in return for payment of predefined premium. More often than not, the insurance is done for a certain duration, for which premium must be paid by the one who is insured either on a monthly or yearly basis, for the defined period as agreed in the contract.
Though awareness regarding the importance of life insurance has increased exponentially in the last few years, people still make mistakes that can cost them dearly later in the life. This is especially true in the current situation when Corona has claimed the lives to many breadwinners leaving the families in complete disarray.
Getting a life insurance policy is one of the best decisions to make for the financial security of your loved ones. However, if you are wondering whether you have enough insurance cover then this article will help you in deducing the same.
The online shopping domain has gained huge momentum in the current difficult times. People tend to stay indoors to keep themselves safe and shop for clothes, groceries, electronics, and many more from the comfort of their homes. However, when it comes to buying insurance, many are still reluctant to do so online. It appears as if there is still huge skepticism surrounding buying life insurance online.
Family history is an important factor insurance companies is due to different hereditary conditions. With more and more people suffering from hereditary problems like cholesterol, diabetes and coronary heart problems, there is a possibility that you may get affected in the future.
Subscribe to our newsletter