Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event.
Insurance is not an investment. It’s a cover/security for you/family.
There are different kinds of Insurance Products available such as Life Insurance, Vehicle Insurance, Home Insurance, Travel Insurance, Health or Medi claim Insurance etc.
Let’s discuss about life insurance related products in detail:
- ULIPs
- Term Plan
- Endowment Plan