Insurance facts is something that nearly everyone needs to use at some point. Your car, your home, and even your health all need some form of protection for a variety of different situations. Getting the best insurance policy is something you’ll have to do by understanding just what exactly is out there.
It’s pretty hard to understand the insurance with the confusing terms and conditions; you only have the assistance of the insurance agent and the information available on the internet. If you are willing to learn about insurance, then you are at the right place. In this post, we will share some interesting facts about insurance in India that will blow your mind.
Facts about Insurance in India
You probably don’t need to know everything about insurance, but it’s important to find a policy that suits your needs and protects you in the event of an accident or other type of loss.
- Purchasing an insurance policy is entering into a contract. If you have agreed to a maturity date at the time of buying the contract, you will not be able to change or revise the agreed term or number of years. So, make sure to read the terms and conditions before getting an insurance policy.
- The surrender value of a life insurance policy depends on several factors, including the year the policy is surrendered and the type of policy owned. For example, a surrender value for a unit-linked policy ( ULP ) may be based on the unit value at the time of surrender. In contrast, a traditional policy may be based on the accrued benefits.
- Generally, a life insurance policy with an endowment plan offers a loan facility, but unit-linked insurance plans and term plans do not. The loan sanctioned is usually a proportion of the surrender value. Remember that loans and repayment have no bearing on the premium amount.
- InsurTech is the new technology being adopted by Insurance companies. With the complete digitization process, it becomes easier to buy the insurance, pay the premiums, and start the claim process. InsurTech has made the process of buying insurance easier than ever.
- Today, various health insurance companies offer policies that cover a range of alternative treatments, including Ayurveda, Unani, Sidha, and Homoeopathy (AYUSH). In 2013, India’s Insurance Regulatory Development Authority issued guidelines that allow insurers to cover non-allopathic treatments. So, you can easily choose any treatment option and get cover for the same.
- Many insurance companies provide full proof of protection for any complications that arrive during the pregnancy. Even unexpected health issues are fully covered in the health insurance policies. Many people have no idea about this and may not claim the benefits when needed.
- Insurance has been around for centuries, but the first known insurance contract was signed in 1347 in Genoa, Italy. This was a separate insurance contract, not bundled with loans or other kinds of contracts. In Genoa in the 14th century, insurance contracts were invented and insurance pools were backed by pledges of landed estates.
- Alien abduction insurance, also known as UFO insurance, is a type of insurance that is supposed to cover you if you can prove that non-human life forms have abducted you. Provided the terms and conditions of the policy are met, along with conditions that would substantiate the proof, you may receive benefits from the policy.
Final Words
Insurance is the necessary cover for all aspects of your life. It’s sad that the businesses are keener on taking various insurance policies than the individuals. For this reason, you have to invest time and money in finding the best insurance deals for your needs. In this post, we tried our best to share some fantastic facts about insurance in India, which will make you aware of the same.