Indian Millennials Have A Lot To Brace Through When It Comes To Learning About Insurances. We Have Seen, By Large, About The “Term Insurance” In Our Well Curated Guide That Is Already In Our Posts. If You Are Also A Millennial Reading This, You’ll Also Know The Downcast Conditions Of The Awareness About Insurance, Policies, Savings And Investments Among The Indian Millennials. Insurance, In Simple Terms, Manages Your Risks. An Insurance Can Ultimately Cover Up The Damages, If Any, In Case Of An Emergency.
Moving On To Facts
In A Recent Survey By TATA AIA, They Found That Inspite Of Good Earnings And Savings, Most Millennials Are Unaware Of What A Basic “Term Insurance” Plan Really Means. Only 20% Of Those Between 22 And 25 Years Of Age Are Aware Of Life Insurance, 19% Of The Age Group Are Aware Of The Term “Health Insurance”. 57% Of The People Of The Age Group Between 30 To 35 Are Aware Of The Terms Such As “Life Insurance” And “Health Insurance”.
Among The People Covered By “Life Insurances”, Only 43% Of Them Trusted That They Are Sufficiently Protected. 41% Of These People Were Not Very Assertive Of Their Policies.
What Can We Infer From This Survey?
This Survey So Clearly Shows How Much The Insurers Must Work With The Indian Millennial Population To Spread Awareness With Regard To The Kinds Of Insurances That Are Available To Pick From. It Is Due Season To Educate The Younger Earning Population With Appropriate Guides And Ideas About Having A Reserve Fund For Emergencies And Uncertainties. We Indeed Feel Sorry To Say This, But, One Emergency Situation Can Wipe Out Most Savings If You Have Not Planned Your Finances In The Right Way. The Segments Of The Insurance Industry
There Are Two Broad Segments Of Insurances In India.
1) Life Insurance 2) General Insurance Life Insurance
Life Insurance Is An Understanding Between Two Parties, I.E. A Policy Maker And An Insurer. The Policy Maker Will Make A Promise To Pay A Deputed Amount To The Insurer During A Case Of Emergency Or Death Of The Insurer Based On A Mutual Contract Between The Two Parties. The Contract May Or May Not Have Clauses And Conditions Applied, Based On Which The Funds Will Be Released To The Family When The Situation Arises.
There Are Basically Many Kinds Of Life Insurances That Are Openly Available And Curated By The Policy Makers. But We Will Just Look Into The Major Five Kinds That Are Very Commonly Promoted Among The Policy Makers.
- Term Insurance
- Whole Life Insurance Endowment Policy
- Money Back Policy
- Unit Linked Insurance Policy
- General Insurance
Insurances That Do Not Come Within The Boundaries Of Life Or Pertaining To Life Is A General Insurance. General Insurance Is Also Called As Non-Life Insurance. General Insurances Majorly Cover The Damages Caused To The Valuable Assets That Are Of Prime Importance To Us. This Kind Of Insurance Covers Non-Life Capitals - Such As Your Home, Vehicle, Health, Travel, Floods, Fire, Accidents, Thefts, Man-Made And Natural Disasters.
Furthermore, General Insurances Are Many In Number, But We Have Picked A Few To Elaborately Explain More Details About These Types.
- Motor Insurance
- Fire Insurance
- Travel Insurance
- Personal Accident
- Commercial Insurance
Always Remember, If You Plan To Invest In Policies Please Read Through The Guides, Instructions And Handouts Offered To You During The Process. Make Sure You Understand The Policy In Detail And Do Your Own Research Before Diving Into Investing In Policies. Never Buy A Policy Without Understanding It Thoroughly.
In The Next Sections We Will Take A Look Into All These Insurance Types We Mentioned, And Make You Well Braced With The Terms. Through These Little Guides We Will Try To Build A Stronger Structure For Understanding These Basic But Very Important Enlightening Lessons.
(Investosure Consultancy Private Limited, Noida (Uttar Pradesh) is Different Organization. We don’t have any branch is Pune, Maharashtra. Investosure Consultancy Private Limited, Noida (Uttar Pradesh) is Different Organization. We don’t have any branch is Pune, Maharashtra.)
