What Is Coverage Type Of Insurance?
All information what you want about “WHAT IS COVERAGE TYPE OF INSURANCE ” are described there.
What Is Insurance company?
Insurance company create a new chance for unemployment people by insurance consultant and in return for the payment of premium. There is many Insurance company do work in Pakistan.
What is insurance coverage?
When you ride on bike without license then you face many driving problems. In bike riding you facing yourself and others with certain problems like road accident, physically injuries and may it lead to death. All this problems you face due to inexperienced, without license driving or negligence. In this situation total or partial damages of bike or life can occurred. To solve this problems bike insurance is very compulsory step. In this policy, two parties involved first insurance company employer and second is policyholder. The insurance employee make insure to solve all financially problems that occur in case of unfortunate accident. And also paid it with timely or later. The coverage of insurance money depend upon type of bike insurance policy.
Figure2.1: insurance coverage is the security of your future happy life.
What are the types of insurance coverage ?
Basically there is three kinds of insurance in Indian which are given below:
1- life insurance coverage
2- Health insurance coverage
3.Motor insurance coverage
4-property insurance coverage
1- LIFE INSURANCE COVERAGE:
In life insurance policy the insurance company insure the insuranceholder to provide safety in term of financially support after your death. The features of insurance company toward insuranceholder provide survial benefits. Survival benefits is the collection of some bonuses and return investment. If insuranceholder fulfill all requirements of insurance company then they get all survival benefits. There are many life insurance plans for you and its also called sub type of life insurance coverage including child plan,term plan, endowment plan, ULIP, retirement plan, money back plan and whole life insurance.
Figure2.2: life insurance plans.
2-HEALTH INSURANCE COVERAGE:
Nowadays expenses increased day by day and in this situation if you face the accidents or illness then you have problem. This coverage cover your expenses. This cover all expenses which you face during hospitalization or medication due to illness or accidents. This insurance help you by paying all your medical bills and best treatment and support financially. It work similarly as life insurance. The policyholder must paying premium amounts otherwise company not accept your claim applications. In this case the insurance coverages is limit up if tee hospital expenses increased above the amount of insurance coverage. Then insurance holder must pay the above amount of medical bills. Basically health insurance life span is very short almost 12 months after 12 months you must rebrew your policy to get benefits of insurance coverage. It is very beneficial for riders because this policy pay your all hospital illness, rider accidents, maternity expenses and ICU room rent .
Figure2.3: Health insurance coverage give you medical benefits.
3-MOTOR INSURANCE COVERAGE:
When you ride on bike without license then you face many driving problems. In bike riding you facing yourself and others with certain problems like road accident, physically injuries and may it lead to death. All this problems you face due to inexperienced, without license driving or negligence. In this situation total or partial damages of bike or life can occurred. To solve this problems bike insurance is very compulsory step. In this policy, two parties involved first insurance company employer and second is policyholder. The insurance employee make insure to solve all financially problems that occur in case of unfortunate accident. And also paid it with timely or later. The coverage of insurance money depend upon type of bike insurance policy.
There are three types of motor insurance which are given below:
Figure2.4: Motor insurance coverage.
i-Third party liability bike insurance:
In this type, bike should be insured for any case that caused by any damage or loss by third party in an accident of insured bike. This kind of bike insurance are famously called third party bike insurance. In any accident insured bike can suffer to some damage and rider also face some loss or damage. In this case insured bike and order not get expenses caused due to accident of insured bike.
ii- Standalone own damage (OD) bike insurance:
Standalone own two- wheeler damage bike insurance policy cover the damage expenses caused by accident of insured bike. It can cover all expenses caused by man made or natural accidental problems, theft of bike or all minor or major damages. This policy does not cover the third party penalty.
iii-Comprehensive insurance – Two wheeler:
The name ” comprehensive insurance policy” show this name that total 360 degree cover all dages caused by any situations. Not only bike damage also rider damage can cover this type of insurance policy. It can cover against legal or official third party dues. In this policy you can also meet up the ideal or targeted covarage depend upon the situations and condition of accident.
insurance claim settlement process:
This process can be done by two method which is given below
1- via cashless claim
2- via reimbursement method
Both claim method are different from each other.
4-PROPERTY INSURANCE COVERAGE:
This type of insurance support you financially on immovable objects like home, office and shops. This type of insurance protect you the damages of fire, earthquake, flood etc..
Figure2.5: This type of insurance secure your property
How to find the Right coverage for you?
Now you know all about insurance coverage the next question is that what the right coverage way . you would not like in future to get inadequate amount. At the same time, you would not like to pick that insurance policy that give you adequate amount but with unaffordable premiums. There is some essential requirements for the right coverage.
IDENTIFY YOUR REQUIREMENTS:
No matter what type of insurance policy you pick but in future you get adequate amount according to your future requirements so first identify your future desires then identify your requirements.
CALCULATE YOUR EXPENSES:
This step of insurance is very very important and if you buy a policy then remind your future expenses of your family. You can get adequate amount in future to fulfill your all dreams. Simply prepare your future graph expenses and according to your graph buy a suitable policy.
TAKE INFLATION AND MEDICAL EMERGENCY ACCOUNT:
When you get amount during policy then your payback amount is decrease so in this case you calculate inflation and medical emergencies before planning of insurance policy.
COMPARE QUOTES:
When all companies give the same benefits of insurance coverage, they would also offer you different benefits then go with this company that give high level of coverage with maximum benefits .
What are covers in insurance policies?
Following losses you can get easily in insurance:
1- Damge caused by accident .
2- cover the loss of theft.
3-loses Due to accidental fire.
4-coverage of losses caused by natural accidents like flood or earthquake.
5-coverage of personal damages.
6-coverage of third party liabilities.
What’s are not covered in insurance?
1- coverage not possible in condition of war or same like conditions.
2-coverage not possible in case of driving under Alcoholic condition.
3- Damages due to driving without license is not cover.
Summary :
Mostly people think that insurance is not a valuable because they don’t pay the right premium amount but in short insurance policy is very best securing future method. By policy you can fulfill your future plans and afford your expenses that might be hospital expenses , grocery expenses or your bike expenses in any case of damage. So we should follow the insurance policy to get more facilities and company benefits.
