Insurance- their types and providers
According to Law and Economics the insurance is the procedure to defense a person or thing against those losses which have uncertain probability of occurrence. In another words it is a method to transfer loss from one entity to other. Insurance is a risk management tool for several factors like car, home, life, health and business
Insurer is the person or institute which provides insurance to the policy holder. The insurance policy is a plan which decides various aspects like payment, premium, etc about the insurance plan. There are many financial institutes or banks all over the world which provide insurance.
There are several kinds of insurance policies which includes
- Vehicle insurance
- Home insurance
- Health insurance
- Accident or sickness insurance
- Unemployment insurance
- Life insurance
- Liability insurance
- Travel insurance
- Flight insurance
- Credit insurance and many more.
Life insurance is a contract between insurance company and insured person, according to the contract the insurance company will pay a pre decided amount to the insured person upon the death of person. The amount will depend on the amount mentioned in the contract and promised by the insurance company.
The amount of life insurance required by a person has to be decided on the factors like his or her present income, standard of living, any loans or other debts value. As the time period of the payment by insurance company may vary from time to time, time period should also depend on the condition or earnings of other family members. Such factors should not be ignoring at the time of deciding the premium and insurance amount.
Every detail should be very clearly mentioned on the documents or agreement paper and insurance company’s agent is responsible to explain the whole agreement and policy to the customer. Life insurance is a policy that people buy to insure them against a breadwinner’s death. There are various kinds of life insurance policies
- Term insurance
- Permanent Insurance
Permanent insurance has its own several kinds which includes
- Whole life insurance
- Universal life coverage
- Limited pay
- Endowments
- Accidental endowments
Each of them has separate character. There are three key factors to be considered in term insurance:
- Face amount (protection or death benefit),
- Premium to be paid (cost to the insured), and
- Length of coverage (term).
Life insurance policy has both positive and negative impact on the society and insured. It makes the life of insured peaceful as he can be sure that his loved ones will not face any financial trouble after his death. Insurance of vehicles etc may make a person careless and irresponsible, which is not a positive impact. It also introduced terms like insurance fraud etc to the society.
Tata AIG life insurance is a joint venture by Tata sons and AIA group limited. Tata AIG life insurance started operating in India since February 2001. The customer’s complaint against Tata AIG life insurance policy includes issues like no bond or policy receipt received by customer. At the time of buying policy customer was informed that the documents will be delivered to them afterwards as there is some server problem but after waiting for a long time period there was no response. United India Insurance complaints are regarding poor customer care services.
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