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Insurance

umbrellaAn insurance policy is like an umbrella that protects prepared people for future events and unforeseen occasions.

Insurance is something that you can buy to guard yourself, your family or your business against specific risks in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved.

Insurance is like a safety net or protection that you pay a lump sum for, so that when something unexpected occurs, and you have the funds you need. It is a contract between the insured and an insurance company, bank or MFI.

An insurance policy can be taken out for anticipated future events: education, marriage or death – as well as for unforeseen disasters for e.g. accidents, theft or disasters.

There are different types of insurance.

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Remember!

  • It is important to have all the information regarding insurance policies. In case of little or faulty information, there are chances of problems arising.
  • Receipt of premium installment payments should be collected and saved for future reference. Also visit the relevant office to check the status of your payments in order to ensure that the payments are being received by the office.
  • Keep the file of Bima policy in a safe place, but which you can remember easily. In case the file is lost, a person has to go through a lot of trouble to recover the documents from the relevant office