Why do you need to protect yourself, loved ones or your assets from an unfortunate event?

We all want the best for ourselves. However, unfortunate events do occur which are further exacerbated by damages or losses. But while such events in life cannot be avoided people once can prepare themselves for reducing financial losses by insuring themselves, their loved ones or their assets.



What is Insurance?

An arrangement by which an insurance company undertakes to provide a guaranteed compensation for specified loss, damage, illness, or death in return for payment of a contractual amount before these unfortunate events occur. The insurance contract will cover specified risks in the future for a defined period. To cover the risk the insurance product can be availed by a customer for a specified premium.



How does Insurance work?

When you buy a policy you make regular payments, known as premiums, to the insurer, and the funds paid selected are pooled with the premiums of other policyholders who have also availed the same insurance product. If you make a claim the money comes from the pool of policyholders’ premiums.



What do I need to think of before buying Insurance?

  • Why you need a cover – For e.g. Do you need to insure your home contents to avoid any losses due to risk of theft?
  • What do you want to include in your cover – E.g., Are you worried that your TV will be damaged and you want to include this in the home contents cover?
  • How much is the value of the cover you want to insure?
  • What are the exclusions in the cover? This must be clearly understood by the customer as there could be certain items/circumstances which will not be covered



What are the various types of Insurance?



How do I buy a Insurance?
  • You can contact an insurance company directly
  • You can speak to a financial advisor or your Relationship manager in your bank
  • You can seek professional advice through an independent insurance broker
How are Insurance premiums calculated?
Insurers use risk data to calculate the likelihood of the event you are insuring against happening. This information is used to work out the cost of your premium. The more likely the event you are insuring against is to occur, the higher the risk to the insurer and, as a result, the higher the cost of your premium. Other factors may be considered which are relevant For e.g., age, health condition, life-style, etc.
How will I make a claim?
    Contact the Insurance company which has issued the policy OR approach the institution which has sold the policy. All claims are subject to time period from the occurrence of an event hence it is advisable to be aware of this and contact with the insurer should be established at the earliest.
What will I require to claim?
The insured must provide the original policy, police/medical report(subject to policy type), identification documents, etc.

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