Insurance companies, insurance agent, insurance policies & more ..
Does insurance sound complex & difficult? Presently there are more than 43 insurance companies in India with 1000s of plans all aroud. Bimaworld is an initiative to make insurance easy for general public to understand.
Our goal - Analyze best insurance company, agent & plans
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To simplify:
Help common people understand the value of insurance & guide them step by step in simpler language.
To help:
Connect insurance seekers to the right insurance providers. Work as a community to share knowledge/feedback/experiences, weeding out the bad service providers/policies
& more ..... |
There is one thing common in an insurance policy & a parachute. If it is not there when it is needed the first time round, the possibility of it becoming neccessary again is very little.
The graphically explained articles are developed to help consumers in developing their insurance knowledge. Our discussion forums have participation from Insurance consumers (with their real life experiences), Insurance experts (Unbiased and always ready to help) & Insurance company representatives & consultants: (Obviously a little biased, so watch out :) )
Ask questions about insurance companies, agents, policies & get answers
Click here to ask a question to the community.
Insurance in simpler terms
Let's take an example to understand insurance. Assume that there are 500 houses in a village. On an average 10 houses are destoyed by the cyclone every year. If the lost for each house is estimated at Rs 50,000, then the total lost because of cyclone is Rs 5,00,000. These 500 villagers can come together and contribute Rs 1000 each year to a common fund (call it Cyclone insurance). Thus, a big amount of loss Rs 5,00,000 for 10 families gets distributed over 500 families at Rs 1000 each, which is easily bearable. This is insurance in common terms. Then there can be variations of these insurances. Overall insurance provides:
- Risk protection
- Tax benefits
- Investment advantage
- Wealth creation
Insurance can be categorized as:
- Life Insurance
- General Insurance
Features and comparison of life and general insurance:
| Features | Life insurance
| General insurance
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Risks covered
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1. Premature death
2. Retirement income
3. Illness expenses |
1. Damange / Loss to Property & Business
2. Legal Liability due to damage caused to third party and its property
3. Accidents leading to death or disability
|
| Main products |
1. Whole life
2. Term insurance
3. Endowment
4. ULIP (investment + protection)
5. Annuity
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1. Motor, Fire, House insurance
2. Liability insurance
3. Personal accident insurance
4. Health insurance
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Visit edu section for more articles are details or visit services to get highly recommended services.
Insurance Question of the month (Winner)
“Should one mix up insurance with investment? why yes and why no”. If I have INR 1,00,000 per year for investment, insurance and other savings how should I balance my investment and insurance.
(Click here to see his answer) |
Winner:
Ranjan Varma, blogger at RanjanVarma.com |
For more details visit /blog/questions/start.html.
2nd Insurance question of this month
Do one really choose a company or a policy? Do we really care about the track record of the insurance company? What do you expect from an insurance company when you choose one? So what we are looking at is, the paramaters on which one should zero down (or agree to work with) an insurance company.
Answer & Win
