An Insurance is a promise to pay a compensation to an individual or an establishment by an Insurance Company. Insurance Companies issue different policies to cover losses (risks) of different nature. The policy is the contract between the Insurance Company and the Insured (an individual or the establishment).

A policy is issued for a particular period. During this period the Insured will have to pay periodical payment called Insurance premium to the Insurance Company. An Insurance policy is a promise by the Insurance Company to compensate the loss occurred to the Insured by an assured sum.

A beneficiary is the person named in the policy to get the assured amount on the death of the insured. As per the conditions in the policy, the Insurance Company will provide a compensation to cover only for the type of risk stated in the policy.

The Insurance Company is not liable to pay only if loss is incurred for reasons mentioned in the policy. The sum assured varies with premium and duration of the policy.

There are different types of Insurance Policies. Main policies are Life insurance, Home insurance, Auto insurance, Travel insurance and Health care Insurance.

Life insurance policy is the one taken by an individual to get insurance cover in case of death of self or any other family member. Death or disability due to accidents gets covered under this policy.

An insurance policy enables the survivors in the family to cover the loss of income due to the death of the bread winner of the family.

There are different types of Life Insurance policies. Term Insurance policy, Endowment policy, Whole life Policy and Money back policy are some of the popular variations in the life Insurance policies.

A traveller will get insurance cover against loss of his valuables and money during travel under a Travel Insurance policy.

An insurer can get cover for his vehicle against accident under an Auto Insurance. If the vehicle of the insurer gets damaged in an accident, then the repair charges will be met by the Insurance Company.

By a Third party insurance, the Insurance company takes the liability of compensation to the victim of an accident involving insured's vehicle. No compensation will be paid to the owner of the vehicle.

Insured under Health care insurance will get his hospital bills paid by the Insurance Company for diseases mentioned in the policy.

Home Insurance provides cover to the insured against the loss and damages to the property of the insured due to reasons of theft, fire and natural disasters. Houses and house hold articles will come under this cover.

There are authorised agencies who can guide a person to select appropriate policy. An insurance is a effective method for reducing the risks a person faces in everyday life.

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