Insurance is a legal agreement between insurance companies specifically known as insurers and the individual explicitly as insured. By taking insurance, the person can get the coverage against all the losses or any contingencies that can happen in the future. It can be in the form of the death of the policyholder or any damage to the property.
As you know, insurance is a must in today’s scenario, whether it is for anything you buy. When you plan to buy a land, it is essential to take landscape insurance at the time of its purchase. It’s not only for property, but any type of insurance is critical & provides you benefits to cover your losses due to contingencies.
Different types of insurance –
It is important to think to take insurance for your life, house, health, vehicle, land, etc. All these types of coverageare essential to secure you from damages.
- Life insurance: It is insurance for your life. Life insurance helps you give your dependents financial security & think of prospects after your demise. The dependents get the amount of compensation if the policyholder expires before the maturity of the policy.
- Health insurance: It is insurance for your health. It is ordinary just like life insurance, but individually taken for specific diseases. You need to pay a premium covering the small health-related treatment, hospitalization, medication & even doctor consulting costs.
- Vehicle insurance: Generally, every car owner or vehicle owner need to have this insurance because it protects you against any incidents like accidents & get the compensation of the damage.
- Home insurance: Everyone has a dream to buy a house. It helps you cover loss or damage caused to your home due to natural calamities such as earthquakes or any fire incidents.
- Land Insurance:Whenever you plan to buy a land, it is essential to takelandscape insurance at the time of its purchase.Choosing an insurance for your land give you coverage against any of the damage occurred on your lawn or property.
The best part to buy the insurance is that you will get some tax benefits also. You can claim the deduction of premiums you paid under 80C section & medical claim under 80D section of income tax act for your & your parents also. You can claim the amount at the time of filling up your income tax return.
Any type of insurance chosen by you can provide you benefit at a cost which is called as premium. Whether it is a life insurance for life, vehicle insurance for car or bike, landscape insurance for land, you can buy these policies offline as well as online either by yourself or with the help on an agent. Look for suitable plans so that the premium will be cheaper & of less amount. It will help you to minimize your out of pocket expenses. Also, ensure that you have performed a proper research before choosing your agent and investing in an insurance policy.