Life is full of uncertainties. We face various risks in our day-to-day life including risks to our life, health, property, and so on.
We don’t know whether something unfortunate will happen to us or when, but it is certainly possible for us to take measures to reduce the financial impact of these risks and protect ourselves financially.
Such financial security could come with savings and investment but these merely give back our own money and some returns.
Insurance is a financial tool specially created to reduce the financial impact of unforeseen events and create financial security.
Insurance works on the law of large numbers where contributions by many in the form of premium pay for the losses of a few. By paying a premium for protecting against a certain type of loss, you will be protected for a certain sum of money that you will receive if you face that loss.
IRDA Consumer Education:- Insurance is the subject matter of solicitation. IRDA Registration Number - 137. CIN No. U66010RJ2006PLC029979. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.