FL Insurance

Fundamental messages in
Financial Literacy
Insurance
NATIONAL CENTRE FOR FINANCIAL EDUCATION

INSURANCE PAGE 2
Protect yourself and under which you can be compensated for
certain losses. You pay a fee called a
your loved ones premium. In exchange, the insurance
company agrees to pay you a certain
amount of money if the event you are
No one plans to get in an accident or insured against happens during the term of
become seriously ill. The chances of these the policy.
things happening to you may be very small.
So we may put off buying the insurance we
need. But these things do happen. It's only

Before buying
when the event occurs that we realize that
we may not be as well protected as we

insurance
would wish. Insurance is a way to protect
Before buying insurance, look at all the
yourself and your loved ones from financial
protections you currently have, privately or
hardship in case losses occur.
through your employer. Keep in mind that
Insurance is a some types of insurance are very expensive
and may not be worthwhile. Consult an
contract insurance agent or broker to help you
determine what types of insurance and
levels of coverage are available, and then

Insurance is a contract, called a policy,
decide what is right for you.
between you and an insurance provider,
INSURANCE PAGE 3
Life insurance
Life insurance provides a financial payment
to your beneficiary upon your death. When
you buy a life insurance policy, you name a
beneficiary, the person (or persons) who
will receive the payment. The insurance
company pays the amount of your
insurance to the beneficiary after your
death. Review your life insurance coverage
when your life circumstances change such
as getting married, having a baby or
supporting your parents.
Health insurance
In the recent past the cost of treatment has
increased many folds. A simple visit to a
doctor now costs anywhere between 300
to 3000 rupees, depending on where you
live. If your treatment requires you to stay in
the hospital for few days, you will end up
with a huge medical bill that can severely
impact your savings. To avoid such financial
shocks, we must insure ourselves. Every
insurance company offers a medical
insurance plan that covers basic medical
care, including doctor visits and costs of
hospitalization.
Shop around and

compare
You can buy insurance from a licensed
agent or broker who represents the
insurance company. However before buying
it is prudent to check whether their
recommended insurance company is
registered with the insurance sector
regulator, IRDAI. It is also beneficial to
compare both the coverage and prices of
similar insurance policies offered by various
companies.
INSURANCE PAGE 4
Make a quick and you have no police report to confirm how
the accident happened and what property
honest claim was lost or damaged.
When you make a claim, you are officially Complain if you are
treated unfairly
asking the insurance company to pay you
for the loss you have suffered under the
terms of your insurance policy. Contact
your insurance broker, agent or company as If you think that the insurance company has
soon as possible. Because most companies unfairly refused to compensate you, or has
have time limits within which you must not given you enough compensation, you
submit your claim. Also remember to can complain to the insurance company. If
provide all supporting documents needed the insurance company refuses to consider
when submitting your claim. your complaint, or you consider that the
insurance company has not responded
Report thefts, accidents and other fairly to your complaint, you can approach
damages to the police before going to ask the Insurance Regulatory and Development
for compensation from the insurance Authority of India (IRDAI).
company. For example, the insurance
company may refuse to compensate you if

NATIONAL CENTRE FOR FINANCIAL EDUCATION
NISM Bhavan, Plot No. 82, Sector 17, Vashi, Navi Mumbai 400 703
Email: [email protected] | Website: www.ncfeindia.org

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Fundamental messages in

NATIONAL CENTRE FOR FINANCIAL EDUCATION

Protect yourself and under which you can be compensated for

certain losses. You pay a fee called a

your loved ones premium. In exchange, the insurance

company agrees to pay you a certain

amount of money if the event you are

become seriously ill. The chances of these the policy.

things happening to you may be very small.

So we may put off buying the insurance we

need. But these things do happen. It's only

we may not be as well protected as we

Insurance is a some types of insurance are very expensive

and may not be worthwhile. Consult an

contract insurance agent or broker to help you

determine what types of insurance and

levels of coverage are available, and then

to your beneficiary upon your death. When

you buy a life insurance policy, you name a

beneficiary, the person (or persons) who

will receive the payment. The insurance

company pays the amount of your

insurance to the beneficiary after your

death. Review your life insurance coverage

when your life circumstances change such

as getting married, having a baby or

supporting your parents.

increased many folds. A simple visit to a

doctor now costs anywhere between 300

to 3000 rupees, depending on where you

live. If your treatment requires you to stay in

the hospital for few days, you will end up

with a huge medical bill that can severely

impact your savings. To avoid such financial

shocks, we must insure ourselves. Every

insurance company offers a medical

insurance plan that covers basic medical

care, including doctor visits and costs of

Shop around and

agent or broker who represents the

insurance company. However before buying

it is prudent to check whether their

recommended insurance company is

registered with the insurance sector

regulator, IRDAI. It is also beneficial to

compare both the coverage and prices of

similar insurance policies offered by various

Make a quick and you have no police report to confirm how

the accident happened and what property

honest claim was lost or damaged.

for the loss you have suffered under the

terms of your insurance policy. Contact

insurance company has not responded

for compensation from the insurance Authority of India (IRDAI).

company. For example, the insurance

company may refuse to compensate you if

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