What is IRDA (Insurance Regulatory and Development Authority)? The Insurance Regulatory and Development Authority of India (IRDA) supervises both life and general insurance companies across the country. With India’s large population, the insurance sector holds substantial opportunities for growth and development. To simplify the role of an insurance regulator, consider the example of a traditional … Read more
Depreciation in Insurance Depreciation in insurance reflects how everything loses value over time, including your most prized possessions. When we buy something new, it quickly becomes familiar, losing its novelty. The monetary worth of items decreases with age, usage, and condition. The more something is used, the less financial value it retains. What is Depreciation … Read more
What is an Insurance Deductible? A deductible in insurance refers to the out-of-pocket amount a policyholder must pay for repairs in case of damage or loss. Once this is paid, the insurer covers the remaining costs within the policy limits. In simpler terms, the deductible is the policyholder’s share of the claim. It is one … Read more
What is General Insurance? General Insurance provides coverage for financial losses incurred from the damage or destruction of insured assets. Insurance acts as a safety net during unforeseen events that could disrupt daily life. There are two main types of insurance: Life Insurance and General Insurance. While Life Insurance is widely recognized, many remain unaware … Read more
Accidents and losses, including death, are sudden and life-altering events that arrive without warning. While we can’t prevent these unpredictable occurrences, we can protect ourselves from their impact. Insurance serves as a crucial safeguard against such uncertainties. Choosing the right types of insurance with adequate coverage is a wise decision to protect our assets and … Read more
Home Loan Insurance Borrowers should manage their finances carefully. However, getting home loan insurance is optional when borrowing from banks, NBFCs, or housing finance companies. Regulatory bodies like the RBI and IRDAI do not mandate purchasing home insurance with a home loan from any financial institution. Meaning of Home Loan Insurance Home Loan Insurance, or … Read more
Group Term Life Insurance Plans are designed to provide life insurance coverage to a group of individuals under a single policy. These policies aren’t limited to employer-employee groups but can also cover customers of banks, NGOs, professional groups, non-banking financial institutions, and microfinance institutions. For employees, a group insurance policy ensures financial support and security … Read more
