An Insurance Variant in the market

Insurance is the form of risk management. It is mainly used to hedge against risk depending on the losses. Insurance is the equitable transfer of risk of loss which could be incurred in future. It is a two party contract or an exchange of risk for a premium from one party(insured) to the other (insurer), where the payment of premium is being done on the installment basis. It is a contract between two entities for financial protection on reimbursement of losses which might occur in future.

There are basically two types of insurance - Life Insurance and General Insurance.

General Insurance includes automobiles, health, car, home, homeowner policies etc. It provides protection against losses incurred from the unavoidable instances. It is a kind of side-on investment which helps us to live our life fearlessly and provides a financial security at the time of need.

There is a long queue in the market of general insurance companies such as Iffco Tokio General Insurance which offers a worldwide range of uniquely customize policies to cover wide range of customers from farmers to the India's largest automobile manufacturers. Iffco Tokio insurance even renders the mega policies for fertilizers and automobile industries, other than conventional products. It has been subjected to the niche products like Credit Insurance, Fine Art Insurance, P & I Insurance whereas even Error and Omission Policies for the IT sectors. This is backed by a robust IT infrastructure which has enabled, among other things, speedy settlement of claims.

Like, Bajaj Allianz General Insurance which deals in the insurance of motor, home, health, travel and others(speciality lines, employee, office, and manufacturing unit). It even offers the comprehensive package of the different kinds of insurance products and claims as a part of their deal for the upcoming customers.

Other major player in this industry is the Shriram Life Insurance, which has reflected the ample of growth in the insurance industry in the last couple of years. The company is even targeting towards the majority of audience as well as to sustain its growth in the market. Shriram Life Insurance is a joint venture between Shriram Group of India and SANLAM of South Africa which covers the subjects like child education, retirement funds, marriage of children etc., with an expectation to provide the highest return on investments.