Insurance and its usefulness for the Society – Insurance is a kind of management in which a step to prevent any uncertain loss is taken in the form of risk management.
Insecurity of living and nonliving elements has become a major factor from any kind of risk like the death of any person, robbery of property, etc. Insurance serves us with a way to secure our lives, our owned things by giving a benefit with payment in place of the individual loss.
For the sake of financial security, a huge number of investment schemes are there in the market in the name of insurance policies. These insurance policies server as long term benefit plans with less amount of savings and a good amount of returns. These insurance policies are a form of contract which includes an agreement between the insurer and a policyholder. Each and every insurance policy is unique in features and is made to meet some specific needs. These features vary from company to company and each policy is given a unique name depending upon the features.
Insurance policy duration period:
Insurance policies duration is the length of time during which the policy remains in action. These insurance policies time period can be of several months or several years.
There are two types of insurance policies:
Long term policies: investing a small amount of money every year in the form of monthly premium for a time period of 15 years or more and getting the benefits with interest on the maturity of the policy.
Short term policies: Payment for a short duration of time like for some months and getting the benefits with interest on maturity after some years.
Insurance 6 months policy:
There are a lot of short terms insurance policies but the shortest duration is of insurance 6 months policy. Most common insurance 6 months policies are Medicare insurance and car insurance.
Health insurance: Medicare insurance plan under insurance 6 months policy scheme provides coverage related to home health care, ambulance, durable medical equipment, nursing facility, hospital, doctor charges an ambulance. Some medical policies also include prescriptions and drug coverage.
Car insurance: They can be found in duration of six months and one year. Both kinds of car insurance are biracial on their own terms. One of the most important factors is how to get a cheaper insurance 6-month policy for the car. Individuals have to check for at least 5 different quotations from different auto insurance companies, less than that will simply not do the job. These quotes can be asked from agents or can be found on company websites.
The other short term investment plans are:
Gold: Investment on gold by depositing gold items with a financier for the shortest of six months time period or for the long term.
Savings Account: This the most common form of savings for those who don’t want to take a risk in investments.
Fixed deposit: Most of us are also interested in bank FD’s, with a minimum period of 30 days to a maximum period of 10 years.
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