*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Protecting oneself from any kind of damages and losses like physical injury, property losses, or any financial losses is of pivotal importance. With new-age technology, people can take up insurance policies through internet services from trusted sources like the UIIC at the comfort of their homes. After applying for a policy, users can check the status of their policy on the website. With the availability of such options, taking up policy has never been this easier.
It is an agreement between two parties who are technically termed as the insurer and the insured. The contract agrees upon certain specific grounds, and the insurer is held legally responsible for paying a certain fraction of the deal. The insured must pay an initial amount (in some cases treated as collateral) which is known as premium.
In more simple terms, an insurance policy is recommended to be taken by every single citizen, which will help him/her in times of need. For instance, let us take a health insurance policy. It is usually taken by most of the population wherein they pay a certain amount every month depending upon the policy. If the person faces an accident, this policy money will cover up his/her medical expenses. It is more of a safeguard that protects the person from an unexpected financial crisis.
There are no restrictions when it comes to policyholders. Every one of us can and must take up a policy as it has numerous advantages. It is essential to protect oneself from unexpected and unfortunate events that may take place in the future. It is always advisable to stay on the safer side. Some policies are mandatory for people who are liable to society or a certain firm. They are known as liability insurance policies. There are several types of policies available nowadays which vary depending upon the stipulations.
As stated before, there are various types of policies, and such policies have several sub-divisions among them. Here are the basic forms of insurance policies that can be taken by common citizens. There are certain types of policies that include a liability policy so that it also covers the damages and losses caused to the opposite party. The liability policy will pay off the opposite party, and the insurance policy will cover the insured’s bills and payments.
Life insurance is as essential as it can pay off the medical bills in case of the insured meets with an accident or with any form of physical injury. Besides helping the insured, it can also be beneficial to the insured’s family by aiding their children’s studies or the family in general. It can also pay off the debts the person had left behind in case the person passes away. There are two types of life insurance policy- terms and permanent policies. One can take up this policy for a specific period or can take up a policy for a lifetime.
This policy, in simple terms, covers the insured’s medical bills and surgical expenses. It can lend a helping hand to a person when all other options are locked. At times of crisis, such policies can be very useful. Health insurance is often looked up as an investment. Though people might be young and healthy now, they might fall sick in the later part of life. To pay off treatment bills, one needs monetary support and sometimes requires a large sum. Not everyone can afford such a huge sum of money within a short period. This policy can cover up the bills without pressurizing the patient further.
It is to be taken by automobile owners at the time of purchase. This covers up (depending upon the policy) the repair and replacement bills. Automobiles are expensive, and thus, it is important to have a policy that protects an asset as important as this. Certain auto policies include liability insurance and collision coverage. To understand this, consider an accident that takes place between your automobile (say, a car) and another automobile. It causes serious damage to both vehicles. In this case, liability insurance covers up the repair charges of the opposite party, and collision coverage covers up the bills of your vehicle. In this way, both the parties are satisfied without having to pay additionally.
Just like auto insurance, property insurance is taken up by people who own valuable and most importantly, expensive assets. It can be taken by house owners and also by rent payers in the form of renter’s insurance. The former protects the insured’s house in case of a natural disaster or due to unexpected damage. The later protects the mortgage payers’ in case of fire or theft.
UIIC is a PSU (Public Sector Undertaking) possessed by the Government of India. It is based in Chennai, Tamil Nadu, and India. It serves for most of the government employees in India including:
One can take up a policy from the company in person or can apply for one through online services. The website serves people who can take several policies and also lists out the rules and regulations. This includes the instructions regarding the documents to be submitted and the etiquettes. It is user- friendly, and hence, people can easily navigate through the website to take up a policy of their choice.
And many more. Special Policies offered: -
This policy covers the loss or damage caused during the transit of shipment through marine routes. It can be taken up by the owners of the shipment. Cargo transit is an expensive process. Both the cargo and the transport charges are costly, and hence it is advisable to protect such valuable assets. This policy insures the cargo and the shipment. In case of fire, collision, stranding, sinking, war, jettison, earthquake, or lighting the shipment losses are covered depending upon the stipulations mentioned in the policy.
The policy covers buildings, machinery, stocks, and furniture damage in case of fire. Apart from fire, other accidents like lighting, explosion, aircraft damage, terrorism, riot, landslide, bush fire, storm, flood, etc. are also included as perils in the policy. Besides covering up for the damages caused, it also helps the insured by helping them to get back on their feet by covering bills charged for startup expenses, removing debris, spoilage material damage cover, leakage and contamination cover.
This policy is tailored for thermal power, and pressure plants wherein the components and equipment are highly expensive and are liable to their workers. The policy covers the damages and losses caused and also for dismantling and re-erection. The policy also includes a liability insurance plan that covers the physical injury and damages caused to the workers.
The policy covers the damage caused due to the death or loss of exotic/indigenous cattle breeds. The cattle ranch owner can take up the policy which will aid him/her when the cattle die due to natural disasters or becomes permanently disabled due to medical conditions. In either case, the yield is affected, which will cause huge losses to the owner.
Thanks to the user and interface friendly design of the webpage, users can easily navigate through the website and get the information they seek.
On the Whole,
We have understood the importance of taking up a policy on whether or not you are an owner of valuable assets. The types and subdivisions of policies are also dealt with in this essay. The options and services offered by the United India Insurance (UIIC) are also discussed. The steps to be taken to check the status of their policy are also explored. Thus, people are encouraged to take up insurance policies that can lend them a helping hand at times of crisis and can also support their families.