Insurance

What is Insurance?

At PTIC INDIA, our professionals with decades of experience offer a wide range of insurance policies that best suit your budget and expectations.

Insurance is a financial compensation plan that provides complete or partial financial coverage for losses, damages, treatments, diseases, injuries, or deaths caused by events beyond the insured person’s or party’s control. It is a financial agreement between an individual and an insurance provider. In exchange for a specified sum, known as a premium, the insurance company will compensate for financial losses. This prepayment arrangement guarantees that the insurance company will cover a portion of a loss or damage.

How Insurance works?

Insurance protects you and your belongings from the risks of loss, damage, theft, disease, and death. You can choose what you want to protect with insurance. Policies are available for various aspects of life, such as health, home, automobile, business, and future planning for children. Insurance policies function as contracts that protect you from specific risks under certain conditions.

Steps to Understand Insurance:

Choose a Policy: An insurance policy lists exactly what is covered and what is not.
Pay the Premium: The premium is the amount you pay monthly, yearly, or sometimes only once to maintain the insurance. The amount depends on the risk and the value of the insured items or events. For example, inexperienced drivers are more likely to have accidents, so their car insurance will cost more. It will be even higher if they drive an expensive car because repairs would cost more.
Make a Claim: If an event covered by the policy occurs, you can make a claim. Inform the insurance company, and if the claim is covered under your policy, they will pay you as agreed.

Listed below some common Insurance Terms:

Annuity

A contract with the insurer to pay an amount to the policyholder or their spouse. If both pass away during the policy period, the amount is offered to the next of kin.

Beneficiary

A person who receives insurance benefits if the policyholder dies during the policy period.

Coverage

The range of protection provided under an insurance policy, such as life insurances, health insurances, and vehicle insurance.

Deductible

The amount paid out-of-pocket before the insurance company begins paying towards covered expenses.

Insurer

The company that provides the insurance coverage and undertakes to pay compensation.

Insured

The person or policyholder compensated for loss or damage under the insurance policy.

Policy

The written contract between the insurance company and the policyholder, defining the terms and conditions of the policy.

Premium

The amount paid by an individual or institution to the insurer to maintain the insurance policy.

At PTIC INDIA, we ensure that you get the best insurance coverage tailored to your needs and expectations. Contact us to learn more about our offerings and find the perfect insurance policy for you.

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