The Importance of Insurance in India

India is a developing country with a large population. Due to the large population, Indian people don’t have great standards of living. They face not only extreme weather but food and water shortages as well. Furthermore, due to poverty, there is a lot of criminal activity taking place which is why Indian people give a lot of importance to insurance.

Due to all these problems, Indian people turn to insurance to protect themselves from financial ruin. By getting their assets insured, the people of India don’t have to worry about paying a lot of money out of their own pockets if some unfortunate event takes place.

3 popular types of insurance in India

There are many different types of insurance available in India. However, there are some types of insurance policies that are popular amongst Indian people.

The popularity of these policies is connected to the socio-economic state of India and its citizens. Some of these popular policies include

1.   Life insurance

Life Insurance policies are immensely popular in India. People like to save up for the future of their families and Life insurance allows them to do just that. Life insurance policies essentially grant a certain sum of money to the policyholder’s family in case the policyholder passes away.

Due to the relatively poor healthcare system and the general standard of living, people tend to have smaller lifespans. Life Insurance policies provide financial support to the policyholder’s family and loved ones after their demise which is a source of great support for them.

2.   Business Credit insurance

Since India is a developing economy with a lot of ambitious youth, there are a lot of businesses popping up. However, due to economic instability, people need to get their businesses insured.

This is done to prevent loss and bankruptcy and is especially important for start-ups. This is because start-ups are new and small businesses and they need to be protected to they can grow without accumulating too much loss. Business Credit Insurance not only provides coverage to businesses but also offers financial help and advice so that they can save themselves from loss and financial issues.

3.   Health insurance

In a country where healthcare is not affordable and the state does not subsidize healthcare for the poor in a sustainable manner, it is extremely important for Indian people to have health insurance. Health insurance is fairly common in India and many people insure themselves and their families in case of an accident, injuries, or disease. This helps them save money and also helps them get access to good quality healthcare for cheaper prices.

In addition to this, many insurance companies in India offer good quality healthcare with low premiums. Which is an additional benefit and also one of the main reasons why health insurance is one of the main types of insurance in India?

3 top Insurance companies in India

There are many insurance companies in India. However, only some of them are best and offer high-quality services. These insurance companies include

1.   Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance is one of the best insurance providers in India. They have a comprehensive website that lists down all of their insurance policies and plans. They also have specific plans tailored for children. This is great for parents who want to secure their children’s future. This is also a great way to save up for their higher education.

In addition to this, Sun Life Insurance also offers retirement plans which are another great way to save up for your future. Furthermore, they offer online plans on their website and they even provide customers with a calculator so that they can calculate and compare insurance quotes. All this makes this one of the best insurance providers in India.

2.   LIC India Insurance

LIC India Insurance is also one of the most famous and popular insurance companies in India. They provide a range of insurance policies but specialize in life insurance.

They offer a range of online services on their website including an “Agent’s Helpline Module” and a “Customer portal.” They also have an online calculator to calculate premiums and give customers the option of paying the premium online. Their website is easily accessible and is extremely customer friendly which is also one of the reasons why this company is one of the most popular insurance companies in India.

3.   Aviva Insurance

Aviva Insurance is the number one private insurance company in India. They offer a range of insurance services including travel insurance, life insurance, and health insurance. Their representatives are also easily accessible on their website and the customer can easily discuss the policies with them.

There is even a “Branch Locator” option on their website which helps clients meet the representatives and discuss policies in real life. This makes things very easy for the customer.

Thus, Aviva, LIC, and Birla Sun are one of the best insurance providers in India.