Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool.Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.
| Types of Contract/ Insurance | Term | Nature/ Risk | Returns | Benefits of sec 10(10)D and sec 80C |
| Whole Life Plan, Traditional | 90 Days -100 yrs | Low-Medium | 6%-8% | YES |
| Term Insurance | 90 Days-80Yrs | No Risk | No(zero) | YES |
| Endowment Money Back(Children Higher Education, Retirement, Marriage) | 90 Days-70Yrs | Low-Medium | 6%-8% | YES |
| ULIP Investment Equity Oriented plans | 90 Days-80Yrs | Medium-High | 6%-12% | YES |
Fortuna Conect is dedicated to developing General Insurance on professional, healthy and ethical lines.
Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalisation for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
One of the main reasons one should insure is to protect one's belongings and assets against financial loss. When one has earned and accumulated property, protecting it is prudent. The law also requires us to be insured against some liabilities. That is, in case we should cause a loss to another person, that person is entitled to compensation. To ensure that we can afford to pay that compensation, the law requires us to buy liability insurance so that the responsibility of paying the compensation is transferred to an insurance company.