What is Insurance?
Insurance – It is a contract or a policy that provides financial protection against future losses. It is signed between a policy issuer (insurance company) and the policy-buyer (insured person or entity). Insurance policies are used to hedge the risk of potential financial losses. It might cover the insured person, their property or even the liability of damage to others (third party). 
Criteria's we look at while recommending you the right insurance policy
There are multiple criteria in our proprietary algorithm that we look at even before recommending any financial product. For example, your demographic, geographic, bureau data, etc as explained here.
We majorly focus on 5 factors for Health Insurance selection for our customers, which are:
1. No room rent capping – This means there is no limit on room related expenses that the insurance company will pay. So, you do not have to pay any room rent when you are hospitalized.
This is the most important factor amongst all because insurance companies try to cover their costs with the help of their network hospitals. When you get admitted to a network hospital, the hospital management falsely claims that the room promised under your insurance is not available and a higher one is. But you will be charged extra for it and if you refuse then you are moved into a wardroom with no privacy.
2. No Co-payment – means that you do not have to any amount out of your pocket and the insurance company pays up to the sum insured. Under this, you are not required to pay even partially.
3. Pre- & Post-hospitalization cover – this means some expenses before and after hospitalization are covered.
Under Pre-hospitalization, the insurance company pays any medical-related bills such as X-rays, blood tests, etc. before you are admitted to a hospital.
Similarly, Post-hospitalization cover provides you with medical expenses like diagnostic charges, consulting charges, etc. after you are discharged.
4. Recovery Benefits – Under this feature, you are entitled to receive a defined lump sum amount when you are discharged from a hospital. Recovery can take time but your daily expenses do not pause, hence this cover helps you to get back on track.
5. Ambulance Cover – Getting to a hospital in an emergency is haunting, especially when a loved one is injured or falls sick. It is important to hire a professional to get you to a hospital immediately. Moreover, cutting through traffic can be difficult. This feature covers ambulance expenses, some insurance policies even cover Air Ambulance charges.
Our thing is to weigh your needs and preferences to provide you with the highest utility that is possible under your budget. We focus on these aforementioned factors as these are the ones that make a difference when choosing between different policies.
We primarily focus on 6 factors which are major differentiating parameters among all Life Insurance policies, which are:
1. Terminal illness cover – In an unfortunate case, you are diagnosed with a terminal illness like cancer, Alzheimer's or ALS, etc. you will get the sum insured and the policy gets terminated.
2. Accidental cover – If you meet with an accident and suffer physical damage or you are physically impaired, you are liable to receive policy benefits.
3. Critical illness cover – If suppose, you are diagnosed with some form of critical illness like a heart attack, kidney failure, third-degree burns, etc. then you will receive policy reimbursements.
4. Disability cover – In an ill-fated event, where you are disabled permanently and lose your independence you enjoy, the policy pays you a benefit to cope-up with your life.
5. Premium waiver on disability – This feature helps in an event where you suffer disability on any kind all future premium payments are waived or renounced but the policy continues, providing you with all benefits which you would have gotten otherwise.
6. Claim pay-out flexibility – This provides flexibility to the nominee when a claim is paid-out. It is crucial to have this option as predicting future needs is difficult and your nominee should be able to make the most out of your Life insurance policy.
Our idea is to evaluate your needs and likings to provide you with the highest benefit that is conceivable under your financial plan. We focus on these aforementioned factors as these are the ones that make a difference when choosing between different policies.
How does insurance work?
There is a large variety of insurance available and any person or business can find an insurance policy that insures them of any damage for a price. This price is the insurance premium. 
The components of any insurance policy are premium, policy limit, and deductible
1. Premium – Any policy’s premium is the price which the policy-buyer (insured) pays to the insurer or insurance company. Typically, it is a monthly cost and is determined by the insurance company after assessing the policyholder's risk profile and creditworthiness. 
For example: suppose that you own many cars and have a history of rash driving, then the insurance company will charge you a higher premium as compared to a person with a single car and a perfect driving record.
2. Policy Limit – the policy limit is the maximum amount the insurance company will pay for a claim under the insurance policy. Policy limits vary according to the policy itself and can have other factors linked to it like the maximum amount insured per loss or injury. Further, a policy limit can be set per period (annual or policy term). 
Typically, insurance policies with a high policy limit will carry higher premiums. The maximum amount the insurer will pay is also known as the face value of the policy.
3. Deductible – it is the specific amount the policy-buyer must pay before the insurance company pays a claim. The main purpose of these charges is to restraint large volumes of small and petty claims. Depending upon the policy deductibles can be applied per-policy or per-claim. 
Generally, policies with high deductible charges have low premiums because the policy-holder has to pay a higher amount for filling claims.
Types of Insurance policies
- Health insurance
- Life insurance
- Property insurance
- Fire insurance
- Standard Auto insurance
It is a coverage plan that pays for medical and surgical bills incurred by the policy-holder. Health insurance may cover the entire or partial expenses for the insurer. The insurance company can compensate the policy-holder for illness or health-related expenses or can even directly pay the hospital or medical service provider. The benefits received under a health insurance policy are tax-free. 
Health insurance typically are of two types:
- Indemnity Plan- under this all hospitalization costs are covered.
- Fixed Benefit plans- under this the policyholder is protected against certain predetermined critical illnesses like cancer, heart diseases.
How does health insurance work?
Health insurance policies are complicated to understand. For instance, some health insurance plans require policy-holders to receive health care from a network of assigned healthcare providers for the maximum level of coverage. If you seek medical attention outside the insurance company’s network, the insurance company will not pay you the entire policy limit amount. In some policies, the insurance company may even refuse the entire claim for medical services obtained outside their network. 
About health insurance, people who have chronic health issues or want regular medical attention must choose insurance policies that have low deductible charges. Policies with low deductibles will have higher premiums, but cheap medical help could worth the trade-off. 
It is a coverage plan where in the event of the death of the insured, the insurance company agrees to pay the death benefit to nominated beneficiaries. The insurer makes this promise to pay in exchange for premium payments from the policy-holder. Upon the expiry of policy, the policy-holder can either renew it for another term or allow it to terminate. 
What is Death benefit?
A death benefit is a payment to the nominated person or beneficiary paid when the insured person dies. Under life insurance policies, the death benefit is not subject to income tax and the nominated person or persons receive a lump-sum payment in the death event of the insured. 
How Term Life insurance works?
These policies only have a guaranteed death benefit. The purpose of the policy is to provide insurance to policy-holders against loss of life. The basis of premiums is a person’s age, health and life expectancy which are assessed by the insurance company. If the policy-holder dies within the policy term then the insurance company will pay the policy limit amount or the face value of the policy. If the policy expires before the policy holder's death, then there is no payout. If the policy-holder wishes to renew their life insurance policy at expiration then premiums to be paid are re-calculated for the present age, health and life expectancy. 
Due to adverse externalities and unforeseen medical expenses, an individual can jeopardize their financial health. To mitigate any sorts of health and life complications, it is imperative to hold an insurance policy for yourself and your loved ones.
It is an insurance policy provides financial compensation to the owner or tenant of the property. It contains protection against theft or damage and to a person other than the owner if that person is injured on the property. Property insurance can contain various policies like homeowners insurance, tenant insurance, flood insurance, fire insurance, and earthquake insurance. 
How property insurance works?
Threats covered by property insurance usually provide cover against selected weather-related disasters, damage caused by fire, smoke, wind, hail, lightning and more. It might even cover damages caused by vandalism and theft. It can also provide liability insurance (third party) in case a person other than the owner is injured on the property. Generally, property insurance does not cover the damage caused by extreme cases like nuclear events, acts of terrorism or war. It also does not cover acts of god until it is stated otherwise. 
It is a type of property insurance that protects property against losses caused by fire. The policy-holder could buy fire insurance in addition to property insurance to cover replacement costs or reconstruction costs which are not covered under property insurance. However, extreme externalities like war, nuclear events are not covered even in fire insurance.  It is generally bought in addition to property insurance when property insurance excludes protection against fire.
Standard Auto Insurance:
It is a basic protection against automobile damages and is offered to drivers that fall in an average risk profile. Drivers with a clean driving record and minimal claims filled in the past will usually qualify for standard auto insurance.
The fundamentals of Standard Auto insurance
Standard auto insurance is the basic available protection to policy-holders and it is compulsory by regulation for a driver to buy auto insurance. Under auto insurance, third party liability insurance covers bodily damages to other people or property damage which are faults of the policy-holder. This insurance will not cover the policy-holder driver.
In addition to standard auto insurance, comprehensive insurance is also available at additional charges. This insurance provides extra protection for the policy-holder driver as it covers damage to the policyholder's car.