As we are humans, we are very materialistic. We like to buy more expensive luxury items to fulfill our zest and desire, and we also buy expensive cars, properties, shoes, jewelry sets, precious stones, and many more to show off in society.
But there is a continuous fear of losing that thing and the risk of damage to that particular thing. We always want to protect them sometimes, and we feel such insecurity for the persons in our family, even if they are our pets. We also feel the same for them because they are close to our hearts. We want to save them from any mishappening in the future.
To solve this issue, a unique concept of insurance promises to help you during financial loss or when you cannot cope with such a heavy financial loss. At that time, insurance is vital in saving your close ones.
Insurance means safeguarding someone or giving someone assurance or a promise that someone will help you in the hour of need, specifically when there is a huge financial loss or costly medical bills.
Nowadays, there are many insurance companies, unlike in the old days when people gave money to the wealthiest person in their society every month. In return, he was bound to help them when they suffered financial loss.
The Idea of Insurance
The readers may be stunned after reading that the idea of insurance was very ancient; this was introduced in the 18th BC (Before Christ); the evidence of this statement can be found in the old, ancient scripts. The king at that time gave various grants to the public, in which they took a small amount of money from the citizens of their kingdom and utilized that money for the betterment of their citizens. Whenever a natural calamity occurs, like floods, drought, and earthquake, the king helps them by giving them money and supporting them. In India, we read about various kings and rulers who usually take some money from citizens and, in return, help the needy; all these lay the foundation for the concept of insurance.
Different Types of Insurance
Nowadays, various types of insurance companies provide this facility to the consumer, and the competition in the insurance sector is much more, and there are primarily five main types of insurance that are listed below as,