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Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

General Insurance provides you the much-needed protection against unforeseen events like accidents, illness, or fire. Unlike Life Insurance, it is not meant to offer returns but is a protection against contingencies. Some types, like Motor Insurance, are compulsory under Acts of Parliament.

Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.

Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take an insurance policy and to complete the contract of insurance.

• Approach the insurance company well in advance of your expiry date.
• Seek approval for renewing your policy if you haven't received an intimation.
• Seek premium and relevant details, then pay the premium to receive your receipt.
• Check documents for correctness on receipt.
• If denied, seek an explanation from the company or find another insurer.