Astitch in time saves nine. Timely investment in insurance policies is a stable measure to reduce the impact of risks and be financially secure. Securing aspects such as life in general, health, home, vehicles, appliances, gadgets and even travel requires an insurance policy, which is a product developed by able minds in the finance industry. Insurance policies are promoted and marketed on almost every popular medium. All insurance policies cover risk for those probable, unwarranted mishaps. A close look at any insurance promotion depicts adverse situations such as bad health, accidents, loss and damage to property, vehicle and assets. It is a type of investment method of channelising money in the initial stages of personal finance planning.

Importance of insurance

   Insurance is a financial coverage agreement or policy whereby an insurance company undertakes to indemnify (guarantee) the individual or business against loss by a specified....