Insurance provides financial protection against specific risks such as life, health, property, etc. It involves paying premiums to an insurance company in exchange for coverage.
Characteristics:
- Risk management tool
- Various types: life, health, auto, home insurance
- Provides peace of mind
- Regulated by IRDAI
Portfolio placement :
Insurance should be part of any financial plan to mitigate risk. Life and health insurance are essential for financial security and protection against unforeseen events.ed approach.