What is Insurance?
Insurance is not a new thing for us. However, people have many questions about this insurance. There will be no question of why. Insurance is an important thing in our life. So it is natural to want to know about this. Like other countries of the world, business and trade has expanded in Bangladesh. Insurance business has also expanded. Another reason for the expansion of insurance business is the natural disasters of this country. Every year, floods, cyclones etc. strike and destroy the fortunes of business establishments. Apart from this, the country's religious culture and insurance business have contributed significantly to expansion.
Insurance in Bangladesh
85% people of our country are followers of Islam. That is why the Islamic insurance system has been developed on the basis of Islamic principles. Through this post you can get an idea about insurance in Bangladesh. So let us know about this in detail. The first question that comes to people's mind is, what is insurance? The answer can be given in one word. Insurance means a contract. What! Do not understand? Not to understand. It's hard to understand just the contract.
So let me clarify now. Insurance is an English word. And its Bengali is Bima. In other words, insurance is a contract that will help you in times of danger. If you still don't understand then let me explain a little more clearly. Suppose you take an insurance policy of Rs 5 lakh for 5 years with an insurance company.
And while doing that insurance you have to make some agreement and you have to premium certain amount of money at certain time. Which in simple language is called installment. Now if it is life insurance then if there is any problem related to your life or you die before the completion of 5 years of insurance the insurance company will give you full amount to your heirs. Hope you are not having trouble understanding what or what insurance is.
How many types of Insurance:
Insurance can be of many types, but general insurance is of 2 types:
1. Term Insurance (Life Insurance)
2. General Insurance (None-Life Insurance)
Here again there are many types of general insurance. All of which increase in variety step by step. Ex: Suppose now a new technology comes out. You want to get this technology or service through insurance. Then this technology will be added to a new category.
Currently General Insurance following categories are open.
- Home Insurance
- Health Insurance
- Vehicles Insurance
- Travel Insurance
- Corporate Insurance
- Fire Insurance
- Property Insurance
- Accidental Insurance
Life Insurance:
An insurance policy in which a specified amount of money is paid to a designated family member after the death of the person in whose name it is held. The amount to be paid is determined at the time the person takes the insurance.
The premium is determined based on how much money you pay to the nominee upon death. The more money you want to pay, the more premium you have to deposit.
General Insurance:
General insurance can also be called None Life insurance.
It means that any insurance that is not related to your life or life insurance is included in general insurance. There are many types of general insurance. And these general insurances tend to increase over time. Hence they are called None Life Insurance.
1. Home Insurance: Home insurance is, if you build a house through home insurance then this is yours The institution will protect the house for a certain period. They will bear the compensation if your house gets damaged due to any natural calamity or any other reason.
2. Health Insurance: If you have health insurance, the insurance authority will bear your hospital expenses through this insurance. If you have an accident, the authorities will bear all the burden of your treatment.
3. Vehicles Insurance: Vehicles Insurance means that if you purchase a Vehicles Insurance and if it gets damaged for any reason then the insurance authority will take the entire burden.
4. Travel Insurance: Travel Insurance means that if you travel to a place through Travel Insurance and if you are damaged for any reason, the insurance authority will take the full burden of it.
5. Corporate Insurance: Same rules for Corporate Insurance. If you are damaged for any reason, the insurance authority will take the full burden.
6. Fire Insurance: Same rules for Fire Insurance. If you are damaged for any reason, the insurance authority will take the full burden.
7. Property Insurance: If your property is damaged for any reason or if someone occupies it without any reason, it will be returned to you by the insurance authority.
8. Accidental Insurance: Same rules for Accidental Insurance. If you are damaged for any reason, the insurance authority will take the full burden.
