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What Is Insurance?

Insurance is a contract which is presented as a policy to be used as a risk management tool to ensure financial protection at the time of crisis. Insurance helps an individual to ensure financial protection against losses that may arise during an unforeseen event.

An insurance policy is a contract between an individual (policyholder) and an insurance company (Insurance provider), under which, the individual makes regular payments known as premiums to the insurance company which in return pays the sum assured in case an unforeseen event such as demise of the policyholder, accident, damage to the vehicles or other possessions.

Why is insurance important?

Unfortunate events like accidents, illnesses, and natural disasters come without any warning and thus it is necessary for you to keep yourself and your loved ones shielded against such unforeseen happenings. One of the best and simplest ways of keeping yourself secured against these contingent events which may cause a financial loss is buying an insurance policy.

How Does Insurance Work?

As mentioned earlier, insurance is a legal contract between the policyholder and the insurance provider. The insurance policy carries all the details about the aspects and conditions under which the insurance provider will pay out the insurance amount to the policyholder or their nominee in case an unforeseen event occurs. Insurance is a financial tool which helps in ensuring financial protection of yourself and your family. Generally the person who has purchased the policy also known as policyholder has to pay premiums for the coverage available under the insurance policy. Any person can seek insurance from an insurance company.

What are the types of insurance

There are several types of insurance available in India. The four most common types of insurance bought in India are as mentioned below:

Motor Insurance: Motor insurance policy is a type of insurance policy that provides financial assistance in the event of an accident or mishap involving your vehicle. Motor insurance can be purchased for three categories of vehicles which are personally owned four wheeler, personally owned two wheeler (bikes and scooters) and commercial vehicles. There are three types of motor insurance available in India which are Third party Liability Cover, Comprehensive Cover and Stand Alone Own-Damage cover. According to a person’s coverage requirement for their vehicle, they can choose a motor insurance that fulfills their requirements. Third party motor insurance policy is mandatory in India for all vehicles, as per the Motor Vehicles Act.

Health Insurance: Health insurance policies provide financial assistance to the policyholder in case they need to be admitted to the hospital for any kind of treatment. Additionally, some health insurance plans also cover the cost of treatment which are undertaken at home before the hospitalization or after discharge. There are several health insurance plans available in India such as Individual Health Insurance, Family Floater Plans, Critical Illness Cover, Senior Citizen Health Insurance, Group Health Insurance, Maternity Health Insurance and Personal Accident Insurance.

Life Insurance: Life insurance is an agreement between an individual and an insurance company under which the insurance company promises to provide a sum assured (death benefit) to the family of the life assured in the event of an unforeseen death of the life assured. In case of no death, a sum assured known as the maturity benefit is provided to the life assured at the time of maturity of the policy under selective life insurance plans. There are 6 types of life insurance policies available in India which are Term Life Insurance, Unit-Linked Insurance Plan (ULIPs), Child Protection Plan, Money Back Plans, Retirement Plans and Endowment Plans.

How to make a claim in insurance?

There are two ways in which you can make a claim:

Benefits of Insurance (Dekho)

  1. 5 Minutes Policy Issuance: Say no to spending hours and days in queues doing the paperwork for your insurance policy. Get your insurance issued instantly with Insurance. The entire process from selecting the best insurance policy to getting it issued takes just 5 minutes on Insurance.
  2. Over 45 Lac Happy Customers: Insurance is becoming a household name in India. Till now we have been successful in providing a delightful experience to more than 45 lac customers with the help of our transparent and quick process, a dedicated support team along with the availability of numerous insurers.
  3. Dedicated Support Team: Our dedicated support team is available for your assistance all the 7 days. Feel free to reach out to us in case of any confusion – be it related to the purchase of an insurance policy or assistance during the settlement of a claim, our team of experts is at your service all days.

Scholarships to Study in Germany

Hello there! Here is an exciting news about International Student Scholarships. Are you searching for an affordable and quality means to attain new heights in your academic career? If your answer is yes, Mount Saint Vincent University has just the perfect opportunity for you to achieve your dream!

How to Apply for International Student Scholarships

To avail International Student Scholarships, please follow the guidelines below:

Benefits of International Student Scholarships

Beneficiaries of International Student Scholarships will be offered the benefits below:

Eligibility for International Student Scholarships

To be eligible for International Student Scholarships, applicants must satisfy the requirements below:

Applying for a UK Visa from Nigeria
If you are a national of Nigeria and you want to go to the United Kingdom, you will need to apply for a visa.

To be eligible for a UK visa, you must meet the following requirements:

Types of visas for the United Kingdom

You must apply for the correct one depending on why you want to travel to the UK:

  1. Standard Visitor Visa – if you are going to the UK on holiday or to see your family and friends, for business or private medical treatment
  2. Marriage Visitor Visa – if you are planning on getting married
  3. Permitted Paid Engagement Visa – if you want to do specific paid work
  4. Parent of a Tier 4 Child Visa – if your child attends an independent fee-paying day school

If you are planning to go to the UK on holiday, then you would apply for the Standard Visitor Visa which will allow you to stay in the UK for up to 6 months. This type of visa is issued as either:

  1. Single entry – you will be permitted to enter the UK once during the visa dates
  2. Multiple entry – you will be permitted to enter the UK as many times as you wish before the visa expires

The UK Visa Application Process

You may submit your application up to 3 months ahead of your departure date. It’s important to allow plenty of time for your application to be processed, so don’t delay! Applications are processed within 15 working days. When to apply for a Student route visa outside the UK
You can apply up to 6 months before your program starts, and the process normally takes around 3 weeks. You can make your application up to 6 months before your program start date, which will be stated on your CAS.

You should aim to make your Student route application as early as possible, once you have gathered your supporting documents.

You should not make your Student route application more than 6 months in advance of the start date of your program or your application will be rejected and you will lose your application fee.