Insurance is a financial product that provides protection against unforeseen risks or losses. It offers peace of mind by compensating the insured for specific losses or damages in exchange for regular premium payments.

Types of Insurance: There are various types including life insurance, health insurance, vehicle insurance, property insurance, and business insurance. Each type serves a unique purpose depending on the coverage required.

Premium: The premium is the amount paid periodically (monthly, quarterly, or annually) to keep the insurance policy active. The cost depends on factors like age, health, sum insured, and risk profile.

Claim Process: In case of an unfortunate event, the insured can file a claim. Upon verification, the insurance company pays out the claim amount as per the policy terms.

Benefits: Insurance provides financial security, helps manage risks, supports long-term planning, and offers tax benefits under certain policies.