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Say no to spending hours and days in queues doing the paperwork for your insurance policy. Get your insurance issued instantly with Libsolution. The entire process from selecting the best insurance policy to getting it issued takes just 5 minutes on Libsolution
Over 11.5 lac Happy Customers
Libsolution is becoming a household name in India. Till now we have been successful in providing a delightful experience to more than 11.5 lac customers with the help of our transparent and quick process, a dedicated support team along with the availability of numerous insurers.
How Insurance Works?
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What is insurance?
Insurance is a legal agreement between a policyholder and an insurance company wherein the latter promises to compensate the former in the event of a loss. The covered event is contingent in nature as it may or may not occur. Thus, an insurance policy keeps the policyholder shielded against such contingent events which may result in a loss. In return of this promise, the insured is required to pay a premium to the insurance provider.
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?
Insurance works in a very simple manner. When you buy an insurance policy, you sign a legal contract with your insurance provider wherein it promises to make your losses good in the event of loss due to any of the events mentioned in the agreement. In return of this promise, you are required to pay a premium amount which can be either a single payment or can be paid in installments at monthly, quarterly, half-yearly, or yearly intervals. On the occurrence of any of the covered events during the policy tenure, you just need to intimate the insurance provider about the loss and the latter will provide you with compensation in accordance with the amount agreed in the contract. The compensation can be a lump sum amount or in the form of regular payouts, as agreed at the time of contract signing.