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Insurer vs. Insured
Insurance is a legal contract between an insurer and the insured, providing financial protection against risks. The insurer, typically a firm, assumes financial risks in exchange for premiums, while the insured receives coverage. Key responsibilities of the insurer include risk assessment, premium collection, and claims processing.
The insured must provide accurate information, pay premiums, and follow policy procedures. Understanding these roles is crucial for a smooth claims process and risk management. Transparency and adherence to policy terms benefit both parties in the agreement.
1 Crore Term Insurance@Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Who is the Insurer and Insured?
Table of Content
Insurance is an essential part of modern financial security. It is a legal Bound Contract agreement between two parties: the insurer and the insured that can be a Person or a Business. The relationship between them serves as the base for all insurance policies, including Health Insurance, Life Insurance, Property, Vehicle, and other Types of Coverage.
Noting the responsibilities of both the sides is critical for one who is entering into an insurance contract. It ensures that both parties can meet their commitments and profit from the arrangement.
Difference between Insurer and Insured
An insurer is a firm or a party that guarantees financial protection for agreed-upon risks, whereas the insured party - whether a person, business, or organization - is the one who benefits from this protection when covered losses occur.
Who is the Insurer?
As discussed earlier, an insurer is a firm or entity that offers insurance coverage and bears financial risk in exchange for premium payments.
For Instance-
When you get car insurance from XYZ Insurance Company, the company becomes the insurer and promises to pay for insured losses if you get into an accident. The insurer's primary responsibilities include:
- Evaluating and accepting risks through underwriting
- Collecting premiums from policyholders
- Processing and paying valid claims
- Complying with insurance regulations
Who is the insured?
The insured is the person or business that purchases insurance and receives protection against the risks specified in the policy. For example, when a homeowner purchases house insurance, they become the insured.
- The insured may be an individual (e.g. in case of life or health insurance).
- Purchase health or homeowners insurance for your family.
- Commercial property and liability coverage for businesses.
- Group insurance policies for many parties.
Consider Rahul, who purchases Term Life Insurance from HDFC Life. As the insured party, he is liable for:
- Paying monthly premiums.
- Provide correct information when applying for coverage.
- Following policy requirements and procedures.
- Prompt and honest claim reporting.
Key differences between insurer and insured
Several key distinctions distinguish the insurer-insured relationship:
- Risk transfer: It involves transferring risk to an insurer in exchange for premium payments.
- Financial Obligation: Though the insured pays set premiums, the insurer's potential payment responsibilities might be significantly larger.
- Regulatory Requirements: Insurers are subject to stringent regulatory scrutiny, whereas the insured's duties are mostly contractual.
To Sum Up
Whether you're opting for personal coverage Small and Medium Enterprises (SMEs) Insurance, understanding the roles and responsibilities of both the insured and the insurer is key. Knowing your duties as the insured helps streamline the claims process and minimizes the chance of the proposal being declined.
Both the insurer & the insured must act with transparency, disclosing all relevant details that could impact the contract.
At HDFC Life, we offer a wide range of insurance products Life, health, ULIPs, Savings and Pension Plan and more—at competitive premium rates. Explore our plan today to ensure you're protected when it matters most.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a life time.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN- ED/11/24/18031
