Let's take a closer look at the many kinds of insurance policies : Show
General InsuranceGeneral insurance plans are one of the types of policies that provide coverage in the form of sum assured against damages besides the policyholder's demise. In general, general insurance refers to a variety of insurance plans that provide financial protection against losses caused as a result of liabilities such as a bike, automobile, house, or health. The following are examples of several types of general insurance policies : Health Care CoverageHealth insurance is a form of insurance policy that covers the costs of medical treatment. Health insurance policies either cover or repay the cost of treatment for any included disease or injury. Various forms of health insurance cover a wide range of medical bills. It typically provides defence against :
A few types of health insurance policies also cover resident care and pre-hospitalization costs. The following are some of the several types of health insurance policies available in India : 1) Individual Health InsuranceProvides coverage to a single person. 2) Family Floater InsuranceThis type of insurance allows your complete family to be covered under one policy, which often includes the husband, wife, and two children. 3) Critical Illness CoverageA sort of health insurance that covers a variety of life-threatening illnesses such as stroke, heart attack, renal failure, cancer, and other comparable conditions. When a policyholder is diagnosed with a serious illness, they get a lump sum payment. 4) Senior Citizen Health Insurance:These insurance policies are designed for people over the age of 60. 5) Group Health InsuranceThis is a type of insurance that a business provides to its employees. Automobile InsuranceMotor insurances are forms of insurance that provide financial help in the event that your automobile is involved in a crash. In India, there are several types of motor insurance coverage available, including : 1) Car InsuranceThis plan covers privately owned four-wheelers. There are two kinds of automobile insurance plans: third-party insurance and extended coverage policies. 2) Bike InsuranceThese are forms of automobile insurance that protect privately-owned two-wheelers in the event of an accident. 3) Commercial Vehicle Insurance :A sort of automobile insurance that covers any vehicle utilized for commercial purposes. Homeowners' InsuranceA homeowner’s insurance, as the name implies, provides full coverage for the belongings and infrastructure of your property against physical destruction or damage. In other words, house insurance protects you from both natural and man-made disasters such as fire, earthquake, tornado, burglary, and robbery. The following are examples of several types of house insurance policies : 1) Home Building InsuranceServes to protect the house's foundation from destruction in the event of a disaster. 2) Public Liability CoverageProtects the insured residential property from any harm caused by a visitor or third-party while on the premises. 3) Standard Fire and Special Perils PolicyProtection against fires, natural disasters (e.g., earthquakes, landslides, and storms, and floods), and anti-social human-caused activities (e.g., strikes, and riots)
This section provides information on the different types of insurance available, how to choose a policy, and how to make a claim.
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What household contents insurance normally covers, how to choose a policy and how to make a claim.
What buildings insurance usually covers, how to choose a policy and how to make a claim.
Information on income protection insurance, factors to consider before taking out income protection insurance and how to work out the level of cover you need.
Information on critical illness insurance, what it covers, factors to consider before taking out critical illness insurance and how to buy an insurance policy. Risk is everywhere: When you drive your car to work, when you visit a new country, when you ride your bike to a nearby shop, when there’s a new bug going around in town. Bottomline: You need the security of insurance. There are two broad types of insurance:
And you need both in life.
As you can see, there’s always a need for insurance, be it a life insurance or otherwise. So, before you decide to get one, read one more about all the insurances available. Types of InsuranceLife Insurance
General Insurance
Also, read: Digital Insurance: Insights on Digital Trends in Insurance Industry What is Life InsuranceLife insurance is a contract that offers financial compensation in case of death or disability. Some life insurance policies even offer financial compensation after retirement or a certain period of time. Life insurance, thus, helps you secure your family’s financial security even in your absence. You either make a lump-sum payment while purchasing a life insurance policy or make periodic payments to the insurer. These are known as premiums. In exchange, your insurer promises to pay an assured sum to your family in the event of death, disability or at a set time. Life insurance can help you support your family even after retirement. Depending on what it covers, Life insurance can be classified into various types:
Tax Benefits
What is General Insurance?A general insurance is a contract that offers financial compensation on any loss other than death. It insures everything apart from life. A general insurance compensates you for financial loss due to liabilities related to your house, car, bike, health, travel, etc. The insurance company promises to pay you a sum assured to cover damages to your vehicle, medical treatments to cure health problems, losses due to theft or fire, or even financial problems during travel. Simply put, a general insurance offers financial protection for all your assets against loss, damage, theft, and other liabilities. It is different from life insurance. Let us help you understand better:
As you can see, General Insurance can be the answer to life’s various problems. But, for that, you need to select the right insurances from the myriad ones available. Also, read: Motor Floater Policy What are the types of General Insurance available? / What all can be insured?You can get almost anything and everything insured. But there are five key types available:
Health InsuranceThis type of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay towards the treatment of any injury or illness. It usually covers:
You can also opt for add-on benefits like:
Your health insurance can also help you save tax. Your premium payment can reduce your taxable income.
Senior citizen = Individual aged 60 or over Also, check: Difference Between Life Insurance and Health Insurance Motor InsuranceMotor insurance is for your car or bike what health insurance is for your health. It is a general insurance cover that offers financial protection to your vehicles from loss due to accidents, damage, theft, fire or natural calamities You can also get motor insurance for your commercial vehicles. In India, you cannot drive or ride without motor insurance. Let’s look at the two key types: 1. Car InsuranceIt’s precious—your car. You paid lakhs of rupees to buy that beauty. Even a single scratch can be painful, forget about bigger damages. Car insurance can reduce this pain for a few thousand rupees. How it works: What the insurer will pay for depends on the type of car insurance plan you purchase Also, read: Sell a Car Without Valid Insurance 2. Two-wheeler InsuranceThis is your bike’s guardian angel. It’s similar to Car insurance. You cannot ride a bike or scooter in India without insurance. How it works: As with car insurance, what the insurer will pay depends on the type of insurance and what it covers.
You can increase your insurance protection with these Add-on covers for your bike insurance and car insurance: For more details about Motor Insurance, click here. Also, read: Credit Score and Car Insurance Travel insuranceA travel insurance compensates you or pays for any financial liabilities arising out of medical and non-medical emergencies during your travel abroad or within the country. There are two types of Travel Insurance
What all does travel insurance usually cover?
Home InsuranceHome insurance is a cover that pays or compensates you for damage to your home due to natural calamities, man-made disasters or other threats. It covers liabilities due to fire, burglary, theft, flood, earthquakes, and sabotage. It not only offers financial protection to your home, but also takes care of the valuables inside the property. Some of the common types of home insurance are:
Fire InsuranceFire insurance pays or compensates for the damages caused to your property or goods due to fire. It covers the replacement, reconstruction or repair expenses of the insured property as well as the surrounding structures. It also covers the damages caused to a third-party property due to fire. In addition to these, it takes care of the expenses of those whose livelihood has been affected due to fire. Types of fire insuranceSome of the common types are:
How to buy Insurance?You can buy in 4 simple steps: Step 1: KNOW WHAT YOU NEED
Step 2: CHECK OPTIONS AVAILABLE
Step 3: PICK THE RIGHT PLAN
Step 4: PAY PREMIUM
What does insurance not cover?Your policy may not cover liabilities in certain situations. These are known as exclusions. Let’s have a look at a few of them.
How much does insurance cost?Your insurance costs depend on your premium amount. This premium amount depends on several factors that differ from insurance to insurance. Here’s a look: Life Insurance
Motor/Auto Insurance:
Travel Insurance
Health Insurance
Home Insurance
You can also use online calculators to check the premium amount. How to use the insurance money?
Also, read: Difference Between Life Insurance and Health Insurance |