We may face problems in life and an unexpected situation may disrupt our family’s well-being. Life is unpredictable and so are the conditions. To overcome or face such scenarios we have different types of Insurance like life, health, general, and others available in India which offer financial protection to you and your family in those hard times. Not only you and your family but now you can even opt for an insurance cover that can protect your property and assets. However, it is important for you to know about the types of insurance and choose the ones that align with your needs before opting for it.
Different types of Insurance available in India
Types of Insurance in India can broadly be divided into two types and further in those two types we have different sub-types of insurance that we will explain to you here.
1. Life Insurance
This plan offers coverage against unfortunate events in life like the disability or death of the policyholder. Against this life’s uncertainty, you can protect your family’s financial future as it comprises a large amount that can be paid to your family if anything happens to you. In this plan, you have the liberty to choose the policy period, coverage amount, and payout option according to your financial requirements.
Let’s see the different types of life insurance policies:
- Unit-Linked Insurance
- Child Plans
- Term Life Insurance
- Pension Plans
- Endowment Plans
- Whole Life Insurance
2. General Insurance
These policies are those that offer coverage in the form of a sum assured against the incurred loss other than the death of the policyholder. In general insurance, we further have different insurance policies that offer financial security towards any loss occurred due to liabilities like a car, home, bike, health, etc.
Let’s have a brief look into the types of general insurance:
- Health Insurance- This policy covers your expenses that occurred in illness or injury. The plan either reimburses or pays the amount that is incurred due to medical care. You will get protection against – post-hospitalized medical bills, hospitalization, daycare procedures, and treatment for critical illness. Further to this, we have different health insurance plans like Individual health insurance, Senior citizen health insurance, Group health insurance, Family floater insurance, Personal accident insurance, and more.
- Motor Insurance- There is two wheeler insurance online, car insurance, and Commercial vehicle insurance under the Motor Insurance plan which will give you financial assistance in case your car or bike is involved in an accident.
- Home Insurance- This insurance plan will protect your house against any physical damage that happened by any natural or human-made calamity like fire, earthquake, robbery, etc.
- Fire Insurance- The insurance coverage is for any loss that has occurred due to a fire breakout with a particular sum assured that will help the individual or company to reopen their places after the fire damage.
- Travel Insurance- It provides financial protection for you and your family while you are traveling around the world. Whether it’s solo travel or with someone, the travel insurance plan will ensure you have a peaceful journey as it covers losses like flight cancellations, loss of baggage or passport, medical emergency, etc.
India has many different types of Insurance policies that are helpful to everyone when they are in need we just need to have information about them. So while choosing an insurance plan make sure to know the advantages of the policies and what you get in the premium you are paying.