Insurance & Investments
In life, any unexpected situation can disrupt your family's well-being. For such scenarios, different types of life, health and general insurance policies are available in India that offer comprehensive financial protection to your loved ones and yourself. At the same time, you can opt for an insurance cover to protect your assets and property. However, before purchasing an insurance policy, it is imperative to understand the different types of insurance policies and then choose the ones that align with your needs.
Types Insurance
General Insurance
General insurance policies are one of the types of insurance that offer coverage in the form of sum assured against the losses incurred other than the death of the policyholder. Overall, general insurance comprises different types of insurance policy that offer financial protection against losses incurred due to liabilities such as bike, car, home, health, and similar. These various general insurance types of insurance policies include.
Health Insurance
Health insurances are types of insurance policy that covers the expenses incurred due to medical care. Health insurance plans either pay or reimburse the amount paid towards the treatment of any illness or injury. Different types of insurance policy cover varied medical care expenses.
It usually offers protection against:
- Hospitalization
- Treatment of critical illnesses
- Medical bills post hospitalization
- Daycare procedures
There are a few types of health insurance plans also cover the cost of resident treatment and pre-hospitalization expenses. Rising costs of healthcare in India Is making health insurance a necessity.
Different types of health insurance plans available in India include:
- Individual Health Insurance: Offers coverage to only an individual
- Family Floater Insurance: Allows your entire family to get coverage under a single plan, which usually covers husband, wife, two children
- Critical Illness Cover: Specialized types of health insurance that offers coverage against various life-threatening illnesses like stroke, heart attack, kidney failure, cancer, and similar others. Policyholders get a lump sum amount on diagnosis of a critical illness.
- Senior Citizen Health Insurance: These types of insurance plans cater to all individuals above 60 years of age
- Group Health Insurance: Offered by an employer to its employee
- Maternity Health Insurance: This insurance type covers medical expenses for prenatal, post-natal, and delivery stage, offering protection to both the mother and the newborn
- Personal Accident Insurance: These types of insurance plans cover financial liabilities arising due to accidental injuries, disability, or death
Motor Insurance
Motor insurances are types of insurance that offer financial assistance in case your bike or car get involved in an accident.
Various types of Motor insurance policies in India include:
Car Insurance: Individually owned four-wheelers are covered under this plan. The car insurance types include- third-party insurance and comprehensive cover policies.
Bike Insurance: These are types of insurance policy where individually owned two-wheelers are covered against accidents
Commercial Vehicle Insurance: This is one of the insurance types, which offers coverage to any vehicle used for commercial purposes
Home Insurance
As the name suggests, a home insurance policy offers comprehensive protection to the contents and structure of your house against any physical destruction or damage. In other words, this insurance type will provide coverage against any natural and human-made calamity, such as fire, earthquake, tornado, burglaries, and robbery.
Different types of home insurance policies include:
Home Structure/Building Insurance – Protects the structure of the house against damage during any calamity
Public Liability Coverage – Provides coverage against any damage to a guest or third-party on the insured residential property
Standard Fire and Special Perils Policy – Coverage against damages caused due to fire outbreaks, natural calamities (e.g., landslides, rockslides, earthquakes, storms, and floods), and anti-social human-made activities (e.g., explosions, strikes, and riots)
Personal Accident – Provides financial coverage to you and your family against any kind of permanent dismemberment or sudden demise to the insured individual, anywhere around the world
Burglary and Theft Insurance – Provides compensation for stolen goods in case of a burglary or theft
Contents Insurance – Provides compensation for loss of furniture, vehicles, and other appliances in case of a fire, theft, flood, or riots
Tenants’ Insurance – Provides financial protection to you (as a tenant) against any loss of personal property living in a rented house
Landlords’ insurance – Provides coverage to you (as a landlord) against contingencies such as public liability and loss of rent
Fire Insurance
Fire insurance policies are different types of insurance coverages that compensate any losses incurred due to a fire breakout with a sum assured. These types of insurance policy usually provide a significant amount of coverage to help both individuals and companies to reopen their places after incurring extensive damage due to fire. These insurance types cover war risk, turmoil, riots losses as well.
Different types of fire insurance in India are –
- Valued policy
- Specific Policy
- Floating Policy
- Consequential Policy
- Replacement Policy
- Comprehensive Fire insurance policy
Travel Insurance
As the name suggests, travel insurance is a type of insurance policy, providing financial protection for you and your loved ones while you are visiting any place in India or abroad. Whether you are travelling solo or with your loved ones, the travel insurance coverage will help ensure that you have a peaceful journey.
The travel insurance policy coverage takes care of any issues that you may face during your trip such as loss of baggage, flight cancellations, loss of passport, personal and medical emergencies. Different types of travel insurance policies include:,
- Domestic Travel Insurance: Within the country
- International Travel Insurance: For any trips or vacations outside of India
- Individual Travel Insurance: If you are travelling alone
- Student Travel Insurance: If you are going abroad for further studies
- Senior Citizen Travel Insurance: For senior citizens, ageing between 60 to 70 years
- Family Travel Insurance: For any family vacations
Life Insurance
Life insurance plans offer coverage against unfortunate events like death or disability of the policyholder. Besides financial protection, there are various types of life insurance policies that allow the policyholders to maximize their savings through regular contributions into different equity and debt fund options.
You can choose a life insurance policy to secure your family's financial future against life's uncertainties. The policy coverage comprises of a large amount, which is payable to your loved ones if anything happens to you. With this insurance type, you have the flexibility to choose the life insurance policy period, coverage amount, and payout option based on the financial requirements. Different types of life insurance policy are as follows:
- Term Life Insurance
- Whole Life Insurance
- Endowment Plans
- Unit-Linked Insurance Plans
- Child Plans
- Pension Plans
