General Insurance
A general insurance policy is an insurance policy that offers coverage in the form of a sum assured against the losses incurred other than the death of the policyholder. Overall, general insurance comprises different types of insurance policies that offer financial protection against losses incurred due to liabilities such as bike, car, home, health, and similar.
Health Insurance
Health insurances are a type of insurance policy that cover 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 policies cover varied medical care expenses. It usually offers protection against Hospitalization, treatment of critical illnesses, Medical bills post-hospitalization, and Daycare procedures. There are a few types of health insurance plans that also cover the cost of resident treatment and pre-hospitalization expenses. Rising costs of healthcare in India Are making health insurance a necessity.Different types of insurance policies cover varied medical care expenses. It usually offers protection against Hospitalization, treatment of critical illnesses, Medical bills post-hospitalization, and Daycare procedures. There are a few types of health insurance plans that also cover the cost of resident treatment and pre-hospitalization expenses. Rising costs of healthcare in India Are 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 the husband, wife, and two children.
Critical Illness Cover: Specialized types of health insurance that offer coverage against various life-threatening illnesses like stroke, heart attack, kidney failure, cancer, and similar others. Policyholders get a lump sum amount on the 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 stages, 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 gets 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 motor insurance 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 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.
Life Insurance / Term Life / Whole Life
Life insurance plans offer coverage against unfortunate events like the death or disability of the policyholder. Besides financial protection, there are various types of life insurance policies that allow policyholders to maximize their savings through regular contributions to 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 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.
Term insurance is the purest and most affordable among the types of insurance policy in which you can opt for a high life cover for a specific period. You can secure your family’s financial future with a term life insurance plan by paying a low premium (term insurance plans generally do not have any maturity value,ll).
and thus, offer lower rates of the premium than other life insurance products). If anything happens to you within the policy period, your loved ones would receive the agreed Sum Assured as per the payout option chosen. (some term insurance types offer multiple payout options as we Whole life insurance plans, also known as ‘traditional’ life insurance plans, provide coverage for the entire life of the insured individual, as opposed to any other life insurance instrument that offers coverage for a specific number of years. While a whole life insurance plan offers to pay a death benefit, the plan also contains a savings component, which helps accrue a cash value throughout the policy term. The maturity age for the whole life insurance policy is 100 years. In case, the insured individual lives past the maturity age, the whole life plan will become a matured endowment.
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