Types Of Insurance in India: Any unexpected situation in life can disturb the well being of your family. In such situations, different types of insurance policies are available in India such as life, health, general and car insurance that offer comprehensive financial protection to you and loved ones. At the same time, you can choose an insurance cover to protect your assets and property.
There are various types of insurance in India available for people according to their needs. However, before buying an insurance policy from an insurance company one must understand the different types of insurance policies and then choose the one that suits your needs. Insurance is not only used to get a life coverage but it is also considered as a viable investment option to protect your loved ones and plan for your life goals.
What is Insurance Policy?
An insurance policy is a contract between a company and an individual under which a death benefit will be paid to the insured’s family in case of an unfortunate accidental death. There are various types of insurance policy available in India. India has a thriving and large life insurance industry where you can get life insurance policies in all shapes and sizes. Here is the 8 types of insurance in India, namely:-
- Life Insurance
- Health Insurance
- Travel Insurance
- Motor Insurance
- Property Insurance
- Marine Insurance
- Fire Insurance
- Liability Insurance
Types Of Insurance in India
Here is the brief information of 8 types of insurance Insurance in India –
01. Life Insurance
Life insurance or Personal Insurance refers to a policy where the policyholder can ensure the financial independence of their family members after death. You can opt for a life insurance policy to protect your family’s financial future against life’s uncertainties. There are various types of life insurance policy in India that you can choose from.
02. Health insurance
Among the types of insurance in India, health insurance is one of them. It is a general insurance policy under which financial assistance will be provided when the policyholder are admitted to hospitals for treatment. With rising medical inflation in India, buying health insurance has become a necessity.
03. Motor Insurance
It is an insurance that offer financial assistance in the event of accidents involving your car or bike. There are three types of motor insurance including car insurance, bike insurance and commercial vehicle insurance.
04. Travel Insurance
Travel insurance is a type of insurance policy that provides financial protection for you and your loved ones while you are visiting any place in India or abroad. Therefore, compared to other insurance policies, travel insurance is a short-term cover. Travel insurance policy coverage takes care of any problems you may face during your travels such as lost luggage, flight cancellation, lost passport, personal and medical emergencies.
05. Property Insurance
When we are talking about the Different Types Of Insurance in India, one must not forget to learn more about property insurance plans. Under this policy, any building or immovable structure can be insured through property insurance plan. In case of any damage to such property, you can claim financial assistance from the insurance provider.
06. Marine Insurance
Marine insurance covers loss or damage to ships, cargo, terminals and any conveyance through which property is transferred, acquired or kept between the point of origin and the final destination. There are two types of marine insurance policy i.e. Ocean Marine Insurance and Inland Marine Insurance.
07. Fire Insurance
Fire insurance is property insurance that provides additional coverage for loss or damage to structures damaged or destroyed by fire. Fire insurance not only protects against loss but also provides certain consequential damages.
08. Liability Insurance
When we are talking about the Different Types Of Insurance in India, one must not forget to learn more about liability insurance plans. Liability insurance is a policy whereby the insured is liable to pay for property damage or personal injury; injury or death. This insurance comes in the form of fidelity insurance, automobile insurance and machine insurance