Types Of Insurance Plans In India
Insurance is an agreement accepted between the insured and the insurer
, where a receipt is issued for an amount referred to as premium. Life is uncertain and so people opt for insurance owing to these uncertainties.Insurance in India can be broadly categorized into two types: life and general. On a finer analysis the types of general insurance in India are segmented into four classes:-
Life Insurance: Its popular products are Money Back and Endowment Assurance. These are the two products that show over 80% of the insurance business.
Fire insurance
Marine Insurance
Miscellaneous insurance.
Now let us take an in-depth look at them:
Life Insurance involves payment of sum of money or benefits to named beneficiaries when the insured person dies. It provides a monetary benefit to the family member or a relative to a decedent.
Health insurance policies are offered for any kind of health treatments. This insurance covers all the medical expenses of an individual. It also includes long- term nursing or custodial care needs and disability needs.
Pension plans are different from other types of life insurance because they do not provide any insurance cover, but ensure a guaranteed income, either for life or for a certain period. You make the investment for a pension plan either with a single lump sum payment or through installments paid over a certain number of years. In return, you get a specific sum every year, every half-year or every month, either for life or for a fixed number of years.
Casualty Insurance is provided against any kind of accidents and it is categorized as Crime insurance and Political risk insurance. Casualty can also entail endangerment to ones physical well being and can be covered by health insurance. Other types of Insurances are Marine Insurance, Aviation Insurance, Boiler and Machinery Insurance, Fidelity Insurance.
An endowment policy can be taken out for a specified period. At the end of the stipulated period, the assured amount is paid back to the policy holder, along with the bonus accumulated during the term of the policy. Designed primarily to provide a living benefit, along with life insurance protection, the endowment policy makes a good investment if you want coverage, as well as some extra money.
State laws require all owners and drivers of vehicles to purchase motor insurance. They entail an agreement between one party and another, where one agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft or storm damage; two wheeler and car insurance being a part of motor insurance)
Travel insurance coverage is for pitfalls associated with travel. The coverage can be classified into Trip Cancellation, Trip Interruption, Loss of Luggage and/or Default Protection that results in trip cancellation by a provider that no longer exists.
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