Different types of insurance you may not know about

In today’s times, when life is unpredictable and risks are increasing day
by day, insurance is the only way to keep yourself free from the burden
of sudden expense. For those who don’t know what it is, let me explain
it to you. Insurance is a way or policy which helps you to manage
sudden risks. Person who bought the insurance has to pay a little amount
as premium of his/her insurance, and if there is some accident or
mishappening occur, the person can apply for claim and then the
insurance companies will provide financial help to person to cover his
loss. Nowadays, you can buy insurance for almost everything from car
insurance to travel insurance. Even mobile phones can be insured these
days. There are many insurance providing companies in India like
gicofindia, Max life insurance, Orient Insurance, LIC (life insurance
corporation of India), Star health insurance and National insurance etc.
You should meet certain conditions in order to get insurance and these
conditions varies from company to company. Read the requirement and
insurance policy before buying because there maybe some rules and
regulations you may need to know at the time of applying for claim.
There are many types of insurances present at the present time and many
of them will be not known to you.
Different types of Insurance:
Basically, insurance consists of two broad categories
 General Insurance
 Life Insurance
General Insurance: General Insurance category consists of mainly
all types of insurances other than life insurance. In other words, general
insurance meant insurance of your assets, all types of assets even
including financial assets. So, this means it helps you cover the loss of

your assets in case of accident or other mis-happenings. General
insurance consists of following types of insurances:
 Home Insurance: Home is one of the most valuable possessions
of a person. To protect your home from any type of damage or loss
caused by natural calamities or man-made damage, home
insurance is best option. There are many companies which provide
home insurances in India like Bharti AXA Home Insurance,
IFFCO Tokyo Home Insurance, National Insurance company
limited and many more.
 Motor Insurance: Motor vehicles is also another example of
valuable possession as these can be very costly and their repairing
can be very costly. So, motor insurance helps you to cover your
expenses for loss or repairing of your vehicle in case of theft,
damage, vandalism or accidents. These vehicle insurances also
include bike insurance and commercial vehicle insurance. In India,
Companies like ICICI Lombard car insurance, Policy bazaar car
insurance Motor insurance policies comes in different forms such
as
a) Third party insurance
b) Personal accident coverage
c) Collision damage or personal damage
d) Zero depreciation damage
 Travel Insurance: whenever someone is traveling to different
countries, there is many unwanted things that can happen. Travel
insurance provides protection for mis-happenings like flight
cancellations, medical expenditures, lost luggage and other travel
related losses. Travel insurance can be applicable for both
domestic and international travels. Tataaig travel insurances,
Apollo Munich Travel Insurance, Hdfc ergo travel insurance and
many more.

 Fire Insurance: This insurance includes the protection of your
property in case of accidental structure damage or destroyed by
fire. Many fire incidents like
 Lightning
 Accidental fire
 Natural disasters
 Landslides
 Bursting of water tank and
 Explosion
 Health Insurance: Health Insurance is a type of contract or
insurance in which insurance company provide the cost of medical
care facilities, surgeries, operation costs and day care facilities.
There are different types of health care insurance policy provided
by insurance companies. Medical insurance or Mediclaim policy is
also similar to health insurance but in this Insurance, companies
provide claim only for some specific medical emergencies. These
are the names of some best health insurance companies in India:
 Tataaig Medicare plans
 Care health insurance
 Oriental Insurance company
 Hdfc ergo health insurance
 Care Insurance
 Star health insurance plans
 Commercial Insurance: This insurance is specially made for
businessmen because in this insurance policy, the insurance
company protects its insure and provide a financial backup in case
of property damage or theft, client filed lawsuits, customer or
employee injuries and many more unexpected outcomes in a
business. Due to this reason, it is called Business insurance.
Different types of Commercial insurances are provided by
insurance companies such as

 Shop owners Insurance
 Burglary Insurances
 Marine Insurance
 Liabilities insurance
 Office Pack Insurance
 Construction Insurance
 Plant and Machinery Insurance
 Business insurance
 Public Liability insurance
 Cargo Insurance

Life Insurance: As the name suggests, life insurance is a contract or
policy which includes to cover the certain sum of money to the nominee
of the insurance holder, in case the person died within the term period of
the insurance. Main purpose of this insurance is to provide the financial
backup to the insurance holder’s family or the person he nominated.
This includes conditions like sudden death, death in accident, premature
death of the insured. Life insurance is of different types which are as
followed:
 Term Life Insurance: Term life insurance is type of life insurance
which is given for a particular period of time or term. In this, if the
person insured is died within the term of the insurance policy, then
a definite sum of money is given to the nominee of the insured.
Insurance companies like Lic of India merchant, LIC term
Insurance, Bajaj Allianz Life Insurance, PNB Medlife Insurance,
HDFC life Insurance and many more.
 Term Life Insurance with Return Of Premium: It is a type of
life insurance, in which if a person has term insurance, but he is
not dead within the term of policy, then the insurance company
will pay the insured person refund of the premium he paid during
the term insurance period.

 Endowment Plans: It is a type of life insurance in which a lump
sum amount of money is paid to the family of the insured or a
charity organization by insurance company. In this money is paid
by the insurance company after specific period of time which is
stated in the contract.

There are many different types of life insurance like
 Unit linked Insurance Plans
 Moneyback Policy
 Whole life Insurance
 Retirement Plans
 Group Life Insurance
 Child Insurance plans

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