Based on todays life style, the list of different types of insurance is increasing day by day. You will find a lot many numbers of new insurance policies which you might have not heard before. Life has risks. From your house burning down to your car being stolen and illness preventing you from earning a living; whatever the risk is, there is always an insurance policy available to reduce the financial loss to you. Read below to know about the different types of insurance available in India.
In life insurance policy, the insurance company pays in case of the demise of the policy holder or at the time of the maturity of the policy. Now days, a new policy has been launched by insurance companies in which you will be covered under the insurance policy even after the maturity of the policy. Read what the different types of life insurance are and which one is good for you.
Property insurances provide protection from the financial consequences resulting from damage, destruction or loss of property caused by fire, water, glass, or theft (robbery or burglary). Most insurance companies offer insurance packages specifically tailored to the needs of small and medium-size enterprises.
Your car may be the most expensive item you own. If it is stolen or damaged in an accident it can be very expensive to repair or replace. Motor vehicle insurance will pay to repair or replace your car if these events occur. Comprehensive motor vehicle insurance is the most common and it covers you for loss, theft or damage to your vehicle. It also covers you for accidental damage to the other car or property you damage accidentally.
Different types of insurancesinclude health insurance as well. Your health is precious. If you fall sick and cant work you will need money to pay the bills. Health insurance can help you make ends meet if you are unable to earn your normal income.
There are many types of health-related policies such as:
Medical insurance, which covers private hospital and other medical bills.
Critical illness (also called trauma), which provides a lump sum if you suffer from certain illnesses such as cancer or heart disease.
Income protection insurance pays a percentage of your income on an on-going basis if you suffer from named illnesses.
Disability insurance, which pays out a lump sum for permanent disablement through sickness or accident.
Mortgage protection insurance to cover your mortgage if you cant work.
Knowledge regarding the different types of insurances is important for availing them at the various phases of life.Sad eventualities such as loss of income, death, sickness, accidents, damage to property and many more are difficult to accurately predict. But thanks to different types of insurance, you can cover possible unfortunate events so that when they happen, you can conveniently restore status quo.
Author Bio :- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching insurance. She wishes to give advice about the different types of insurance available in this article.