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Home / Personal Finance / Types of Insurance in India

Types of Insurance in India

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We all know the value of insured life. Life is uncertain and there is nothing sure. No one can guarantee the success with consistent rate in one’s life hence whenever someone finds a scope of investment he or she do the same on priority. Today’s investment is the tomorrow’s best return. Hence if you really love your family, then go for the insurance now. We all know that loss of life cannot be fulfilled but if you have money than life gets sorted up to some extent.

Types of Insurance - Types of Insurance in India

In the present scenario all the individuals should be insured. There are lots of insurance companies working in India and after checking the proper terms and conditions, one can go for the same. Due to the traffic rule, people go for vehicle insurance but life insurance is equally important. Lots of time, we ignore it and this becomes the biggest mistake.

If you are planning for insurance then immediately search for the best plan, make a discussion with family members and after complete verification take a plan. It does not reduce the risks but avails itself to provide complete risk cover in the form of money. Insurance companies have agents and once you make consultation then after go for the plan.

Now let’s move towards the types of Insurance because there are so many people who do not know about the same.

List of Insurance Types in India

1. Life Insurance:

Life Insurance - Types of Insurance in India

Life Insurance is one of the known types of insurance and it covers the risks of life. No one knows what is going in happen tomorrow. Unfortunately if you met with accident or lose your life due to any major surgery then insurance company pays the sum assured amount to your nominee. Means money will support your family. Along with that insurance companies do offer money back guarantee through which after paying the certain number of premiums you will get a sum assured. This sum assured is approximately the double of the investment and in case of death it is 10 times of the investment.

2. Health Insurance:

Health Insurance - Types of Insurance in India

Another type of insurance is related to the health. Under this domain, the insurance company will take the responsibility of any critical illness or accident. Means here the risk cover is provided towards the health issues of an individual.

3. Automobile Insurance:

Automobile Insurance - Types of Insurance in India

The automobile insurance is done to reduce the risk factor of the vehicle. As per the law of India, vehicle insurance in mandatory otherwise user will be liable to pay the penalty.

4. Household Insurance:

Household Insurance - Types of Insurance in India

Household insurance covers all the home appliances or stuff against risk like theft. It also covers against the act of god risk like as earth quack, flood etc… Its claim amount is based on your policy of particular insurance company.

5. Disability Insurance:

Disability Insurance - Types of Insurance in India

There is availability of insurance scheme for the people who are physically not so able. The companies provide them cover in order to reduce the external threats of life.

Hence these are the types of insurance available through various corporate like LIC, Max etc… More details about any particular insurance can be checked out with the agent of related company.

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