Types of Insurance

 In life, any unexpected situation can disrupt your family's well-being. For such scenarios, different types of life, health and general insurance policies are available in India that offer comprehensive financial protection to your loved ones and yourself. At the same time, you can opt for an insurance cover to protect your assets and property. However, before purchasing an insurance policy, it is imperative to understand the different types of insurance policies and then choose the ones that align with your needs.

Insurance Types You Should Know 

Insurance is a legal agreement between an individual and the insurance company, under which, the insurer promises to provide financial coverage (Sum assured) against contingencies for an amount (premium). The types of insurance in India can be broadly divided into two categories:

• General Insurance
• Life Insurance
   

Different Types of Insurance Policies Available in India

Following are the types of insurance available in India:

1. General Insurance

Following are some of the types of general insurance available in India:

• Health Insurance
• Motor Insurance
• Home Insurance
• Fire Insurance
• Travel Insurance 

2. Life Insurance

There are various types of life insurance. Following are the most common types of life insurance plans available in India:

• Term Life Insurance
• Whole Life Insurance
• Endowment Plans
• Unit-Linked Insurance Plans
• Child Plans
• Pension Plans