How many types of insurance
Insurance is the best policy. Different types of insurance. The main types of insurance is life insurance and general insurance. Such as motor cycles insurance
What is the Definition of Insurance?
Insurance is a legal contract between a person and an insurance business in which the insurer promises to provide financial protection (Sum guaranteed) against unforeseen events for a certain price (premium). Insurance is a future financial protectiom.The insurance is different years.This is called insurance.The mainly two types of insurance given below.
1.Life insurance
2.General insurance
1. Life Insurance
Life insurance is the insurance is life and person.The insurance depends on life. Life insurance comes in a variety of forms. The most prevalent types of life insurance policies offered are as follows :
Term Life Insurance
Unit-Linked Insurance
Plans Whole Life Insurance
Endowment Plans
Child Plans for Educations
Retirement Plans
2. General Insurance
General insurance is not related life.General insurance is the insurance of materials.There are different kinds of general insurance. Different kinds of general insurance offered is given below :
Health Care Coverage
Automobile Insurance
Homeowners' Insurance
Insurance against fire
Insurance for Travel
General Insurance
General insurance is not life insurance. The insurance is others types insurance General insurance plans are the types of policies that provide coverage is the form of total assured against damages and destroy besides the policyholder's death . In general, general insurance refers to a variety of insurance plans that provide financial protection against losses caused as a result of liabilities such as a bike, automobile, house, or health. The different types of general insurance is given below:
Health Care Coverage
Health insurance is a insurance of policy that maintain the costs of medical treatment. Health insurance policies either cover or repay the cost of treatment for any included disease, illness or injury. Different types of health insurance cover a wide range of medical bills.
It typically provides defence against :
Inpatient care
Critical illness treatment
post-hospitalization medical bills
Procedures for day-care
Several types of health insurance policies also cover resident care and pre-hospitalization costs. The following are some of the several types of health insurance policies available health insurance :
1) Individual Health Insurance
Provides coverage to a single person.
2) Family Floater Insurance
Family insurance is not one person insurance. The insurance is included family person. Family floater insurance allows your complete family to be covered under one policy, which often includes the husband, wife, and two children.
3) Critical Illness Coverage
Critical illness insurance that covers a different types of life-threatening illnesses so as stroke, heart attack, renal failure, cancer,is not easy conditions and other comparable conditions . When a policyholder is diagnosed with a serious illness, they get a lump sum payment.when the polycyholder attact the illness They payment the insurance recovered the financial situation.
4) Senior Citizen Health Insurance:
Senior citizen health insurance policies are designed for people over the age of 60.when the age of over 60 years than involved the insurance.
5) Group Health Insurance
Group health insurance that a business provides to its employees.The insurance involved two or three or more persons.
Automobile Insurance
Automobile insurances means of insurance that provide financial help in the event that your automobile is involved in a accident .There are different types of motor insurance coverage available, including here:
1) Car Insurance
Car Insurance is all cars disease held than helps the insurance. This insurance involved this plan covers privately owned four-wheelers. These are kinds of two automobile insurance plans here is third-party insurance and extended coverage insurance policies.
2) Bike Insurance
Bike insurance means all bike destroy, accident and disease. This types are event of automobile insurance that protect privately-owned two-wheelers in the event of an accident or destroy bike
3) Commercial Vehicle Insurance
Commercial vehicles insurance is very important. Commercial vehicles are sort of automobile insurance that covers any vehicle utilized for commercial purposes.
Homeowners' Insurance
Homeowner’s insurance is the name implies, provides full coverage for the belongings and infrastructure of your property and assets against physical destruction or damage and injured . on the other words, house insurance protects and saved you are both natural and man-made disasters such as fire, earthquake, tornado, burglary, and robbery etc. The examples of different types of house insurance policies are such as:
1) Home Building Insurance
Home building insurance held all home destroy help financial. Home building Serves to protect the house's foundation from destruction in the event of a disaster and destroy.
2) Public Liability Coverage
Public liability coverage is this insurance. Protects the insured residential property and assets from any harm caused by a visitor or third-party while on the protect.
3) Standard Fire and Special Perils
Policy Protec the all fire accident and against fires, natural disasters (such as earthquakes, landslides, and storms, and floods), and anti-social human-caused activities (such as strikes, and riots)
Life Insurance
Life insurance means policies provide protection against unforeseen situation circumstances example of the policyholder's death or incapacity and insurance death expired . Besides from providing financial security.There are many types of life insurance plans enable such as policyholders to optimize their savings by making recurring payments to various equity and debt fund alternatives.
You can get a life insurance policy to protect your family's financial future against the ups and downs of life. Its helps the financial security. The insurance coverage includes a substantial total will be paid to your loved ones if something occurs to you. Provide on your financial needs, you can pick the length of the life insurance policy, the amount of money and the payment choice and like. There are different types of life insurance policies is given below
Term Life Insurance
Unit-Linked Insurance Plans
Whole Life Insurance
Endowment Plans
Child Plan for Educations
Retirement Plans
1. Term Life Insurance
Term life insurance policy is the authentic and most inexpensive type of life insurance, allowing you to likely a high level of coverage for a certain period of time. With a low-cost term life insurance policy, you can protect your family's financial future (term insurance plans generally do not have any cash value, and thus, are available at lower level of rates premium such as compared to other life insurance policy )
If you die within the policy time, your nominees will get the agreed sum /total Assured, depending on the payment type your choice (There are some term insurance plans offer multiple payment options as well)
2. Whole Life Insurance
Whole life insurance policy means known as 'conventional' life insurance plans, give protection and security for the policyholder individual's complete life ( till age 100), as antonym to any other type of life insurance that only provides coverage for a identify number of years.
When a whole life insurance policy pays a death profit, it also such as savings component that helps the policy accumulate cash value over time. Whole life insurance policies have a 100-year maturity period of time. If the insured person survives about the maturity age, the whole life insurance policy becomes a matured endowment.
3. Endowment
Endowment plans and policy have fundamentally give financial protection and security against the life's risks and injury while such as allowing policyholders to save consistently over a certain length of period. If the policyholder servives the policy term, the endowment plan matures, and the policyholder receives a lump sum payment.
Sometimes insurance company some situation payment lum sum amount policy holders family with nominee.If something provide to you (as the life insured), the life insurance endowment policy payment your family (beneficiaries) the whole sum assured
4. Unit-Linked Insurance Plan (ULIP)
ULIPs are insurance policies that combine investment and insurance advantages into one contract. A portion of your payment for a Unit Linked Insurance Plan is invested in a range of market-linked equities and debt instruments.
The Remins/at last premium is used to provide life insurance coverage for the duration of the policy time. Unit-Linked Insurance Policy system provide you with the freedom to allocate premiums to several instruments based on your financial needs and market risk tolerance.
5. Plans for Children
Children plans are life insurance policies that consist of you in financially security your child's life goals and futu example of higher education and marriage and treatment cost even if you are not there. Another way, child plans combine savings and insurance profits to help you prepare for your child's future requirements at the appropriate age and timely.
The money obtained on maturity can be utilized to help your child and family meet his or her financial needs.
Disclaimer/conclusion
The article means to be general and most informative in nature and should not be construed as solicitation material. Please read and analysis the related product and policy brochures for exclusions, terms (short and long) and conditions, warranties, etc. carefully before concluding a sale.
Consult and connect with your financial advisor before making any decisions and working on insurance policy. Tax benefits such as per the Income Tax Act, 1961, and are subject to any corrective made there from timely.
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