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Insurance Types – How Many type of Insurance – Importance of Insurance

 Get familiar with the Various Types of Insurance

Insurance is the option, which provides safety and security to the public with the insurance policy to give them cover for the certain loss, which they have insured. In India, there are various insurance companies that are doing good business by providing various insurances to their customers. Usually, there are 2 major insurance types general insurance and life insurance. However some other influence are there in the market but in India the most important insurance is life insurance, home insurance, medical insurance along with accidental plan.

General Insurance NIBGeneral Insurance

General insurance has so many variations. It is divided into 4 insurance types – Rural Insurance, Personal Insurance, Commercial Insurance and Industrial Insurance.

Here are the brief descriptions of the forms of insurances mentioned above:

Personal Insurance:

Personal insurance is availed by the holders to safeguard the certain loss and damage of the insured one. Personal insurance again consists of manifold options such as

While it comes for medical insurance, the insured one will get a claim from the insurance company in any type of medical support. Property insurance is a insurance provided by the company Insurance Policies to give coverage against risks to property arising from fire, weather damage, or theft to name a few. Vehicle insurance is referred to as auto insurance, car insurance, GAP insurance, and motor insurance. It provides the security to road vehicles such as cars, motorcycles, and trucks from physical damage.

Rural Insurance:

Rural Insurance provides a range of coverage starting from life and health to protect against the natural disasters which can have a negative effect on business. It is to cater the requirements of rurally based business.

Commercial Insurance:

Commercial Insurance is a wide range of insurance, which provides security against theft, liability, and property damage. It also helps in cases of employee injuries and business interruption.

Industrial Insurance:

Industrial Insurance turns out with the kind of insurance policies that are utilized by various companies to get the protection for important projects, construction, contracts, and equipment from situations like fire, theft and any form of damage or loss.

Life Insurance

Life insurance is the package, which plays a vital role in our lives. It has various types of plans

  • Whole life plan: The plan includes policies includes that are taken for the entire duration of an insured’s life. In these policies premium has to be paid on a yearly basis.
  • Endowment Plan: The plan is to provide a big amount during the absence of the policyholder and even one is eligible to get the entire money after the maturity period.
  • Money Back Plan: It is a plan where the holder will get his money back in terms of the insurance policy.
  • Term Plan: The term life insurance plans are the kind of plan where the policy is to receive a fixed payment rate at a period of time. Once the period ends, the policy owner can discontinue the policy or he can even extend it.
  • ULIP: Unit Linked Insurance Plans are one where the holder gets financial worth of a policy that is dependent on the present value of the core investment.

Overall, these are the features depicting the different insurance types that serve as the beneficial solutions to manage the activities easily.

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