Types of Life Insurance Policies in India - Check The List Now - HindiLooks


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Tuesday, 11 February 2020

Types of Life Insurance Policies in India - Check The List Now

Types of Insurance - Life Insurance Policies in India

Generally, Insurance is Three types. 
1. Life Insurance
2. Non-Life Insurance
3. Reinsurance 
Let's have a look into the main categories of Insurance in detail. 

1. Life Insurance

Life Insurance Policy covers risks that relate to Humans. They offer different benefits under different types of products and cover the risk of early death, ass well as the risk of living into old age. Also, under pension plans, insurance companies offer periodic monthly payments to support the insured during their retirement.

Types of  Insurance in Life Insurance

There are many products available in the Life Insurance market. But, Here we have gathered only the main types of insurances.

  1. Term Insurance
  2. Endowment Insurance
  3. Whole Life Insurance Plans
  4. Pension and Saving Plans
  5. Unit Linked Insurance Plans (ULIPs) 

2. Non-Life Insurance (General Insurance)

The second main type of Insurance is Non-Life Insurance. It covers the risks other than those relating to human lives. The exceptions to this are a personal accident and health insurance, which are provided by non-life insurance companies. Any asset either gives a monetary return (Ex: House has given on rent) or offers convenience (Ex: A car which can be used to travel from one place to another) can be insured. Non-Life Insurance products that cover these risks and compensate the owner If any of the assets are damaged.

Types of  Insurance in Non-Life Insurance

It is a continuously developing market with new products being introduced from time to time as society has a need for them. There are 3 main types of insurance in Non-Life Insurance Plans. They are 
  1. Fire Insurance
  2. Marine Insurance
  3. Miscellaneous
There are  many types in Miscellaneous  like 
  • Motor Insurance
  • Property Insurance
  • Liability  Insurance
  • Health Insurance
  • Travel Insurance 

3. Reinsurance 

ReInsurance is nothing but Insurance to the Insurance Company. When the limit for handling the risks is exceeded by Insurance Companies, then the Reinsurance is the only way to transfer their risks to someone else to shield themselves from overexposure. 

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