Insurance is the most spoken about topic in the country now. The insurance simply means that you are protected and it will be you’re supported in the tough times. However, the rules, regulations and content of the insurance entirely depend upon the type of insurance. You need to purchase insurance and has to provide the premium on time. There are insurances that are very common in India. However, the type of insurance depends upon the nature of the insurance and various insurances are categorized under the classifications.
Insurance is generally classified into two major parts and these are General Insurance and Life Insurance. All the insurances available fall under either of the category.
The basic feature of general insurance is that it is available for the limited period of time. The general insurance will be available for some years and that has to be renewed after some time. Well, there is no other difference between with any other insurance apart from the time frame. However, there are much insurance that come under General Insurance depending on the domain. It can further be classified in the following types.
It is insurance for personal care for any individual. There are much insurance that come under Personal Insurance. Medical Insurance, Accidental Insurance, Property Insurance, Vehicle Insurance etc.
Rural Insurance is specifically designed for the different rural life requirements. It can be Family Welfare Insurance, Weather Insurance, Home Insurance, Shop Insurance, Cattle Insurance, Horticulture Insurance and many more.
The Industrial Insurance is for the companies from various field of corporate. It can Plant Insurance, Machinery Insurance, Risk Policy, Fire Insurance, Marine Insurance and many others.
These are generally meant to deal with commercial losses. The Burglary, Theft, Shopkeepers, Property Damage and others.