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.
Life Insurance is entirely different from the General Insurance in terms of the term if contract. As the name suggests, Life Insurance is meant for entire life. It is for all the insurance that can be taken once for life time and the benefits can be enjoyed for the entire life. However, there are different kinds of Life Insurance available for people and thus it can be further classified.
The Whole Life Policy
This is one of the common Life Insurance Policy. This simply means that a lifelong policy is taken to for the entire life and premium is given in yearly basis till the policy exists. However, there can be difference in the premium as per the providers and plan. The Whole Life Insurance Policy, Single Premium Whole Life Insurance Plan and others are common examples.
These are most common in India. The Endowment Policies are meant for some duration and time for the maturity. This are generally meant for the Death Policy, however few cover critical illness as well. In such cases, the nominee gets the amount of insurance after the death or the person receives the money after maturity.
Money Back Plans
These are form of investments and can ensure high amount of Return on Investment. There are many Money Back Life Insurances available in India.
Term Life Insurance
The Term Life Insurance is for Life Insurance for certain period of time. However, once the maturity comes, a person can discontinue the policy and extend it as well upon choice.
These are Unit Linked Insurance Plans that are used to buy investment assets selected by the Policy Owners. This is secured and protected.
However, apart from all these there can Home Insurance, Travel Insurance and others. These are mostly categorized under the General Insurance but some prefer to list them separately for their popularity.