A Detailed Guide about differing types of Insurance Policies
In life, unplanned expenses are a bitter truth. Even once you think that you simply are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. counting on the extent of the emergency, such instances can also leave you debt-ridden.
While you can't plan ahead for contingencies arising from such incidents, insurance policies offer a semblance of support to minimize financial liability from unforeseen occurrences.
There is a good range of insurance policies, each aimed toward safeguarding certain aspects of your health or assets.
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| Types of Insurance |
Broadly, there are 7 sorts of insurance, namely:-
- Life Insurance
- Vehicle insurance
- Health insurance
- Travel insurance
- Property insurance
- Mobile insurance
- Bite-size insurance
Simply knowing the varied insurance policies doesn't help. Instead, you want to skills each of those plans works.
Without adequate knowledge about each of them, you'll not be ready to protect your finances, also because of the financial well-being of your relations. Read on to find out all you would like to understand the varied insurance policies.
1. Life assurance
Life Insurance refers to a policy or cover whereby the policyholder can ensure financial freedom for his/her relations after death. Suppose you're the only earning member in your family, supporting your spouse and youngsters.
On such an occasion, your death would financially devastate the entire family. life assurance policies make sure that such a thing doesn't happen by providing financial assistance to your family within the event of your passing.
Types of life assurance Policies
There are primarily seven different types of insurance policies when it involves life assurance. These are:-
Term Plan - The benefit from a term plan is merely available for a specified period, as an example, 40 years from the date of policy purchase.
Endowment Plan - Endowment plans are life assurance policies where some of your premiums go toward the benefit, while the remaining is invested by the insurance provider.
Maturity benefits, benefits, and periodic bonuses are some sorts of assistance from endowment policies.
Unit Linked Insurance Plans or ULIPs - almost like endowment plans, a neighborhood of your insurance premiums go toward open-end fund investments, while the remaining goes toward the benefit.
Whole life assurance - because the name suggests, such policies offer life protect the entire lifetime of a private, rather than a specified term. Some insurers may restrict the entire life assurance tenure to 100 years.
Child’s Plan - Investment cum policy, which provides aid for your children throughout their lives. The benefit is out there as a lump-sum payment after the death of oldsters.
Money-Back - Such policies pay a particular percentage of the plan’s sum assured after regular intervals. this is often referred to as survival benefit.
Retirement Plan - Also referred to as pension plans, these policies are a fusion of investment and insurance. some of the premiums go toward creating a retirement corpus for the policyholder. this is often available as a lump-sum or monthly payment after the policyholder retires.
Benefits of life assurance.
If you possess a life assurance plan, you'll enjoy the subsequent advantages of the policy.
Tax Benefits - If you pay life assurance premiums, you're eligible for tax benefits in India, under Section 80(C) and 10(10D) of the tax Act. Thus, you'll save a considerable sum of cash as taxes by choosing a life assurance plan.
Encourages Saving Habit - Since you would like to pay policy premiums, buying such a policy promotes the habit of saving money.
Secures Family’s Financial Future - The policy ensures your family’s financial independence is maintained even after your demise.
Helps Plan Your Retirement - Certain life assurance policies also act as investment options. as an example, pension plans offer a lump-sum payout as soon as you retire, helping you to fund your retirement.
Now that you simply know all about life assurance policies read on to know the varied facets of other general insurance policies.
2. Vehicle InsuranceVehicle insurance refers to policies that provide financial assistance within the event of accidents involving your car or bike. Vehicle insurance is often availed for 3 categories of motorized vehicles, including:-
Car Insurance - Personally owned four-wheeler vehicles are covered under such a policy.
Two-wheeler Insurance - Personally owned two-wheeler vehicles, including bikes and scooters, are covered under these plans.
Commercial Vehicle Insurance - If you own a vehicle that's used commercially, you would like to avail insurance for an equivalent. These policies make sure that your business automobiles stay within the better of shapes, reducing losses significantly.
Types of Vehicle Insurance Policies
Based on the extent of canopy or protection offered, vehicle insurance policies are of three types, namely:-
Third-Party Liability - this is often the foremost basic sort of vehicle insurance cover in India. it's the minimum mandatory requirement for all motorized vehicle owners, as per the automobiles Act of 1988. thanks to the limited financial assistance, premiums for such policies also tend to below.
These insurance plans only pay the financial liability to the third - party affected within the said mishap, ensuring that you simply don't face legal hassle thanks to the accident.
They, however, don't offer any financial assistance to repair the policyholder’s vehicle after accidents.
Comprehensive Cover - Compared to the third-party liability option, comprehensive insurance plans offer better protection and security. aside from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle thanks to an accident.
Additionally, comprehensive plans also offer a payout just in case your vehicle sustains damage thanks to the fire, man-made and natural calamities, riots et al. such instances. Lastly, you'll recover your bike’s cost if it gets stolen, once you have a comprehensive cover in situ.
One also can choose several add - ons with their comprehensive motor policy which will make it better-rounded. a number of these add-ons include zero depreciation cover, engine and gear-box protection cover, consumable cover, breakdown assistance, etc.
Own Damage Cover - this is often a specialized sort of motor insurance, which insurance companies offer to consumers. Further, you're eligible to avail such an idea as long as you bought the two-wheeler or car after September 2018.
The vehicle must be fresh and not a second- hand one. you ought to also remember that you simply can avail this standalone own damage cover as long as you have already got a 3rd party liability motor policy in situ.
With your own damage cover, you basically receive equivalent benefits as a comprehensive policy without the third-party liability portion of the policy.
Benefits of Vehicle Insurance PoliciesCars and bikes are increasingly costlier with each passing day. At such a time, staying without proper insurance can cause severe monetary losses for the owner. Listed below are some advantages of buying such an idea.
Prevents Legal Hassle - Helps you avoid any traffic fines and other legalities that you simply would otherwise get to bear.
Meets All Third-Party Liability - If you injure an individual or damage someone’s property during a vehicular accident, the policy helps you meet the monetary losses, effectively.
Financial Assistance to Repair Your own Vehicle - After accidents, you would like to spend considerable sums on repairing your own vehicle. Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.
Theft/loss cover - If your vehicle is stolen, your policy will assist you to reclaim some of the car/bike’s on-road price. you'll expect similar assistance if your vehicle is broken beyond repair thanks to accidents.
Additionally, individuals who own a billboard car/two-wheeler also can avail tax benefits if they pay premiums for that vehicle.
3. Insurance Health insurance refers to a kind of general insurance, which provides financial assistance to policyholders once they are admitted to hospitals for treatment. Additionally, some plans also cover the value of treatment undertaken reception, before hospitalization or after discharge from an equivalent.
With the rising medical inflation in India, buying insurance has become a necessity. However, before proceeding together with your purchase, consider the varied sorts of insurance plans available in India.
Types of insurance policies
There are eight main sorts of insurance policies available in India. They are:-
Individual insurance - These are healthcare plans that provide medical cover to only one policyholder.
Family Floater Insurance - These policies allow you to avail insurance for your entire family without having to shop for separate plans for every member. Generally, husband, wife, and two of their children are allowed health cover under one such family floater policy.
Critical Illness Cover - These are specialized health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical insurance policies.
Senior Citizen insurance - because the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
Group insurance - Such policies are generally offered to employees of an organization or company. they're designed in such how that older beneficiaries are often removed, and fresh beneficiaries are often added, as per the company’s employee retention capability.
Maternity insurance - These policies cover medical expenses during pre-natal, post-natal, and delivery stages. It covers both the mother also as her newborn.
Personal Accident Insurance - These medical insurance policies only cover financial liability from injuries, disability, or death arising thanks to accidents.
Preventive Healthcare Plan - Such policies cover the value of treatment concerned with preventing a severe disease or condition.
Benefits of insurance
After assessing the varied sorts of insurance available, you want to be wondering why availing such an idea is important for you and your loved ones. check out the explanations listed below to know why.
Medical Cover - the first advantage of such insurance is that it offers financial coverage against medical expenditure.
Cashless Claim - If you seek treatment at one among the hospitals that have tie-ups together with your insurance provider, you'll avail cashless claim benefit. This feature ensures that each medical bill is directly settled between your insurer and hospital.
Tax Benefits - those that pay insurance premiums can enjoy tax benefits. Under Section 80D of the tax Act, one can avail of a tax break of up to Rs.1 lakh on the premium payment of their insurance policies.
There could also be additional advantages, counting on the insurance provider in question.
4. Travel InsuranceWhen talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
Without adequate knowledge about each of them, you'll not be ready to protect your finances, also because of the financial well-being of your relations. Read on to find out all you would like to understand the varied insurance policies.
1. Life assurance
Life Insurance refers to a policy or cover whereby the policyholder can ensure financial freedom for his/her relations after death. Suppose you're the only earning member in your family, supporting your spouse and youngsters.
On such an occasion, your death would financially devastate the entire family. life assurance policies make sure that such a thing doesn't happen by providing financial assistance to your family within the event of your passing.
Types of life assurance Policies
There are primarily seven different types of insurance policies when it involves life assurance. These are:-
Term Plan - The benefit from a term plan is merely available for a specified period, as an example, 40 years from the date of policy purchase.
Endowment Plan - Endowment plans are life assurance policies where some of your premiums go toward the benefit, while the remaining is invested by the insurance provider.
Maturity benefits, benefits, and periodic bonuses are some sorts of assistance from endowment policies.
Unit Linked Insurance Plans or ULIPs - almost like endowment plans, a neighborhood of your insurance premiums go toward open-end fund investments, while the remaining goes toward the benefit.
Whole life assurance - because the name suggests, such policies offer life protect the entire lifetime of a private, rather than a specified term. Some insurers may restrict the entire life assurance tenure to 100 years.
Child’s Plan - Investment cum policy, which provides aid for your children throughout their lives. The benefit is out there as a lump-sum payment after the death of oldsters.
Money-Back - Such policies pay a particular percentage of the plan’s sum assured after regular intervals. this is often referred to as survival benefit.
Retirement Plan - Also referred to as pension plans, these policies are a fusion of investment and insurance. some of the premiums go toward creating a retirement corpus for the policyholder. this is often available as a lump-sum or monthly payment after the policyholder retires.
Benefits of life assurance.
If you possess a life assurance plan, you'll enjoy the subsequent advantages of the policy.
Tax Benefits - If you pay life assurance premiums, you're eligible for tax benefits in India, under Section 80(C) and 10(10D) of the tax Act. Thus, you'll save a considerable sum of cash as taxes by choosing a life assurance plan.
Encourages Saving Habit - Since you would like to pay policy premiums, buying such a policy promotes the habit of saving money.
Secures Family’s Financial Future - The policy ensures your family’s financial independence is maintained even after your demise.
Helps Plan Your Retirement - Certain life assurance policies also act as investment options. as an example, pension plans offer a lump-sum payout as soon as you retire, helping you to fund your retirement.
Now that you simply know all about life assurance policies read on to know the varied facets of other general insurance policies.
2. Vehicle InsuranceVehicle insurance refers to policies that provide financial assistance within the event of accidents involving your car or bike. Vehicle insurance is often availed for 3 categories of motorized vehicles, including:-
Car Insurance - Personally owned four-wheeler vehicles are covered under such a policy.
Two-wheeler Insurance - Personally owned two-wheeler vehicles, including bikes and scooters, are covered under these plans.
Commercial Vehicle Insurance - If you own a vehicle that's used commercially, you would like to avail insurance for an equivalent. These policies make sure that your business automobiles stay within the better of shapes, reducing losses significantly.
Types of Vehicle Insurance Policies
Based on the extent of canopy or protection offered, vehicle insurance policies are of three types, namely:-
Third-Party Liability - this is often the foremost basic sort of vehicle insurance cover in India. it's the minimum mandatory requirement for all motorized vehicle owners, as per the automobiles Act of 1988. thanks to the limited financial assistance, premiums for such policies also tend to below.
These insurance plans only pay the financial liability to the third - party affected within the said mishap, ensuring that you simply don't face legal hassle thanks to the accident.
They, however, don't offer any financial assistance to repair the policyholder’s vehicle after accidents.
Comprehensive Cover - Compared to the third-party liability option, comprehensive insurance plans offer better protection and security. aside from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle thanks to an accident.
Additionally, comprehensive plans also offer a payout just in case your vehicle sustains damage thanks to the fire, man-made and natural calamities, riots et al. such instances. Lastly, you'll recover your bike’s cost if it gets stolen, once you have a comprehensive cover in situ.
One also can choose several add - ons with their comprehensive motor policy which will make it better-rounded. a number of these add-ons include zero depreciation cover, engine and gear-box protection cover, consumable cover, breakdown assistance, etc.
Own Damage Cover - this is often a specialized sort of motor insurance, which insurance companies offer to consumers. Further, you're eligible to avail such an idea as long as you bought the two-wheeler or car after September 2018.
The vehicle must be fresh and not a second- hand one. you ought to also remember that you simply can avail this standalone own damage cover as long as you have already got a 3rd party liability motor policy in situ.
With your own damage cover, you basically receive equivalent benefits as a comprehensive policy without the third-party liability portion of the policy.
Benefits of Vehicle Insurance PoliciesCars and bikes are increasingly costlier with each passing day. At such a time, staying without proper insurance can cause severe monetary losses for the owner. Listed below are some advantages of buying such an idea.
Prevents Legal Hassle - Helps you avoid any traffic fines and other legalities that you simply would otherwise get to bear.
Meets All Third-Party Liability - If you injure an individual or damage someone’s property during a vehicular accident, the policy helps you meet the monetary losses, effectively.
Financial Assistance to Repair Your own Vehicle - After accidents, you would like to spend considerable sums on repairing your own vehicle. Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.
Theft/loss cover - If your vehicle is stolen, your policy will assist you to reclaim some of the car/bike’s on-road price. you'll expect similar assistance if your vehicle is broken beyond repair thanks to accidents.
Additionally, individuals who own a billboard car/two-wheeler also can avail tax benefits if they pay premiums for that vehicle.
3. Insurance Health insurance refers to a kind of general insurance, which provides financial assistance to policyholders once they are admitted to hospitals for treatment. Additionally, some plans also cover the value of treatment undertaken reception, before hospitalization or after discharge from an equivalent.
With the rising medical inflation in India, buying insurance has become a necessity. However, before proceeding together with your purchase, consider the varied sorts of insurance plans available in India.
Types of insurance policies
There are eight main sorts of insurance policies available in India. They are:-
Individual insurance - These are healthcare plans that provide medical cover to only one policyholder.
Family Floater Insurance - These policies allow you to avail insurance for your entire family without having to shop for separate plans for every member. Generally, husband, wife, and two of their children are allowed health cover under one such family floater policy.
Critical Illness Cover - These are specialized health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical insurance policies.
Senior Citizen insurance - because the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
Group insurance - Such policies are generally offered to employees of an organization or company. they're designed in such how that older beneficiaries are often removed, and fresh beneficiaries are often added, as per the company’s employee retention capability.
Maternity insurance - These policies cover medical expenses during pre-natal, post-natal, and delivery stages. It covers both the mother also as her newborn.
Personal Accident Insurance - These medical insurance policies only cover financial liability from injuries, disability, or death arising thanks to accidents.
Preventive Healthcare Plan - Such policies cover the value of treatment concerned with preventing a severe disease or condition.
Benefits of insurance
After assessing the varied sorts of insurance available, you want to be wondering why availing such an idea is important for you and your loved ones. check out the explanations listed below to know why.
Medical Cover - the first advantage of such insurance is that it offers financial coverage against medical expenditure.
Cashless Claim - If you seek treatment at one among the hospitals that have tie-ups together with your insurance provider, you'll avail cashless claim benefit. This feature ensures that each medical bill is directly settled between your insurer and hospital.
Tax Benefits - those that pay insurance premiums can enjoy tax benefits. Under Section 80D of the tax Act, one can avail of a tax break of up to Rs.1 lakh on the premium payment of their insurance policies.
There could also be additional advantages, counting on the insurance provider in question.
4. Travel InsuranceWhen talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
2. Vehicle Insurance
Vehicle insurance refers to policies that provide financial assistance within the event of accidents involving your car or bike. Vehicle insurance is often availed for 3 categories of motorized vehicles, including:-
Car Insurance - Personally owned four-wheeler vehicles are covered under such a policy.
Two-wheeler Insurance - Personally owned two-wheeler vehicles, including bikes and scooters, are covered under these plans.
Commercial Vehicle Insurance - If you own a vehicle that's used commercially, you would like to avail insurance for an equivalent. These policies make sure that your business automobiles stay within the better of shapes, reducing losses significantly.
Types of Vehicle Insurance Policies
Based on the extent of canopy or protection offered, vehicle insurance policies are of three types, namely:-
Third-Party Liability - this is often the foremost basic sort of vehicle insurance cover in India. it's the minimum mandatory requirement for all motorized vehicle owners, as per the automobiles Act of 1988. thanks to the limited financial assistance, premiums for such policies also tend to below.
These insurance plans only pay the financial liability to the third - party affected within the said mishap, ensuring that you simply don't face legal hassle thanks to the accident.
They, however, don't offer any financial assistance to repair the policyholder’s vehicle after accidents.
Comprehensive Cover - Compared to the third-party liability option, comprehensive insurance plans offer better protection and security. aside from covering third party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s own vehicle thanks to an accident.
Additionally, comprehensive plans also offer a payout just in case your vehicle sustains damage thanks to the fire, man-made and natural calamities, riots et al. such instances. Lastly, you'll recover your bike’s cost if it gets stolen, once you have a comprehensive cover in situ.
One also can choose several add - ons with their comprehensive motor policy which will make it better-rounded. a number of these add-ons include zero depreciation cover, engine and gear-box protection cover, consumable cover, breakdown assistance, etc.
Own Damage Cover - this is often a specialized sort of motor insurance, which insurance companies offer to consumers. Further, you're eligible to avail such an idea as long as you bought the two-wheeler or car after September 2018.
The vehicle must be fresh and not a second- hand one. you ought to also remember that you simply can avail this standalone own damage cover as long as you have already got a 3rd party liability motor policy in situ.
With your own damage cover, you basically receive equivalent benefits as a comprehensive policy without the third-party liability portion of the policy.
Benefits of Vehicle Insurance PoliciesCars and bikes are increasingly costlier with each passing day. At such a time, staying without proper insurance can cause severe monetary losses for the owner. Listed below are some advantages of buying such an idea.
Prevents Legal Hassle - Helps you avoid any traffic fines and other legalities that you simply would otherwise get to bear.
Meets All Third-Party Liability - If you injure an individual or damage someone’s property during a vehicular accident, the policy helps you meet the monetary losses, effectively.
Financial Assistance to Repair Your own Vehicle - After accidents, you would like to spend considerable sums on repairing your own vehicle. Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.
Theft/loss cover - If your vehicle is stolen, your policy will assist you to reclaim some of the car/bike’s on-road price. you'll expect similar assistance if your vehicle is broken beyond repair thanks to accidents.
Additionally, individuals who own a billboard car/two-wheeler also can avail tax benefits if they pay premiums for that vehicle.
3. Insurance Health insurance refers to a kind of general insurance, which provides financial assistance to policyholders once they are admitted to hospitals for treatment. Additionally, some plans also cover the value of treatment undertaken reception, before hospitalization or after discharge from an equivalent.
With the rising medical inflation in India, buying insurance has become a necessity. However, before proceeding together with your purchase, consider the varied sorts of insurance plans available in India.
Types of insurance policies
There are eight main sorts of insurance policies available in India. They are:-
Individual insurance - These are healthcare plans that provide medical cover to only one policyholder.
Family Floater Insurance - These policies allow you to avail insurance for your entire family without having to shop for separate plans for every member. Generally, husband, wife, and two of their children are allowed health cover under one such family floater policy.
Critical Illness Cover - These are specialized health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical insurance policies.
Senior Citizen insurance - because the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
Group insurance - Such policies are generally offered to employees of an organization or company. they're designed in such how that older beneficiaries are often removed, and fresh beneficiaries are often added, as per the company’s employee retention capability.
Maternity insurance - These policies cover medical expenses during pre-natal, post-natal, and delivery stages. It covers both the mother also as her newborn.
Personal Accident Insurance - These medical insurance policies only cover financial liability from injuries, disability, or death arising thanks to accidents.
Preventive Healthcare Plan - Such policies cover the value of treatment concerned with preventing a severe disease or condition.
Benefits of insurance
After assessing the varied sorts of insurance available, you want to be wondering why availing such an idea is important for you and your loved ones. check out the explanations listed below to know why.
Medical Cover - the first advantage of such insurance is that it offers financial coverage against medical expenditure.
Cashless Claim - If you seek treatment at one among the hospitals that have tie-ups together with your insurance provider, you'll avail cashless claim benefit. This feature ensures that each medical bill is directly settled between your insurer and hospital.
Tax Benefits - those that pay insurance premiums can enjoy tax benefits. Under Section 80D of the tax Act, one can avail of a tax break of up to Rs.1 lakh on the premium payment of their insurance policies.
There could also be additional advantages, counting on the insurance provider in question.
4. Travel InsuranceWhen talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
Benefits of Vehicle Insurance Policies
Cars and bikes are increasingly costlier with each passing day. At such a time, staying without proper insurance can cause severe monetary losses for the owner. Listed below are some advantages of buying such an idea.
Prevents Legal Hassle - Helps you avoid any traffic fines and other legalities that you simply would otherwise get to bear.
Meets All Third-Party Liability - If you injure an individual or damage someone’s property during a vehicular accident, the policy helps you meet the monetary losses, effectively.
Financial Assistance to Repair Your own Vehicle - After accidents, you would like to spend considerable sums on repairing your own vehicle. Insurance plans limit such out of pocket expenses, allowing you to undertake repairs immediately.
Theft/loss cover - If your vehicle is stolen, your policy will assist you to reclaim some of the car/bike’s on-road price. you'll expect similar assistance if your vehicle is broken beyond repair thanks to accidents.
Additionally, individuals who own a billboard car/two-wheeler also can avail tax benefits if they pay premiums for that vehicle.
3. Insurance Health insurance refers to a kind of general insurance, which provides financial assistance to policyholders once they are admitted to hospitals for treatment. Additionally, some plans also cover the value of treatment undertaken reception, before hospitalization or after discharge from an equivalent.
With the rising medical inflation in India, buying insurance has become a necessity. However, before proceeding together with your purchase, consider the varied sorts of insurance plans available in India.
Types of insurance policies
There are eight main sorts of insurance policies available in India. They are:-
Individual insurance - These are healthcare plans that provide medical cover to only one policyholder.
Family Floater Insurance - These policies allow you to avail insurance for your entire family without having to shop for separate plans for every member. Generally, husband, wife, and two of their children are allowed health cover under one such family floater policy.
Critical Illness Cover - These are specialized health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical insurance policies.
Senior Citizen insurance - because the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
Group insurance - Such policies are generally offered to employees of an organization or company. they're designed in such how that older beneficiaries are often removed, and fresh beneficiaries are often added, as per the company’s employee retention capability.
Maternity insurance - These policies cover medical expenses during pre-natal, post-natal, and delivery stages. It covers both the mother also as her newborn.
Personal Accident Insurance - These medical insurance policies only cover financial liability from injuries, disability, or death arising thanks to accidents.
Preventive Healthcare Plan - Such policies cover the value of treatment concerned with preventing a severe disease or condition.
Benefits of insurance
After assessing the varied sorts of insurance available, you want to be wondering why availing such an idea is important for you and your loved ones. check out the explanations listed below to know why.
Medical Cover - the first advantage of such insurance is that it offers financial coverage against medical expenditure.
Cashless Claim - If you seek treatment at one among the hospitals that have tie-ups together with your insurance provider, you'll avail cashless claim benefit. This feature ensures that each medical bill is directly settled between your insurer and hospital.
Tax Benefits - those that pay insurance premiums can enjoy tax benefits. Under Section 80D of the tax Act, one can avail of a tax break of up to Rs.1 lakh on the premium payment of their insurance policies.
There could also be additional advantages, counting on the insurance provider in question.
4. Travel InsuranceWhen talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
3. Insurance
Health insurance refers to a kind of general insurance, which provides financial assistance to policyholders once they are admitted to hospitals for treatment. Additionally, some plans also cover the value of treatment undertaken reception, before hospitalization or after discharge from an equivalent.
With the rising medical inflation in India, buying insurance has become a necessity. However, before proceeding together with your purchase, consider the varied sorts of insurance plans available in India.
Types of insurance policies
There are eight main sorts of insurance policies available in India. They are:-
Individual insurance - These are healthcare plans that provide medical cover to only one policyholder.
Family Floater Insurance - These policies allow you to avail insurance for your entire family without having to shop for separate plans for every member. Generally, husband, wife, and two of their children are allowed health cover under one such family floater policy.
Critical Illness Cover - These are specialized health plans that provide extensive financial assistance when the policyholder is diagnosed with specific, chronic illnesses. These plans provide a lump-sum payout after such a diagnosis, unlike typical insurance policies.
Senior Citizen insurance - because the name suggests, these policies specifically cater to individuals aged 60 years and beyond.
Group insurance - Such policies are generally offered to employees of an organization or company. they're designed in such how that older beneficiaries are often removed, and fresh beneficiaries are often added, as per the company’s employee retention capability.
Maternity insurance - These policies cover medical expenses during pre-natal, post-natal, and delivery stages. It covers both the mother also as her newborn.
Personal Accident Insurance - These medical insurance policies only cover financial liability from injuries, disability, or death arising thanks to accidents.
Preventive Healthcare Plan - Such policies cover the value of treatment concerned with preventing a severe disease or condition.
Benefits of insurance
After assessing the varied sorts of insurance available, you want to be wondering why availing such an idea is important for you and your loved ones. check out the explanations listed below to know why.
Medical Cover - the first advantage of such insurance is that it offers financial coverage against medical expenditure.
Cashless Claim - If you seek treatment at one among the hospitals that have tie-ups together with your insurance provider, you'll avail cashless claim benefit. This feature ensures that each medical bill is directly settled between your insurer and hospital.
Tax Benefits - those that pay insurance premiums can enjoy tax benefits. Under Section 80D of the tax Act, one can avail of a tax break of up to Rs.1 lakh on the premium payment of their insurance policies.
There could also be additional advantages, counting on the insurance provider in question.
4. Travel InsuranceWhen talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
4. Travel Insurance
When talking about the various sorts of insurance policies, one must not forget to find out more about travel insurance plans. Such policies make sure the financial safety of a traveler during a visit. Therefore, in comparison to other insurance policies, travel insurance may be a short-term cover.
Depending on the provider you select, travel insurance may offer aid at various times, like during loss of luggage, trip cancellation, and far more. Here may be a check out a number of the various sorts of travel insurance plans available within the country:
Domestic Travel Insurance - This is often the type of travel policy that safeguards your finances during travels within India. However, if you propose to step outside the country for a vacation, such a policy wouldn't offer any aid.
International Travel Insurance - If you're stepping out of the country, make sure you pick a world travel insurance plan. It allows you to hide the unforeseen expenses which will arise during your trip like medical emergencies, baggage loss, loss of passport, etc.
Home Holiday Insurance - once you are traveling with family, your home remains unguarded and unprotected. Chances of burglary are always significant, which can cause significant losses. Thankfully, with home holiday insurance plans, which are often included within travel policies, you're financially shielded from such events also.
Benefits of Travel InsuranceThe following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
Benefits of Travel Insurance
The following aspects are covered under travel insurance plans:-
Cover Flight Delay - Flight delays or cancellations can cause significant losses for the passenger. If you purchase travel insurance, you'll claim such financial losses from the insurer.
Baggage Loss/Delay - Travel insurance allows you to claim monetary assistance if there's a delay otherwise you happen to lose your luggage during the trip. With this amount, you'll purchase a number of the required items.
Reclaim Lost Travel Documents - Visa and passport are essential documents during a world trip. choosing international travel insurance ensures that you simply have the required support to reapply for interim or replacement documents as and when necessary.
Trip Cancellation Cover - A overtime within the family or a medical emergency may play spoilsport together with your travel arrangements. Thankfully, international travel insurance plans support trip cancellations in such events. you'll claim financial assistance to pay penalties and cancellation charges for flights, hotels, etc.
Make sure that you simply choose an insurer carefully, especially a corporation that's reliable and available 24x7 to help you.
5. Property InsuranceAny building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
5. Property Insurance
Any building or immovable structure are often insured through property insurance plans. this will be either your residence or commercial space.
If any damage befalls such a property, you'll claim financial assistance from the insurance provider. confine mind that such an idea also financially safeguards the content inside the property.
Types of Property Insurance in India
Here are some sorts of property insurance policies available in India:-
Home Insurance - With such a policy, you remain free from all financial liabilities which will arise from damage to your home or contents inside thanks to fires, burglaries, storms, earthquakes, explosions, and other events.
Shop Insurance - If you own a store, which acts as a source of income for you, it's integral to guard yourself against financial liability arising from an equivalent. Whether the liability occurs thanks to natural calamities or thanks to accidents, with these plans, you'll immediately undertake repairs to the shop.
Office Insurance - Another sort of property policy, office insurance ensures that the office block and every one the equipment inside is significantly protected within the event of unforeseen events. Generally, office spaces include expensive equipment, like computers, servers, and far more. Thus, availing these plans is important.
Building Insurance - If you own an entire building, choosing home insurance might not be sufficient. Instead, you'll purchase building insurance to hide the whole premises.
Benefits of Property Insurance
If you continue to think that property cover isn't one among the kinds of insurance plans you would like to avail, take a glance at a number of the benefits from an equivalent.
Protection against Fires - While the policy cannot prevent fires, it can prevent financial liabilities from such an occasion.
Burglaries - If your property exists in a neighborhood susceptible to theft and burglaries, such a policy is significant to make sure financial security.
Floods - In certain parts of India, floods are common. These floods can ravage your property resulting in substantial losses. Property insurance also protects against such events.
Natural Calamities - The plan also offers aid against damage arising from earthquakes, storms, and more.
Rebuilding or renovation of a property is immensely expensive. Thus, property insurance policies are the simplest choice to ensure long-term financial health.
6. Mobile InsuranceOwing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
6. Mobile Insurance
Owing to the rising price of mobile phones and their several applications today, it's become imperative to ensure the device. Mobile insurance allows you to reclaim money that you simply spend on repairing your phone within the event of accidental damage.
Further, you'll also claim an equivalent just in case of phone theft, making it easier to exchange the handset with a replacement phone.
Benefits of Mobile Insurance
Mobile insurance policies are extremely beneficial, especially for those that own a premium smartphone.
Comprehensive protection for brand spanking new devices - the worth of phones tend to say no with time. Thus, when the handset is new, phone insurance can help safeguard its significant value.
Coverage against Damage to Screen - If you mistakenly damage the smartphone screen, which is one of the foremost important parts of such devices, your insurance plan can pay for the repair expenses.
Theft or Robbery of Smartphone - Nothing is worse than buying your dream smartphone and losing it thanks to theft or burglary. Well, phone insurance will assist you to afford a replacement handset if such an unfortunate thing happens.
Some insurers might not allow you to shop for insurance for the smartphone after a month or two passes from the acquisition of the handset.
7. Bite-Size InsuranceBite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
7. Bite-Size Insurance
Bite-sized insurance policies ask sachet insurance plans that minimize your financial liability for a really limited tenure, generally up to a year.
These insurance plans allow you to guard your finances against specific damage or threats.
For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year. you'll choose this policy once you think you would possibly be particularly vulnerable to accidental injuries.
Another example is insurance protect specific diseases. as an example, if your area is susceptible to water-borne diseases, like cholera, you'll pick a policy that covers cholera treatment and everyone associated costs for a 1-year period.
Benefits of Bite-sized InsuranceThe primary advantage of bite-size insurance policies is that it allows you to avail of financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. as compared, the sum insured is critical.
Things to see when buying a policy Online
Service benefits - you ought to check out Service Benefits like 24*7 Customer Support, Convenient Pick-up & Drop for your vehicle, and a good Network of Cashless Garages.
Choose the proper Sum Insured - the proper sum insured helps in ensuring that you simply are completely covered just in case of an emergency
Speed of claims of the insurer - Claims is that the reason you purchase insurance. So check how long your insurance firm takes to settle claims.
Best value - If you're satisfied with the service and therefore the Sum Insured, check the premium and therefore the discount you're getting.
Benefits of Bite-sized Insurance
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