Types of Insurance in India#
Categories of Insurance#
1. Life Insurance
- Term Insurance
- Whole Life Insurance
- Endowment Policy
- ULIP (Unit Linked Insurance Plan)
- Money Back Policy
- Pension Plans
2. General Insurance
- Motor Insurance: Third-party and comprehensive
- Health Insurance: Individual and family floater
- Property Insurance: Fire, burglary, marine
- Travel Insurance: Domestic and international
- Crop Insurance: PMFBY
- Liability Insurance: Public liability, professional indemnity
Key Insurance Products#
| Type | Purpose | Key Features |
|---|---|---|
| Term Plan | Life cover | High sum assured, low premium |
| Endowment | Savings + Insurance | Maturity benefit |
| ULIP | Investment + Insurance | Market-linked returns |
| Health Insurance | Medical cover | Cashless, hospitalization |
| Motor Insurance | Vehicle cover | Third-party, comprehensive |
Insurance Companies in India#
- Life Insurance Corporation (LIC)
- Private life insurers (HDFC Life, ICICI Prudential, etc.)
- Public sector general insurers (New India, United India, etc.)
- Private general insurers (ICICI Lombard, Bajaj Allianz, etc.)
- Standalone health insurers
Buying Insurance#
- Compare policies
- Check claim settlement ratio
- Consider premium vs coverage
- Read policy document carefully
- Understand exclusions