Our lives are subject to some kind of risk or the other. As such instead of fearing and being apprehensive, it is best to take adequate measures to mitigate those risks. In today’s times, one of the best ways of doing so is by opting for an insurance cover. There are various kinds of insurance policies covers available and we can choose one as needed. In India, various types of insurances have been categorized under two heads namely general insurance and life insurance, a few of which have been mentioned below -
Life Insurance
- Term Insurance
This is one of the most basic kind of life insurance covers available which offers death benefits but does not offer any savings or returns feature. The premiums are only used for the purpose of passing death benefits to the applicable family members. however, if the insured lives out the term, the insurance company does not need to make any payments. This is why the premiums are lower in comparison to other plans as there is no build-up of capital.
- Unit-Linked Insurance Plan
Here, a part of the premium is contributed towards the insurance cover, while the remaining goes in equity and debt. You can control where your money gets invested, track your portfolio, and even withdraw funds after the lock-in period.
General Insurance
- Health Insurance
This is an insurance product which covers healthcare costs especially those incurred when admitted in a hospital such as those of treatment and procedures, ambulance, and much more. These expenses are reimbursed to the insured.
- Home Insurance
One of the biggest financial investments made by anyone during their lifetime is that of purchasing a home and needs to be safeguarded accordingly. Home insurance safeguards your investment by providing cover for damages incurred resulting from burglary, theft, fire and more.
Additional Read: Different Types of Insurance Cover In India
