A Detailed Guide about different Types of Insurance Coverages in India


A Detailed Guide about different Types of Insurance Coverages in India

In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden.

While you cannot plan ahead for contingencies arising from such incidents, insurance policies offer a semblance of support to minimise financial liability from unforeseen occurrences.

There is a wide Types of insurance coverages, each aimed at safeguarding certain aspects of your health or assets.

Broadly, there are 8 types of insurance, namely:

  • Life Insurance
  • Motor insurance
  • Health insurance
  • Travel insurance
  • Property insurance
  • Mobile insurance
  • Cycle insurance
  • Bite-size insurance

Simply knowing the various insurance policies does not help. Instead, you must know how each of these plans work.

Without adequate knowledge about each of them, you may not be able to protect your finances, as well as the financial well-being of your family members. Read on to learn all you need to know about the various insurance policies.

Things to Check when buying an Insurance Policy Online

Service benefits - You should look at Service Benefits like 24*7 Customer Support, Convenient Pick-up Drop for your vehicle and a Wide Network of Cashless Garages.

Choose the right Sum Insured - The Right sum insured helps in ensuring that you are completely covered in case of an emergency

Speed of claims of the insurer - Claims is the reason you buy an insurance. So check how long your insurance company takes to settle claims.

Best value - If you are satisfied with the service and the Sum Insured, check the premium and the discount you are getting.

Insurance coverage is the amount of risk, liability, or potential loss that is protected by insurance. It helps individuals recover from financial losses as a result of incidents, such as car accidents, damaged property, or unexpected health issues.

In order to be covered for their losses, individuals pay an insurance premium. The insurance coverage depends on the policyholder’s age, place of residence, employment benefits, number of children, and other lifestyle factors.

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