We all know that life is unpredictable. An emergency can arise at any point, and such a crisis can lead to losses, not all of which may be monetary. One of the ways of mitigating this is insurance.
The main goal of taking insurance is to protect us from different risks and losses. Getting adequate coverage in various aspects is quite important to ensure protection in all areas of life.
When it comes to an insurance policy, it is not just life insurance that we need to focus on. There are different types of insurance, which is essential to ensure we have all round protection.
Here are the different types of insurance policy:
1. Life insurance:
A life insurance policy covers the risk of the policyholder's death. The sum assured is paid on the death of the policyholder or in some cases on the maturity of the policy. Life insurance policies can also be taken to fund a child's education. Some plans include critical illness, accident, disability riders which provide additional coverage in case of such scenarios.
2. Health insurance:
In a health insurance policy, the insured is protected against the cost of hospitalisation. Depending on the policy coverage, it may include pre-hospitalization, post hospitalisation expenses and other treatment-related expenses. This can be taken for the entire family at once as well. Health insurance can either be cashless where bills are settled directly with the hospital, or reimburse the policyholder against submitted invoices.
3. Motor insurance:
Motor insurance covers the risk of theft, damage, or accident to a motor car, the driver, and the passengers. A third party liability coverage also covers against the risk of loss or damage caused to third parties by the driver of the vehicle.
4. Two wheeler insurance:
A two-wheeler insurance policy is similar to a motor insurance policy, except it covers against loss, damage, theft to a two-wheeler. Both motor and two-wheeler insurance policies include repairs at network garages.
5. Travel insurance:
This insurance policy covers a whole range of risks that a traveller may incur while travelling either domestically or abroad. Travel insurance is mandatory while travelling abroad.
6. Home insurance:
A home insurance policy covers the risk of burglary, damage to the house due to natural disasters, theft, and other threats. It can either be a comprehensive home insurance policy or include only some of the risks.
With the advent of insurance aggregators and the digital age, it is possible to get online insurance within a matter of minutes. In some cases, online coverage may turn out to be cheaper than the protection offered by agents. Checking different aggregators for the rates and terms is the best way of choosing the right insurance.
The main goal of taking insurance is to protect us from different risks and losses. Getting adequate coverage in various aspects is quite important to ensure protection in all areas of life.
When it comes to an insurance policy, it is not just life insurance that we need to focus on. There are different types of insurance, which is essential to ensure we have all round protection.
Here are the different types of insurance policy:
1. Life insurance:
A life insurance policy covers the risk of the policyholder's death. The sum assured is paid on the death of the policyholder or in some cases on the maturity of the policy. Life insurance policies can also be taken to fund a child's education. Some plans include critical illness, accident, disability riders which provide additional coverage in case of such scenarios.
2. Health insurance:
In a health insurance policy, the insured is protected against the cost of hospitalisation. Depending on the policy coverage, it may include pre-hospitalization, post hospitalisation expenses and other treatment-related expenses. This can be taken for the entire family at once as well. Health insurance can either be cashless where bills are settled directly with the hospital, or reimburse the policyholder against submitted invoices.
3. Motor insurance:
Motor insurance covers the risk of theft, damage, or accident to a motor car, the driver, and the passengers. A third party liability coverage also covers against the risk of loss or damage caused to third parties by the driver of the vehicle.
4. Two wheeler insurance:
A two-wheeler insurance policy is similar to a motor insurance policy, except it covers against loss, damage, theft to a two-wheeler. Both motor and two-wheeler insurance policies include repairs at network garages.
5. Travel insurance:
This insurance policy covers a whole range of risks that a traveller may incur while travelling either domestically or abroad. Travel insurance is mandatory while travelling abroad.
6. Home insurance:
A home insurance policy covers the risk of burglary, damage to the house due to natural disasters, theft, and other threats. It can either be a comprehensive home insurance policy or include only some of the risks.
With the advent of insurance aggregators and the digital age, it is possible to get online insurance within a matter of minutes. In some cases, online coverage may turn out to be cheaper than the protection offered by agents. Checking different aggregators for the rates and terms is the best way of choosing the right insurance.
No comments:
Post a Comment