Everyone wants to get insured for the upcoming uncertainty. No one knows that what will happen in future but if you get a chance to get secured for the upcoming contingency then you will definitely give it a try. Similarly, the insurance company provides you with several policies that help you in getting covered for the upcoming losses. There are several people who usually think and ask the question about How Many Types of Insurance is there? Well, the answer is here. There are several Types of Insurance available in the market including health insurance, Life Insurance, education insurance, Car Insurance, and others. Each insurance policy has its own benefit.
How many Types of insurance available in India
In India Insurance is divided into three main categories. Here in the below section, we are providing details about each. You are suggested to take a glance.
Life Insurance is a policy that is taken to ensure your life. The main motive behind purchasing this policy is to make sure that your family will be financially secure after your death. If you are a sole breadwinner of your home then taking a life insurance policy will be the best decision for you. Under this type of insurance, the policyholder’s family gets the compensation if the person titled as the policyholder died during the term of the policy.
Another important insurance in India is the head of Health Insurance. The main motive of this insurance is to cover the medical expenses that occur while having expensive treatment. There are several types of Health Insurance available. Health Insurance also depends upon the type of disease and ailments. A person can also get a generic health insurance policy and can also get insured for a specific disease. Under the health insurance, the policyholder gets compensated for the amount to be paid for treatment, hospitalization and also the cost of medicines after getting discharged from the hospital.
If you are a car owner then you must know about the importance of its security. Today for every car import owner it is important to have a car insurance policy. This insurance policy helps you accidents or damage to the cars. Now car insurance policies are also of several types. There are several car policies in which the insurance companies compensate for the damage happened due to natural calamities like an earthquake. While on the other hand there are some insurance companies that cover third-party liabilities. Third party liabilities the person has to pay the compensation to the vehicle owners.
Today education has become so important for everyone. Every parent wants to make his child educated. But now with the advancements, the education is also becoming expensive day by day. Education insurance policy helps you in paying the lump sum amount of the college fees of your child when he reaches the age of 18 years or above. In this policy, the child is the life assured and the parents are the policyholders or we can say, owners.
Another type of insurance that is given in our list is Home Insurance form. We all dream of having our own home and we all love our home. Home insurance helps the person in getting cover over the damage caused to the house due to calamities or accidents like fire. Home Insurance also covers other damages that happen due to lightning or natural calamity like an earthquake.