Last Update on :

What is Insurance?

What is insurance
Insurance is a way to protect against losing money. It is a form of risk management, primarily used to prevent the risk of potential loss or uncertainty.

An insurance business is known as an insurer, insurance company, insurer or subcontractor. The person or organization that buys the insurance is known as the insurer or the policyholder. Insurance transactions include insurance that takes out the guaranteed and least known losses in the form of insurance coverage in exchange for a promise of insurance coverage in the event of a combined loss.

Losses may or may not be financial, but should be limited to financial terms, and often include something where the insurer has an unsecured interest established by ownership, ownership, or a pre-existing relationship.

The insurer receives a contract, called an insurance policy, which sets out the terms and conditions under which the insurer will compensate the insurer under it. The amount of insurance premium to the policyholder for the coverage specified in the insurance is called the premium.

If the insurer meets the potential losses incurred by the insurance policy, the insurer sends the claim to the insurer for consideration by the claimant. An insurance company can protect its risk by taking out insurance when another insurance company agrees to bear some of the risks, especially if the primary insurance company sees too much risk to bear.

How to file a Complaint against an Insurance company?

If a person is not happy with the insurance company's procedures or payment of a claim, he can

• Contact the Complaints Officer of his or her branch office or any other office associated with the person. All legal claims for legal redress for grievances, GRO, for all insurance companies are available on the IRDAI portal:

• Written complaints and required support documents to be provided

• Obtaining a record of the date for lodging an appeal.

The insurance company must deal with all complaints within 15 days.

• If this does not happen or if the policyholder is not happy with the solution he or she may:

o Speak to the IRDA Consumer Complaints Resolution Complaints Cell:

Call the toll-free number 155255 (or) 1800 4254 732 or


o Use the Integrated Grievance Management System:

Register and view your complaint at

• Send a letter to IRDAI with a complaint to

Contact details for paper / fax complaints:

India's Insurance Regulatory and Development Authority

Consumer Affairs Department - Complaints Resolution Cell.

Sy. No.115 / 1, Finance District, Nakanramguda,

Gachibowli, Hyderabad - 500 032.

IRDAI with various directives has approved the following requirements for all insurers

1. Ensure that the approved grievance policy is in place

2. All complaints must be lodged through the IGMS (Integrated Complaints Management Website) of the official

3. Every insurer must have a grievance redressal officer (GRO) whose contact details are provided in all communications with the policy owner.

4. The insurer must comply with the grievance redressal guidelines recommended by IRDAI

5. Regular reporting of all grievances and reconciliation pending grievances is the order of the day

6. The section on the number of grievances, the mediator concerned, the action taken, the RCA (root of the analysis of the causes) which must be presented before the policy committee committee to protect the interest of all meetings for discussion and guidelines.

IRDAI guidelines for grievance redress

All insurance will have a process and process for receiving, registering and disposing of complaints

in each office. This and all other relevant information and details of the Turnaround Times (TATs) will be clearly set out in the policy. While insurers may lower their TATs, they must ensure that the following deadlines are accepted:

(a). The insurance company will send a written letter to the complainant within three working days of receiving the complaint.

(b). The acknowledgment will contain the name and position of the officer responsible for the appeal.

(c). It will also contain details of the insurance dispute resolution process and the time taken to resolve disputes.

(d). When the insurer resolves the complaint within three days, he or she may appeal and agree.

(e). If the complaint is not resolved within three working days, the insurer will rectify the complaint within two weeks of receipt and send a final letter of decision.

(g). Where, within 2 weeks, the company sends the complainant a written response giving an amendment or rejecting the complaint and giving reasons for doing so,

(i). insurance will inform the complainant how to pursue the complaint, if he or she is not satisfied.

(ii). the insurer will inform you that it will treat the complaint as closed if it does not receive a response

within eight weeks from the date of receipt of the response by the insured owner / policyholder. Any failure of insurance providers to comply with the procedures and timeframes set out above will attract the Insurance Regulatory and Development Authority penalties.

Insurance Ombudsmen

For the purpose of providing a forum for the settlement of disputes and grievances from the insured community or their legal heirs to the insurance companies, the Government of India, exercising the powers conferred on it by the 114 (1) of the Insurance Act, 1938 "Amendment of Public Complaints Laws, 1998", commenced 11 November 1998 These Rules aim to resolve complaints relating to the resolution of disputes with insurance companies on private insurance lines, in a cost-effective, efficient and impartial manner. These Rules apply to all Insurance Companies operating in the General Insurance business and the Health Insurance Business, Public and Private Sector.

To implement the above Rules, the Institution of Insurance Ombudsman has been established and operational since 1999. The Ombudsman operates within the specified area and may lodge disputes concerning partial / complete denial of claims, delay in payment of claims, any dispute formally formulated as such disputes are related to claims, disputes regarding policy payments and non-payment of insurance documents.

The Insurance Ombudsman is issued to the Secretariat staff by the Governing Body of the Insurance Council and those employees are taken out of the insurance companies. The total cost of operating the Center is shared by all Insurance Companies, which are members of the Insurance Council.

The Insurance Ombudsman system was established by the Government of India by individual policymakers so that their grievances could be resolved in a court system in a cost-effective, efficient and impartial manner.

There is an Insurance Ombudsman in various jurisdictions and any person who has an insurance claim, he or she or his or her legal heirs, nominated or authorized, may lodge a complaint in writing with the Insured Ombudsman under his or her branch branch or insurance office or residential address or residence of the complainant.

The complaint must be lodged with the Insurance Ombudsman under the jurisdiction of the area to which the insurance office falls, at the address provided on the website / insurers' policy including the policy document.

Policy owners can approach the Ombudsman with a complaint if:

You first went to your insurance company with a complaint again

• lost

• I have never resolved it to your liking or not responded to it for 30 days

• The complaint relates to any policy you have adopted as a personal person

• the amount of the claim including the costs incurred does not exceed Rs 20 lakhs.

A complaint to the Ombudsman could be about:

1999. a) Delays in payment of applications, in addition to the timeframe set out in the regulations, made under the IRDAI Act, 1999.

2000. b) Any partial or complete rejection of applications for Life insurance, General insurance or Health insurance.

2001. c) Any dispute regarding the premium paid or paid in terms of insurance

2002. d) Misrepresentation of policy terms and conditions at any time in a policy document or in a policy contract.

2003. e) Formal formulation of insurance policies to the extent that a dispute relates to an application.

2004. f) Policy for the provision of complaints relating to insurers and their agents and arbitrators.

2005. g) Issuance of life insurance policy, general insurance including health insurance that does not comply with the proposal form submitted by the applicant.

2006. h) Non-issuance of insurance after receiving life insurance premiums and general insurance including health insurance and

2007. i) Any other matter arising out of a breach of the provisions of the Insurance Act, 1938 or the regulations, circulars, guidelines or instructions issued by IRDAI from time to time or the terms and conditions of the policy contract, to the extent referred to in the matters referred to in subsections (a) to (f)

The Ombudsman will act as mediator as well

• Reach an appropriate recommendation based on the facts of the dispute

• If you accept this as a complete and final agreement, the Ombudsman will do so

• Notify the company that must comply with the policy within 15 days

Companies that provide insurance in India

List of Companies provide Life Insurance in India

Life Insurance Corporation of India

Aviva Life Insurance Company India Ltd.

HDFC Life Insurance Co. Ltd.

Sahara India Life Insurance Co. Ltd.

Max Life Insurance Co. Ltd.

Shriram Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Co. Ltd.

Bharti AXA Life Insurance Company Ltd.

Kotak Life Insurance Co. Ltd.

Future Generali India Life Insurance Company Limited

Aditya Birla Sun Life Insurance Co. Ltd

IDBI Federal Life Insurance Company Limited

TATA AIA Life Insurance Co. Ltd.

Canara HSBC OBC Life Insurance Company Limited

SBI Life Insurance Co. Ltd.

Aegon Life Insurance Company Limited

Exide Life Insurance Co. Ltd.

DHFL Pramerica Life Insurance Co. Ltd.

Bajaj Allianz Life Insurance Co. Ltd.

Star Union Dai-Ichi Life Insurance Co. Ltd.

PNB MetLife India Insurance Co. Ltd.

IndiaFirst Life Insurance Company Ltd.

Reliance Nippon Life Insurance Co. Ltd.

Edelweiss Tokio Life Insurance Company Limited


List of Companies provides non-life Insurance in India

Apollo Munich Insurance Co. Ltd.

Max Bupa Health Insurance Co. Ltd.

Aditya Birla Health Insurance Co. Ltd

National Insurance Co. Ltd.

Bajaj Allianz Allianz General Insurance Co. Ltd.

Raheja QBE General Insurance Co. Ltd.

Bharti AXA General Insurance Co. Ltd.

Reliance General Insurance Co. Ltd.

Cholamandalam MS General Insurance Co. Ltd.

Reliance Health Insurance Ltd.

CIGNA TTK Health Insurance Co. Ltd.

Religare Health Insurance Co. Ltd

DHFL General Insurance Co. Ltd.

Royal Sundaram General Insurance Co. Ltd.

Edelweiss General Insurance Co. Ltd.

SBI General Insurance Co. Ltd.

Future Generali India Insurance Co. Ltd.

Shriram General Insurance Co. Ltd.

HDFC ERGO General Insurance Co. Ltd.

Star Health & Allied Insurance Co. Ltd.

ICICI LOMBARD General Insurance Co. Ltd.

Tata AIG General Insurance Co. Ltd.

IFFCO TOKIO General Insurance Co. Ltd.

The New India Assurance Co. Ltd

Kotak General Insurance Co. Ltd.

The Oriental Insurance Co. Ltd.

Liberty General Insurance Ltd.

United India Insurance Co. Ltd.

Magma HDI General Insurance Co. Ltd.

Universal Sompo General Insurance Co. Ltd.



List of Companies provides Health Insurance in India

National Insurance Co. Ltd.

The New India Assurance Co. Ltd

The Oriental Insurance Co. Ltd.

United India Insurance Co. Ltd.

Bajaj Allianz General Insurance Co. Lt.

Bharti AXA General Insurance Co. Ltd.

Cholamandalam MS General Insurance Co. Ltd.

Future General India Insurance Co. Ltd.

HDFC ERGO General Insurance Co. Ltd.

ICICI Lombard General Insurance Co. Ltd.

IFFCO Tokio General Insurance Co. Ltd.

Kotak Mahindra General Insurance Co. Ltd.

Liberty General Insurance Co. Ltd.

Magma HDI General Insurance Co. Ltd.

Raheja QBE General Insurance Co. Ltd.

Reliance Health Insurance Co. Ltd.

Royal Sundaram General Insurance Co. Ltd.

SBI General Insurance Co. Ltd.

Shriram General Insurance Co. Ltd.

TATA AIG General Insurance Co. Ltd.

Universal Sompo General Insurance Co. Ltd.

Aditya Birla Health Insurance Co. Ltd.

Apollo Munich General Insurance Co. Ltd.

Cigna TTK Health Insurance Co. Ltd.

Max Bupa Health Insurance Co. Ltd.

Religare Health Insurance Co. Ltd.

Star Health Insurance



List of Companies provides Travel Insurance in India

Bajaj Allianz General Insurance

Bharti AXA General Insurance Co. Ltd.

Cholamandalam MS General Insurance Co. Ltd.

Future Generali India Life Insurance Company Limited

HDFC ERGO General Insurance Co. Ltd.

ICICI Lombard General Insurance Co. Ltd.

IFFCO Tokio General Insurance Co. Ltd.

Shriram General Insurance Co. Ltd.

Apollo Munich Insurance Co. Ltd.

TATA AIG General Insurance Co. Ltd.

National Insurance Co. Ltd.

United India Insurance Co. Ltd.

New India Assurance Co. Ltd.

Universal Sompo General Insurance Co. Ltd.

Oriental Insurance Co. Ltd.

Religare Health Insurance Co. Ltd.

Reliance General Insurance Co. Ltd.

Star Health and Allied Insurance Co Ltd

Royal Sundaram General Insurance Co. Ltd.

SBI General Insurance Co. Ltd.

Types of Insurance

There are mainly 2 Insurance categories—

1. Life Insurance

2.Non-Life Insurance/General Insurance

What is Life Insurance?

Life insurance offers financial protection to the family in situations such as sudden death or permanent disability of a leading family member. Therefore, it is a guarantee that the insurance company will take care of the financial well-being of the family members even if the breadwinner is not present. 

This is done by paying a guaranteed amount to the nominee or beneficiary. Insurance can also cover other issues such as serious illness and permanent or temporary disability. The policyholder is called the insurer, while the insurance company is called the insurer.

A life insurance policy helps to meet three goals in life. Let's take a look at them:

1.Protection: The life insurance policy provides financial protection for the family in the event of the death of the uninsured.

2.Investment: In addition to protection, health insurance also assists in investing so that money can be used to meet various financial purposes.

3.Savings: As well as protection, through health insurance, you also get savings that can be used for retirement or other financial needs.

Types of Life Insurance Policy

There are 7 types of life insurance. And each has its own unique features and features. You can choose them according to your need and need. These are: Time Insurance, Lifetime Insurance, Share Policy, Refund Policy, Child Plan, Retirement or Pension Plan and United Linked Insurance Plan (ULIP).

Term insurance

Long-term insurance is a pure insurance policy in which the beneficiary receives a guaranteed amount, also called death benefit, if the policyholder dies during the scheme. However, if the insurance survives the term plan, the coverage also ends, when the beneficiary does not receive the money. Even the premium paid is not refundable to insurers.

However, there are certain plans for the period in which the premium paid is refunded, if the policy holder occurs in the survival of the plan. This payment is called the survival benefit. The cost of such programs is quite high. Apart from that, the pure time plan is one of the least expensive plans compared to other types, as the premium price is very small. One can choose regular payment or single payment mode.

3 Types of Term Insurance

• Term Rate: The guaranteed amount remains the same throughout the policy period. Therefore, even the premium price and the premium renewal remain constant.

• Decreased Term: In this case, the guaranteed amount decreases over time; however, the premium amount does not change.

• Increased Term: Both the amount is guaranteed and the premium amount increases over time. This is preferred by people who think the beneficiaries will need more money.

Lifetime Insurance / Life Cover Insurance

Under this policy, insurance is covered for the rest of his life, that is, until his death. Maturity is usually 100 years. Therefore, you need to continue paying premiums until your 100th birthday. Here, the beneficiary receives a guaranteed amount and benefits of maturity in the sudden death of the policyholder. On the other hand, the policyholder gets to enjoy the benefits of survival, in the event he survives the policy period. The entire life insurance plan offers benefits in both cases - when the policyholder survives the policy or dies suddenly over time.

2 Types of Whole Life Insurance

• ULIPs: In the case of ULIPs, part of the premium paid is used for coverage and half is invested in the market

• Indigenous Health for All: Here, you get a guaranteed return on program maturity. These plans may be categorized as involvement, where the insurer receives a bonus or share from the company, and does not participate, where the insurer does not receive a bonus or share from the company. You can enjoy the benefits in the end or get them as temporary payments.

Endowment Policy

This provides both coverage and cost-saving options. As with any other life insurance policy, here, the beneficiary receives a guaranteed amount in the event of the death of the insurer. However, if the insurance survives the system, you get a maturity benefit. The policy may participate in both, where the insurer receives the bonus and benefits from the company, and not the participants, where the insurer does not receive the bonus and benefits from the insurance company. The endowment policy can also be ULIP, where part of the premium is invested in the market other than the part used in consolidation.

Refund Policy/ Moneyback policy

In this policy, the insurer receives a certain percentage of the guaranteed amount at regular intervals during the policy period. If the policy exceeds the policy, you receive a guaranteed amount regardless of the percentage guaranteed. So, in the end, the insurer receives a guaranteed amount and an additional bonus.

And in the event of the death of the insurers during the policy, the beneficiary receives the full guaranteed amount regardless of the amount of premiums paid. It is one of the most expensive policies, as it provides benefits to insurers over time and the long-term benefits of standard life insurance schemes. The refund policy provides benefits to insurers during the insurance period they can use to meet various financial objectives.

Child Program

People can take out this insurance scheme if they want to save money for the future of their child and get coverage. It is a combination of savings and insurance, in which the insurer can spend money on the child's future needs as a higher education. The investment in this program is age-appropriate - one can start investing immediately after the birth of a child and one can withdraw money after the child has reached a certain age. Some pediatric vaccines offer moderate withdrawal options. This could be a ULIP or a stock system.

Retirement or Pension Scheme

Taking out family insurance policies is not enough. One must also keep one's aging in mind. When you are young you have a normal source of income, but in old age the situation can change. Therefore, one needs to plan for retirement as well. Along with coverage, retirement or pension plans offer the opportunity to save and invest money that can be spent in old age. Life insurance companies in India offer retirement plans that help create a company where regular income, called a pension or pension, is paid to the insurers after reaching a certain age.

Retirement plans can be obtained “with cover” or “without cover”. The first scheme provides a guaranteed amount to the beneficiary and then “without cover” provides the amount to the beneficiary only after the death of the insurer.

Types of Retirement Plans

• Immediate Pension Fund: An insured person receives a pension within one year of the premium

• Postponed pension: The insured decides the time frame after which they will receive a pension from the company. This time period is known as the fixed time

Unit Linked Insurance Plan (ULIP)

The Unit Linked Insurance Plan (ULIP) offers two benefits - coverage and investment method. Under this scheme, the amount of money / amount paid for the policy depends on the current value of the asset. The total amount paid by insurers is divided into two parts: one invested in the market or in debt and the other is used for insurance. The type of investment is chosen by the insurer based on the type of risk he intends to take.

Types of ULIPs

On an investment basis:

• Violent ULIP: Here invest 80-100% of the investment in equity

• ULIP Rated: In this case, 40-60% of the investment is equally invested and the rest is invested in the credit market

• Conservative ULIP: Here 20% of the investment is invested and the rest is invested in the credit market

On the basis of death benefit:

• In the first case, the beneficiary receives a guaranteed amount or the amount of the fund, whichever is higher

• In the second case, the beneficiary receives both a guaranteed amount and a fund value.

Other Types of Life Insurance

Group Life Insurance

Group life insurance is a type of life insurance that includes a group of people. It is mostly offered by companies to its employees. Since insurance is done in a group, group life insurance is considered less expensive. The group may have lawyers, members of cooperative banks, communities, doctors, etc. This life insurance may have a contribution, in which employees contribute with the employer to the payment of premiums, or non-contributions, in which the employer pays the full premium amount.

Adult Health Insurance

You can tolerate a variety of health conditions in childhood; however, in old age you need more protection and security. Managing those living conditions in old age, life insurance for older people can be a great option. Insurance also provides financial coverage in times of need. For example, in the event that you do not have the support of your spouse, the life insurance of the elderly can provide financial protection for your spouse in the event of your sudden death. The death benefit can be used to manage loans, debts and other financial needs.

Procedure to claim Life Insurance read more

Types of General Insurance Strategies

There are different types of standard insurance. Each has its own purpose and need. Let’s understand that they have made an informed decision before buying when needed.

1. Health Insurance

What is Health Insurance?

Health insurance provides financial security to meet the costs incurred as a result of hospitalization or treatment of a particular disease. It is a signed agreement between the insurance company and the policyholder. The company or insurer agrees to provide the allowable amount or amount of cover to the insurer (insurer) to cover medical expenses.

To receive this benefit, the insurer must pay a certain amount of money in the form of a premium. However, not all types of cases and cases are covered by health insurance. This is called a discharge. Let's take a closer look at health insurance.

Types of Health Insurance Policies

Health insurance is available in a variety of forms. However, all health insurance policies can be broadly divided into two types: a Indemnity policy and a fixed benefit policy. Let us consider these two aspects in more detail.

A.Indemnity Policy

This plan covers the cost of hospitalization up to the limit determined at the time of purchase policy. An insured person may choose multiple claims per year, but the total amount provided should not exceed the total amount of insurance money or the amount you should receive from the insurance company.

This type of plan is also known as Mediclaim policy. You also have the benefit of receiving non-cash treatment at various network hospitals, for which the insurance company pays you.

Types of Indemnity Policies

1)Individual Insurance schemes: This type of health insurance is for individuals. Therefore, the insurance provider only looks at the medical costs incurred by the individual. The medical costs incurred in these programs usually cover all costs incurred in hospitalization, before and after admission, the costs of various medical examinations and laboratory expenses, and consultation costs.

Since this cover is for personal use only, premiums are cheaper than other plans. These individual drug policies do not include any existing diseases. However, after waiting a while, these diseases can be covered by the insurance company. Most insurance policies do not include ayurvedic, homeopathic or other non-combat therapies.

2)Family Care Insurance Systems: These types of insurance plans cover the whole family. Instead of buying separate individual plans, you can get a family flat that will cover the medical and medical expenses of all family members. These plans include the policyholder, spouse and children.

Children under the age of 2 can also be covered under this program. Other programs include siblings and in-laws. Family apartments can provide health coverage for up to 15 relatives in one program. Therefore, all family members share the money covered by the insurance.

3)Older Citizens Insurance: These insurance plans cover the cost of treatment or accommodation for people aged 60 or older. Illness and other health-related problems after 60 years are common. Retirement can also deprive people of any normal income. In such a case, bearing the cost of medical treatment may be quite a burden.

Therefore, older health insurance schemes can help meet medical expenses in an emergency. The IRDA is required by the policyholder to be at least 60 to 65 years old when applying for the policy. Some insurance companies also offer medical tests before approving a policy. The waiting period for these policies may range from 1-4 years in the event of any illness.

4)Maternity Insurance: Pregnancy Insurance schemes are designed for women who are planning to have a baby or give birth. It covers all costs before and after pregnancy, child-care expenses, maternal care costs, and any problems that may arise as a result of the pregnancy.

Such a plan can be added to the main policy of Individual or Family Floater. In addition, it can be linked to Group Insurance programs offered to employers with limits below Rs. 50,000. All costs associated with testing, medication, labor, and admission can be reduced by taking this program.

Any emergency evacuation due to complications related to pregnancy, delivery costs, nursing and consultation are also included in this program. It includes a congenital defect or a serious infection in the newborn. The waiting period is up to 4 years, as only after that can all benefits be realized.

So it is a good idea to buy this program well before you get pregnant. Excludes include the cost of regular checkups, diagnostic tests, and consultation fees, as well as any medications such as vitamins, during pregnancy.

5)Medical/employee group insurance: Group Medical Insurance is provided by employers for their employees. Groups under this policy include members of any organization, companies, etc. In addition, by paying more, employees can also extend the program to include other family members such as partners, children, parents, etc.

As with other programs, tax premiums under this scheme are tax-free. Other policies also include existing illnesses and maternity costs. Unlike other programs, to purchase this program, employees do not need to produce any documents or perform medical tests.

Also, premiums are cheaper here. The plan can have an impact, where employees also pay a portion of the premium, or non-contribution, where only the employer pays the premium.

B.Fixed Benefit Policy

This program does not offer the benefit of hospitalization. It pays a fixed amount for certain serious diseases listed and conditions, such as cancer, heart disease, etc. Under this program, a person also gets diagnoses for certain diseases.

Types of Fixed Benefit Policy

1)Preventive insurance: The protective health insurance program covers the cost of regular medical check-ups needed to prevent any serious illnesses such as cancer. With this, annual clinical trials may be needed to assess potential symptoms. Such plans may provide coverage for any tests performed at an insurance network hospital.

Costs also cover all preventive measures taken by the policyholder, spouse, children and parents. Children under the age of 13 are protected under this policy. Unlike other programs, this program includes tests related to HIV / AIDS, cancer and cholesterol.

2)Critical Illness: Critical illnesses are diseases that are not included in health insurance plans. These are just some of the conditions that can lead to permanent disability or death. Some of the diseases covered by the program include cancer, organ transplants, and failure, multiple sclerosis, paralysis, blindness, stroke and heart attack, kidney failure, coma, critical heart surgery, among others.

This policy provides a lump sum for the treatment of these diseases. This policy can be purchased separately or as a supplement to a life insurance plan. Under such a scheme, if the policyholder is found to have any serious diseases listed within a period of time, you will receive the application benefit and other benefits.

Some companies also offer a daily allowance benefit because the policyholder is unable to work and earn an income due to illness. Such programs often have a low waiting time.

3)Daily Hospital Benefits: Provides planned benefits, usually after 24-48 hours of hospitalization. Covering is in addition to the benefits offered by the health insurance system. This plan covers costs that are usually not included in the health plan. You get a fixed amount every day while you are hospitalized.

4)Personal Accident: The plan provides for accidental death and disability and the permanent residency of the policyholder. Such a policy could be a good addition to car insurance to cover death or physical injury to a driver. In the event of a sudden death of the policyholder, the plan also provides a guaranteed amount to family members to take care of various expenses and needs.

No medical documentation required to purchase this policy. It can be found for both individuals and groups. Also, many policies cover all legal and funeral expenses without covering any injuries caused by terrorist attacks.

Personal Accident Cover can be divided into 2 types:

Individual Accident Cover: The program covers an individual's disability, paralysis or death as a result of an accident.

Group Accident Cover: Provided by employers to cover the employee's family expenses for his or her sudden death.
Procedure to claim Health Insurance Read more

2. Motor Insurance/Vehicle Insurance

What Is Motor Insurance?

Motor insurance includes insurance for all types of vehicles, including private cars, two-wheel drive and commercial vehicles. Provides financial protection from injury related to any accident, theft or loss of vehicle. It also takes care of any physical injuries that result from accidents or theft.

Types of  Motor Insurance

It makes sense to gain protection from losses incurred by a car owner as a result of an accident or car theft. There are three types of motor insurance on the basis of car insurance.

Car Insurance: This insurance applies to all private vehicles and not to commercial vehicles. This is a complete private car insurance to cover financial losses incurred due to motor vehicle accidents.

Two-wheeled insurance: This insurance covers bicycles, scooters, scooters, etc. It helps the owner to get cover for any accidents associated with these two wheels.

Commercial car insurance: Commercial vehicles are those vehicles that can be used for personal use. They are used to transport goods or passengers from one place to another. This insurance protects entrepreneurs from losses incurred as a result of stealing or damaging a commercial vehicle. 

Also, insurers will receive protection from third-party debt and the availability of an accident to the driver of the vehicle with this type of insurance.

Types of Insurance Cover

Third Insurance: This type of car insurance covers third-party liabilities. The costs of any unintentional damage caused by a third party or his or her property as a result of your insured vehicle may be covered by third-party insurance. 

By law, you are compelled to compensate a third party in the event of an accident that results in serious injury, disability or death or damage to property.

Complete Insurance: Complete car insurance covers you and your car for any unexpected damage to your car or to a third party and their property. It also covers the death / disability of the driver, owner, and passengers as a result of an insured car accident.

Procedure to claim Motor Insurance Read more

3.Home Insurance

What is Home Insurance?

Natural or man-made disasters such as earthquakes, floods, or fires can wreak havoc on your home and property.

This can lead to significant financial losses. To protect you from these disasters, it is important that you buy home insurance. If you get insurance on your own, you will have to remember that you are getting the best prices. For this, do a comparative study of home loan companies, and select the one that best suits your needs. Home insurance will protect you from financial losses in the event of an unforeseen accident damaging your home and its contents.

Types of Home Insurance

Insurance companies offer a variety of local insurance schemes to cater to the needs and requirements of the clients. Various types of home insurance provide protection against unforeseen financial losses. You can use all of them or choose the ones that best suit your needs. The different types of home insurance are:

• Property / building insurance

• General fire and special hazard policy

• Personal risk

• The inclusion of public debt

• Host package (burglary and theft)
Procedure to claim Home Insurance Read more

4.Travel Insurance

What is Travel Insurance?

Travel insurance provides for the costs and damages associated with travel in India and other countries. It covers financial losses due to many unforeseen events such as theft, death, medical emergencies, loss of luggage, flight delays, etc. What one often ignores when planning a vacation or a trip.

Types of Travel Insurance

Travel insurance can be categorized under various categories. You can choose it according to your need and need. The following are the types of travel insurance you can purchase while traveling:

Student Travel Insurance: Student Travel Insurance Program provides medical and financial assistance to students who travel abroad through their education. The program will cover medical or financial emergencies facing students in the new country during their stay. It can be obtained by a student who is already pursuing education abroad or by a student who is planning to go overseas to study.

Home Travel Insurance: If you travel anywhere in India, you can get home travel insurance. Under this program, a person receives medical and emergency medical assistance, loss of luggage, delays and cancellations of travel, etc.

Family Travel Insurance: Family travel insurance can be purchased from all family members directly of the policyholder. This policy covers accident costs, hospital fees and loss of property.

Senior Citizen Travel Insurance: It is a complete strategy for people aged 61-70 to make their trip fun. Provides medical services, health facilities and pre-existing conditions.

Insurance Travel Group: If you are in a group of 20 or more people, you can purchase a group travel insurance plan. It includes cancellation of travel, loss of luggage or injury, medical evacuation and delayed travel.

International Travel Insurance: This type of travel insurance is taken while traveling outside India. This is divided into different types of regions and different countries. For example, travel insurance in the Middle East would be different from that required to travel to the US. The 2 most common types of international travel insurance are:

International Travel Insurance: It is compulsory to purchase Schengen travel insurance if you travel to 26 countries under Schengen countries such as Austria, Denmark, Czech Republic, Finland, France, Poland, Germany, etc. The policy covers medical emergencies, 24/7 assistance, cover or accident cover, death and disability cover, repatriation, etc.

Asia Travel Insurance: If you are traveling to Asian countries, you can choose Asian travel insurance. Under this policy, your medical and other unforeseen expenses will be paid.

Procedure to claim Travel Insurance Read more

5. Crop Insurance

What is CROP Insurance?

Crop Insurance is a comprehensive crop-based policy aimed at compensating farmers' losses arising from production problems. It includes pre-and post-harvest losses due to heavy rains and lack of rainfall. These losses lead to lower crop yields and, therefore, affect farmers' incomes. In India, plant insurance is provided in the form of the Pradhan Mantri Fasal Bima Yojna.

What is Pradhan Mantri Fasal Bima Yojna?

Pradhan Mantri Fasal Bima Yojna is a plant insurance scheme sponsored by the Government of India. This policy was introduced in 2016. It aims to provide financial assistance to farmers in the event of loss or injury. Therefore, it helps to reduce farmers' stress and keep them motivated to continue farming as a profession.

Risks included in this program include protection of sowing or planting of seeds, damage to a standing plant due to unavoidable risks such as drought, flood, landslides, etc., and post-harvest losses. This policy can be purchased from a selected set of insurance companies such as SBI General Insurance and HDFC Ergo General Insurance.

Types of Crop Insurance

Harvest insurance is divided into three categories:

•Multiple Peril Crop Insurance: Provides financial coverage to manage risks from weather-related losses, such as floods, droughts, etc.

•Real Production History: Includes losses due to wind, hail, insects, etc. It involves the introduction of low yields and compensates for the difference between the balance and the actual

•Crop revenue generation: This is not only based on yield profits but also on the amount of revenue earned from the product. When crop yields fall, the difference is compounded by this type of crop insurance

Procedure to claim Crop Insurance Read more

6. Mobile Insurance

Mobile insurance is just as important as having a cell phone these days as a mobile phone or smartphone is already an important part of our lives today. It is possible to rely on it for a variety of purposes, including business contacts. In such a case, the loss or damage to the smartphone can lead to serious problems. Therefore, to obtain financial support in the event of a theft or accidental damage to a telephone, we may choose.

What Is Mobile Insurance?

When a cell phone is lost or damaged, data is likely to be lost or stolen, causing problems of varying degrees, including financial damage. Today, people spend a lot of money buying smartphones and any problem with them can create a hole in their pocket. To overcome such obstacles, companies now offer mobile insurance in India. These policies provide coverage for theft or accidental damage to all types of phones, including smartphones.

Procedure to Claim Mobile Insurance Read more

7. TV Insurance

Television has become an integral part of our lives today. With the advent of technology, people are looking for clever types of TV, which are also more expensive. However, to overcome any risks and problems associated with such devices, TV insurance is a must.

What is TV Insurance?

LCDs, LEDs and Smart TVs are some of the most popular types of television today. In many respects, these TVs are quite expensive. Any injury or TV exposure can mean huge financial losses. TV insurance protects against incurring losses due to risks associated with a more expensive product such as a television.

Types of TV Insurance

Once the warranty period has expired, TV insurers may consider the risks associated with a television set. There are two types of TV insurance, namely

An individual program that covers only the risks associated with the television set and the horns attached to it

An integrated package that includes expensive products (including TV) and is called Product Insurance.
Procedure to claim TV Insurance Read more

8.Fire Insurance

What is Fire Insurance?

Fire insurance can be purchased as part of property insurance or as a stand-alone policy. Provides compensation for costs incurred in replacing, repairing or rebuilding damaged property as a result of a fire. Since fire loss estimates are not expected, this policy is compensated for the maximum amount set by the property insurance policy. The actual loss or pre-agreed amount is paid as compensation when applying for fire insurance.

Types of Fire Insurance Policies

To avoid the ambiguity of the claim value, certain types of clauses are included in this policy. Such forms provide further clarification of the premium payable and claim claim without the scope of the dispute. Entrepreneurs should be clear about the type of policy they need and whether it is consistent with his or her business activities. Let's take a look at some of the types of fire insurance.

a)Value Policy: If it is difficult to obtain the value of the goods or articles at the time of request, a cost-effective policy is issued. For example, the value of paint or art or jewelry does not last for every day of the year. In such cases, the estimated amount is prepared in advance by the insurance company and the policyholder, at the time of taking out the insurance. 

In the event of a serious incident, a pre-determined amount is paid, and the actual loss is not assessed. Here the collateral policy is not applied, but an attempt is made to compensate the losses of the insurers at a predetermined rate without entering into negotiations or disputes during the actual loss.

b)Specified Policy: Under this policy, the maximum amount payable is adjusted in advance. In the event of an adverse event, an amount equal to the actual loss or fixed amount, whichever is less, is payable. 

For example, if a fire insurance policy is taken for a certain amount of Rs. 2 lakh, in the event of loss due to fire can cost Rs. 3 lakh, the amount payable is Rs. 2 lakh. However, if the loss is worth Rs. 1.5 lakh, the total amount of Rs. 1.5 lakh will be paid.

c)Estimation Policy: In most cases, the applicant selects the insurance value less than the property value. In such cases, the insurance company sets a “central clause” to penalize insurers for taking a policy below the value of the asset. 

For example, the value of your store and in-store goods is Rs. 20 lakh, but he takes fire insurance of Rs. 10 lakh. In such a case, if a fire in the shop leads to an injury that costs Rs. 20 lakh, the insurance company will pay you Rs. 10 lakh only, under the central policy clause.

d)Floating Policy: If an entrepreneur has stocks in different areas, he or she may choose a floating policy. With the help of this one policy, all assets lying in separate warehouses can be protected together. Such an arrangement eliminates the need to purchase separate policies for the entire warehouse. 

Additionally, you can select a central clause if you want to reduce the premium. However, at the time of the loss, the amount paid is much lower than the actual loss, in the case of the intermediate clause.

e)Critical Loss Policy: Loss due to fire is not the only loss an insured person experiences after a fire breaks out. Your factory may lose important equipment and the production line may be down for a few weeks or months after a fire. 

Loss of a product is a loss of business or profit. Such compensation may be claimed under successive loss policy. An entity in which continuous production is the basis must take a consistent loss policy to make good on such losses.

f)Comprehensive Policy: Businesses may want to cover their areas with all possible activities such as fire, burglary, theft, explosions, earthquakes, lightning, labor violence, and other similar causes. In such a case, the business owner should consider a comprehensive or entire risk policy, which can take care of all the causes of losses.

g)Replacement Policy: Loss of assets due to fire raises the need for new assets to restart business operations.

The policy comes with two variants. In the first option, do good with lost property on the basis of discounted value. Besides, it is good to pay for the actual cost of the returned property. While taking out fire insurance, you should understand the replacement policy clause in order to receive a valid claim during a bad incident.

Procedure to claim Fire Insurance Read more

9.Commercial Insurance

Commercial insurance or business insurance is a type of insurance that covers risks associated with any business. There are various types of insurance policies available in the market to help different businesses access financial availability for various business risks. It could be store, store, factory, warehouse or car insurance.

What is Commercial Insurance?

Commercial insurance protects businesses from any unexpected problems. Some of the most common insurers are shop owners, property insurance, travel insurance, product and public liability insurance, employee liability insurance, marine insurance, property insurance, and many more. These policies provide a safety net for business owners in the event of a problem.

Types of Commercial Insurance

Let's take a look at some of the types of commercial insurance available in India that can help reduce and manage various business-related risks.

1.Store Shop Insurance: Store Owners' Insurance Policy is a good choice for shopkeepers who work in stores, clothing, small restaurants, a good store, etc. Extensive policy covers all risks and conditions faced by small or medium-sized shop owners. Includes losses related to the following issues:

• Fire hazards

• Burglary and burglary

• Deterioration of equipment

• Personal risk

2.Travel Insurance: When valuable business goods are moved from one place to another, for example, from a supplier factory to a retail store, you should consider transportation insurance to cover any losses due to damage or loss of goods. 

The obligation to adopt a travel insurance policy must be determined in the sales agreement, and the insurance must also be properly considered before the goods leave the supplier's place. Transport insurance only applies to goods shipped above ground. 

The following are the assets covered under transport insurance:

• Installed goods

• Manufactured goods

• Raw materials

3.Commercial Car Insurance: Car owners who are in the business of transporting passengers or goods must take out the car insurance that covers the commercial vehicle and various types of external damage. Some of the key features of commercial car insurance are:

• Death or physical injury caused by motor vehicle use

• Any damage to property due to vehicle use

4.Credit Insurance: This policy protects businesses and individuals from the risk of legal and liability, especially in hospital and business owners. For example, a factory owner may face a debt claim from employees who receive electricity within the factory. Occupational credit insurance can help in such cases and cover medical and legal costs, if anything arises.

5.Insurance Warehouse: Businesses where most operations are dependent and take place in bulk storage may consider purchasing storage insurance. It includes natural disaster, fire and similar unpredictable conditions. In addition, you can get compensation for man-made accidents, such as theft and burglary.

6.Maritime Insurance: When goods are shipped overseas by sea, many changes take place. It travels by train, by road, by water and perhaps by air. It also changes many hands before it reaches its final destination. Shipowners take out Hull and Machine insurance to protect the ship's basic equipment and equipment. 

The owners of the goods took out marine shipping insurance to protect the shipment. Maritime policy may include time or travel or both. Make sure you strike the right balance between adequate availability and the right insurance premium to get the full availability of your property.

7.Office Package Insurance: This type of insurance protects a person's office and everything under the roof, including infrastructure. Provides protection on office premises, in the event of damage from fire, theft, burglary, earthquake, etc. One has to understand all the points included and excluded from the policy. For example, policy does not cover any issue arising from illegal activity or war-like situations.

Procedure to claim Commercial Insurance Read more

10.Third-Party Insurance

Third-party insurance is mandatory for vehicles traveling on Indian roads under the Automotive Act, 1988. Beneficiaries of this type of insurance are not providers of insurance or policy holders. In fact, the beneficiary is a third party not mentioned in the insurance contract. 

The third car insurance scheme protects the policyholder from third party financial and legal liabilities. It covers debts caused by accidental injury, death or physical injury to a third party (person, property or vehicle) caused by an insured car.

According to IRDAI, Rs. 7.5 lakh is the maximum limit where a third party may be compensated for damages caused by an insured vehicle. The amount is Rs. 1 lakh in the event of damage caused by a two-wheeled tire. However, there is no claim limit in the event of your death.

Types of Third-Party Insurance

Third-party car insurance can be divided into two parts:

• Third party Car Insurance

• Third Party Insurance Two-wheeled insurance

1.Responsible Vehicle Insurance Third: In the event of an accident, this insurance provides compensation for any damage or injury resulting from an insured car. The system does not provide any cover for loss / damage to an insured vehicle.

2.Third Party Insurance Two Wheel Insurance: The legal requirement for Third Party Insurance for all vehicles operating on Indian roads extends to two-wheeler. Therefore, this type of cover compensates the third party for any legal liabilities in the event of an insolvent vehicle (two-wheeled) fault.

Procedure to claim Third-Party Insurance Read more

Sign in to leave a comment

Total Views : 479