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Different types of insurance policies in India

  • Highlights:

  • Insurance policies offer coverage in case of unfortunate events

  • They are classified under ‘Life’ and ‘General’ categories

  • You can also check out affordable Pocket Insurance policies

  • Purchasing insurance policies online is convenient

Insurance provides you with a shield against various uncertainties in life. While a health insurance can safeguard you from financial difficulties if you suffer from any diseases, an accident cover can help you cover the treatment costs in case you meet with an accident.

While planning to buy an insurance policy, it is imperative that you choose the right type of insurance to secure yourself and your family from financial risk. With the right combination of policies, you can insure almost all your assets and live without worries.

You should compare policies offered by different insurers and choose the one that offers the best coverage at a reasonable cost. Having awareness of the inclusions and exclusions of a policy is also of paramount importance.

Types of Insurance Policies:

In India, insurance is broadly categorized into three categories:
• Life Insurance
• General Insurance
• Pocket Insurance offered by Bajaj Finserv

Let’s learn a little more about the types of insurance:

1. Life Insurance

Life insurance covers the dependents in case of the untimely death of the policyholder. In such cases, the insurance company pays a pre-approved sum to the policyholder’s beneficiaries.

A few variants of life insurance are listed below:

- Whole Life Plan: Whole life plans provide policyholders with coverage for the entirety of their life (or till 100 years of age). These plans are often used to create an inheritance.
- Term Plan: Term plans provide a life cover for a specific term. However, no payments are made if the insured person survives the tenure.
- ULIP: ULIPs provide a life cover, along with investment in equities, debt market, and others. In case of the insured person’s demise, the nominee gets the sum assured or fund value, whichever is higher.

Child Plan
Retirement Plan
Investment Plan
Savings Plan
Protection Plan

Also Read: Know More About Types of Life Insurance Policies in India

2. General Insurance

All non-life insurance policies are clustered under General insurance. These policies are for shorter tenures (usually twelve months), but policyholders have the option of renewing them.

Popular variants of general insurance include:

- Health Insurance: Health insurance covers medical and healthcare costs. These policies can be individual policies or group policies. You can also extend coverage to your family.
- Motor Insurance: Such policies cover two-wheelers, private cars, and commercial vehicles against theft, physical damage from accidents, and natural or man-made calamities. They even cover liabilities arising out of damages/injuries caused to a third party.
- Travel Insurance:
- Home Insurance: A home insurance policy covers your home against losses arising out of fire accidents, weather conditions, theft, amongst others. This insurance includes standalone policies like fire insurance, earthquake insurance, flood insurance etc. to protect your assets.

Also Read: Consider These Things before Buying Home Insurance

3. Pocket Insurance

You can also check out Pocket Insurance policies offered by Bajaj Finserv that offer specific coverage at an affordable premium and can be availed online easily.

You can choose from over 74 Pocket Insurance products across health, travel, life, and assistance categories. Starting at just Rs. 79, some of the products include Mobile Screen Insurance, Dengue Cover, Hospital Cash Cover, Domestic Holiday Cover, Trek Cover, Wallet Care, Key Replacement Insurance, amongst many others.

These policies can be bought online in three easy steps. All you need to do is log on to the Bajaj Finserv website, fill up the application form, and make the payment using your preferred mode of payment.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”

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Types of Life Insurance Policies in India