Types of Insurance in India

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Types of Insurance in India

What is Insurance?

There are ample descriptions of what Insurance is. But every one of those narrow down to just one meaning i.e. a mean to cover your loss. This loss can include a human being, part of a human being or a material. Simply, the insurance companies take a minuscule amount of money in parts or together in exchange for a guaranteed coverage on the insured material. Insurances have grown increasingly common, major promoters being, increasing health risks, rising risks of accidents and more. The most common forms of insurance in India are health, vehicle (bike, car) and Life. Let’s learn about each of them individually.

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Types of Insurance in India

In today’s time, there is nothing you cannot insure. From an organ to an object, for a price, you can insure everything. But the most common kinds of insurance that Indians buy are listed below:

  • Car Insurance: When you go on to buy a new or a used car, you are obliged to buy insurance as a regulation by the government of India. There are various kinds of car insurance provided by companies. But the most beneficial ones give your car full protection from unfortunate events like theft, accident, traffic collision, damage and more. These insurances don’t come in cheap but the benefits you can reap is always awarding.
  • Bike and Two Wheeler Insurance: Another one of those vehicle insurances, bike insurances are more common. Many insurance companies provide insurance coverage starting from a year all the way to five years. Motorbikes being one of the most common ways of commuting, it is always a plus to insure your vehicle.
  • Health Insurance: There are financial institutes and insurance companies that deal only with health insurances. Individuals who feel healthy might think that getting health insurance is a waste of money. But in reality, we can’t be sure of anything. For a certain premium every year, insurance companies cover you, so, when the time comes you are able to treat your unhealthiness in the best possible manner with least expense.
  • Life Insurance: Pollution, natural disasters, sudden disease, death can come in any and every form. Life insurance policy is a way to protect your family. There is a lot of monetary benefits attached to Life policies. These are generally for very long years, more than a decade or two. Term insurances can also be called as a type of Life insurance. You need to pay a certain premium every year and cover yourself and your family. These policies also provide an opportunity to save on your income tax deductions.
  • Unit Linked Insurance Plan- ULIP: This is a more advanced way of ensuring your family’s future. With ULIP, you not only reap the benefits of insurance but with every premium you pay, the money grows, similar to an investment. There are several benefits with ULIP starting from Tax saving, protection to regular savings.

 

Top Insurance companies in India

With a population of over a billion, every other man holds an insurance policy. This way there are many insurance companies working to provide the best value for money to its customers. But there are only a few companies that live up to the expectation by providing maximum coverage. These companies include:

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  • Bajaj Allianz
  • Birla Sun Life
  • HDFC Life
  • Prudential
  • Exide Life
  • LIC
  • Max Life
  • PNB Metlife
  • Kotak Life
  • SBI Life
  • Tata AIA
  • Reliance Life
  • Aviva Life
  • Shriram Life
  • Bharti Axa

 

Online Insurance vs Offline Insurance

Although the benefits might be equal the advent of online media has made buying insurance policies very swift. There are major benefits involved when buying insurance online. From being able to skim through various plans and choose one, agents generally stick to a couple of policies that they are asked to sell, to a decreased chance of fraud with online insurance. On the other side, with online insurance, the personal touch of a human being is often missing.

 

Top Online Aggregators of Insurance in India

There are a lot of companies providing online insurance. Not all of them are as efficient. But some that are better than the other is:

    • Policybazaar
    • Coverfox
    • Insurancepundit
    • insurancemall
    • ApnaPaisa
    • Myinsuranceclub
    • insureatclick
    • Click2insure
    • easyinsuranceindia
    • rupeetalk
    • Itrust

Conclusion

Be sure to check all the schemes related to your insurance document and choose a benefiting insurance plan.

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