In recent years, the insurance sector in India has developed steadily with several advanced products introduced in the market. It is expected to reach US $280 Billion by 2020. The sector plays a dynamic role in our economy because it increases the scope of savings among Indians and also helps to safeguard their future.
In India, there are two principal types of insurance plans - life and general insurance policies. Again, there are different kinds of insurance policies under the latter.
Life insurance policies
Life insurance schemes help you safeguard the financial future of the insured individual’s family after their demise. You can enjoy several benefits if you avail of this policy. These are
These are a few benefits that you can enjoy with this policy.
General insurance policies
General or non-life insurance scheme provides cover against everything outside of life insurance plans. There are different kinds of insurance policies under this insurance policy.
Following are a few insurance policies and their benefits that you can avail under non-life insurance plans:
1. Health insurance
Health insurance policies provide financial cover against unexpected high medical expenses. There are several types of health insurance schemes which provide specific coverage like maternity insurance plans, senior citizen insurance schemes, accident covers, etc. Check with your health insurance providers to know what other schemes you can avail under this policy. Following are the benefits of availing these plans.
Motor insurance policy
Motor insurance policies provide compensation for financial losses incurred due to theft, accidents, etc. of your vehicle. These insurances plans also cover third party damages like death or personal injuries.
Benefits of this insurance policy include:
Home insurance plans
Home insurance policies in India safeguard you from financial losses incurred due to damage to your house and property. Following are the benefits you can avail from it.
Travel insurance policies
Travel insurance schemes shields you against the numerous risks that can arise during domestic and international travels. Some of its benefits include-
These were the different kinds of insurance policies that you can avail as pre your requirements. Do make sure to check up on their eligibility to avail the benefits with ease.