10+ Different Types Of Insurance Policies And Coverage You Need
15 Types Of Insurance in World US & india ? All Details !!
Types Of Insurance
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- Life
Insurance - Health
Insurance - Auto / Vehicle Insurance
- Homeowners/Renters
Insurance - Property
Insurance - Travel
Insurance - Disability
Insurance - Liability
Insurance - Professional
Liability Insurance - Umbrella
Insurance - Business
Insurance - Workers’
Compensation Insurance - Cyber
Insurance - Flood
Insurance - Critical
Illness Insurance
This type of insurance provides a payout to beneficiaries upon the
death of the insured person. for a premium, upon the death of an insured
person or after a set period.
.png "Life Insurance") |
| Life Insurance |
2.Health Insurance :- Health insurance covers medical
expenses, including hospitalization, doctor visits, prescription medications,
and preventive care.
.png "Health Insurance") |
| Health Insurance |
3.Auto / Vehicle Insurance :- Auto insurance provides coverage
for damage to vehicles and liability for injuries caused to others in accidents.
.png "Auto / Vehicle Insurance") |
| Auto / Vehicle Insurance |
4.Homeowners/Renters Insurance :- Homeowners insurance protects the structure of
your home and its contents against damage or theft.
.png "Homeowners/Renters Insurance") |
| Homeowners/Renters Insurance |
fire, theft, vandalism, and natural disasters.
.png "Property Insurance") |
| Property Insurance |
6. Travel Insurance :- Travel insurance offers coverage for unexpected events that can occur
while traveling, such as trip cancellations, medical emergencies, lost luggage,
and travel delays. It covers medical expenses, lost luggage, flight
cancellations, and other losses that a traveller can incur while travelling.
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| Travel Insurance |
7.Disability Insurance :- It ensures financial support during periods of inability to
earn an income. What is Disability Insurance. Disability insurance, as the name
implies, is a sort of insurance that pays out if a policyholder is unable to
work and earn an income due to a disability.
 |
| Disability Insurance |
8. Liability Insurance :- Liability insurance covers legal liabilities arising from injuries or
damage caused to others by the insured party. It’s common for businesses and
individuals Liability insurance covers legal costs and payouts for which
the insured party would be found liable.
 |
| Liability insurance |
9. Professional Liability Insurance :- Also known as errors and
omissions insurance, this type of insurance is particularly important for
professionals like doctors, lawyers, and consultants. It covers claims of
negligence or mistakes in their professional services.
 |
| Professional Liability Insurance |
additional liability coverage beyond the limits of other insurance policies,
such as auto and homeowners insurance. It offers broader protection. Umbrella
insurance is often referred to as excess liability insurance.
 |
| Umbrella Insurance |
11. Business Insurance :- Business insurance encompasses various types of coverage tailored
to protect businesses from risks like property damage, liability, employee
injuries, and business interruptions.
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| Business Insurance |
death benefits to families of employees who are killed on the job.
.png "Workers' Compensation Insurance") |
| Workers’ Compensation Insurance |
13. Cyber Insurance :- In the digital age, cyber insurance helps businesses mitigate the
financial impact of data breaches, cyberattacks, and other cyber-related
incidents.
.png "What Is Cyber Insurance ?") |
| Cyber Insurance |
14.Flood Insurance :- Standard homeowners insurance doesn’t usually cover flood damage, so
flood insurance is essential for those living in flood-prone areas. Flood
insurance is served as a distinct home insurance policy that provides coverage
for buildings, the home owner’s contents, and any other financial asset that
would be affected by the flood. Such coverage include compensation for both
repairs and total loss/damage.
 |
| Flood Insurance |
15. Critical Illness Insurance :- This insurance pays a lump sum upon the opinion of a critical illness
listed in the policy, similar as cancer, heart attack, or stroke. It protects
against serious ails and unanticipated medical procedures by giving you the
plutocrat you need for anything โ making up for lost stipend, funding redundant
time off work, covering medical payments and indeed traveling for treatment.
That way you can concentrate on getting well.
 |
| Critical Illness Insurance |
www.techinfo365.in
History of Life Insurance
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Insurance In India
In the
Swadeshi Movement of 1905 Mahatma Gandhiโs call to Indians to give their
business only to Indian Companies gave a boost to the new companies and they
consolidated their position.
More Indian companies entered the Life Insurance sector
namely
โข Hindustan Co-operative,
โข United India, Bombay Life,
โข National
โข Laxmi Insurance.
Insurance in Modern India
#Government started exercising control on Insurance business
by passing โInsurance Actโ in 1912.
# This Act was
comprehensively amended and passed as New Act in 1938 for controlling
Investment of funds, expenditure and Management.
# The Office of Controller was established. Again, this Act
was amended in 1950.
By 1955, 170 Insurance offices and 80 P.F. Societies
registered companies were doing Life Insurance business in India.
In view of surge in
malpractices in Life Insurance business, due to the illiteracy level being high
and lack in will for penetration/ spread of Life Insurance business, it was nationalised
by Government of India and LIC Act was passed in Juneโ1956, and this Act came
into force from 1.9.1956.
These companies had
to complete with 150 foreign offices including some of the largest Insurance
groups in the world
General insurance (which deals with non-life
business i.e insurance of property) also nationalized in 1972 after merging of
55 Indian and 52 Non-Indian companies were nationalized by forming four general
insurance companies.
The Govt. Of India, while liberalizing the Indian
economy, also felt the liberalization of insurance sector because of lower
penetration of insurance as compared to Indian population and its size and
other developing countries.
Initially the Govt. formed a Malhotra committee in
1993 to study whether the insurance sector should be opened for private
players.
The committee recommended to Liberalized, Privatized And Globalize
(LPG) the insurance sector. In 1999, the Authority known as Insurance
Regulatory & Development Authority through IRDA Act 1999 was formed.
Liberalisation of Insurance industry will undoubtedly
benefit Indian economy, the Government, Industry, Employee, and Consumer &
Society in the following manner
Insurance is a financial arrangement that provides protection against potential financial losses or risks. There are various types of insurance available to cover different aspects of life and business. Here are some common types of insurance:
These are just a few examples of the many types of insurance available. The type of insurance you need depends on your individual circumstances, lifestyle, and potential risks you want to protect against. It’s important to carefully consider your needs and consult with insurance professionals to ensure you have the right coverage.
FAQ:-
Life Insurance.
General Insurance.
They provide certainty to the insured. They ensure the protection of the family. They are risk-sharing policies. They prevent the damages that can come from loss.
Life Cover Against Uncertainty.
Financial Security.
Tax Benefits.
Long-Term Savings.
Inclusions of Riders.
Loan against Policy.
Retirement Planning Options.
Investment Tool.
Abbreviation IRDAI
Coordinates 17.385ยฐN 78.486ยฐE
Services Insurance of India
Owner Ministry of Finance, Government of India
Key people Debasish Panda, IAS (Chairperson)
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