Let us look closely at the different types of insurance policies:

It usually offers protection against:

 a) Hospitalization

b) Treatment of critical illnesses

c) Medical bills post hospitalization

There are a few types of health insurance plans that also cover the cost of resident treatment and pre-hospitalization expenses. Rising costs of healthcare in India Are making health insurance a necessity. Different types of health insurance plans available in India include:

1) Individual Health Insurance: Offers coverage to only an individual

2) Family Floater Insurance: Allows your entire family to get coverage under a single plan, which usually covers the husband, wife, two children

3) Critical Illness Cover: Specialized types of health insurance that offer coverage against various life-threatening illnesses like stroke, heart attack, kidney failure, cancer, and similar others. Policyholders get a lump sum amount on the diagnosis of a critical illness.

4) Senior Citizen Health Insurance: These types of insurance plans cater to all individuals above 60 years of age

5) Group Health Insurance: Offered by an employer to its employee

6) Maternity Health Insurance: This insurance type covers medical expenses for prenatal, post-natal, and delivery stages, offering protection to both the mother and the newborn

7) Personal Accident Insurance: These types of insurance plans cover financial liabilities arising due to accidental injuries, disability, or death.

Motor Insurance

Motor insurances are types of insurance that offer financial assistance in case your bike or car gets involved in an accident. Various types of Motor insurance policies in India include:

1) Car Insurance: Individually owned four-wheelers are covered under this plan. The car insurance types include- third-party insurance and comprehensive cover policies.

2) Bike Insurance: These are types of insurance policies where individually owned two-wheelers are covered against accidents.

3) Commercial Vehicle Insurance: This is one of the insurance types, which offers coverage to any vehicle used for commercial purposes.

As the name suggests, a home insurance policy offers comprehensive protection to the contents and structure of your house against any physical destruction or damage. In other words, this insurance type will provide coverage against any natural and human-made calamity, such as fire, earthquake, tornado, burglaries, and robbery.

Different types of home insurance policies include:

1) Home Structure/Building Insurance – Protects the structure of the house against damage during any calamity

2) Public Liability Coverage – Provides coverage against any damage to a guest or third party on the insured residential property

3) Standard Fire and Special Perils Policy – Coverage against damages caused due to fire outbreaks, natural calamities (e.g., landslides, rockslides, earthquakes, storms, and floods), and anti-social human-made activities (e.g., explosions, strikes, and riots)

4) Personal Accident – Provides financial coverage to you and your family against any kind of permanent dismemberment or sudden demise to the insured individual, anywhere around the world

5) Burglary and Theft Insurance – Provides compensation for stolen goods in case of a burglary or theft

6) Contents Insurance – Provides compensation for loss of furniture, vehicles, and other appliances in case of a fire, theft, flood, or riots

7) Tenants’ Insurance – Provides financial protection to you (as a tenant) against any loss of personal property living in a rented house

8) Landlords’ insurance – Provides coverage to you (as a landlord) against contingencies such as public liability and loss of rent