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Different Types of Insurance Policies in India

Insurance is one of the most important risk assessment financial tools. In India, we have 6 different types of insurance policies. Know more about these here.

  • 3,772 Views | Updated on: Jun 09, 2023

Insurance policies safeguard you from unforeseen risks and dangers, making sure that you and your assets are protected. There are several insurance policies that you can buy at affordable prices today. But do you know all the different types of insurance policy available? Let’s go through the multiple policies one-by-one.

What are the Different Types of Insurance Policies?

Insurance policies can safeguard you from unforeseen risks. You can insure your health, life, home, and so many other things with a premium for a pre-decided cover. Let us understand different types of insurance policies:

Life Insurance

Life insurance policy provides a monetary compensation to the insurer’s family and secures them in case of uncertainty. There are numerous policies that also give maturity benefit if you survive the policy term, to fulfil long-term financial goals. Life insurance plays a vital role if you are the sole earner of the family and you have dependents.

In the absence of such insurance, your family would have to pay off your debts and look after their needs without financial assistance. This could lead them to depend on family relatives. But having insurance relieves them from such hardship as a death benefit would be given by the insurer in the event of your death.

Health Insurance

Health insurance may sound similar to life insurance but this type of policies is bought to cover any costs of medical treatments and procedures. There are policies available for specific ailments but a health insurance policy can be bought. They cover the cost of treatment, medication and hospitalization.

Motor Insurance

Motor insurance covers vehicles against theft, man-made or natural calamities, damage from accidents, etc. Many policies also provide cover against damage done to your vehicle by a third party. Such motor insurance policies include two-wheelers, four-wheelers, commercial vehicles, etc.

Travel Insurance

In such insurances, any problems arising while travelling like loss of baggage, loss of passport, accidental death and many more are covered. You can buy travel insurance before planning a trip to secure yourself on a domestic or international vacation.

Home Insurance

Home insurance covers your home from any natural or man-made calamities, theft, fire and burglary. The policy not only covers your house but also the valuables and things inside the house.

Fire Insurance

In this type of insurance, you are covered against damage caused to your property or valuables. Many natural calamities are also covered under fire insurance. But one should be cautious and enquire about what is not included in the policy

While buying different types of insurance policies, you should go through all the paperwork and keep updating the policy as the years go by. You should be aware of the calamities or circumstances that are excluded from the policy to avoid any kind of loss.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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