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Features
Ref. No. KLI/22-23/E-BB/492
Two main types of insurance policies in India are life insurance, which provides financial protection to beneficiaries after the insured's death, and general insurance, which covers non-life assets like health, vehicles, homes, and travel.
Insurance policies safeguard you from unforeseen risks and dangers, ensuring 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 kinds of insurance policies available?
Insurance policies can safeguard you from unforeseen risks. You can insure your health, life, home, and many other things with a premium for a pre-decided cover. Let us understand the various types of insurance plans in India:
General insurance, also known as non-life insurance, covers auto and homeowners’ policies. It provides payouts based on losses from specific financial events. Essentially, it includes any type of insurance that isn’t classified as life insurance.
Life insurance is a contract between an individual (the policyholder) and an insurance company. In exchange for regular premium payments, the insurance company promises to pay a lump sum amount, known as the death benefit, to the policyholder’s beneficiaries upon the policyholder’s death.
General insurance is a contract between the policyholder and the insurance company, where the insurer agrees to compensate for any financial losses incurred due to specific events in exchange for a premium.
Health insurance may sound similar to life insurance, but this type of policy is bought to cover medical treatment and procedure costs. Policies are available for specific ailments, but health insurance can be bought. They cover the cost of treatment, medication, and hospitalization.
Individual health insurance policies are designed to cover a single person. These policies cover hospitalization, surgeries, doctor consultations, and other medical expenses. The sum insured is specific to the individual, meaning only the policyholder can claim the benefits.
Family floaters and health insurance policies cover the entire family under a single sum insured. Instead of having individual policies for each family member, a family floater plan provides a combined coverage amount that any family member can utilize. This type of insurance policy is cost-effective and convenient, as it simplifies management and often comes at a lower premium than separate individual policies for each member. Family floater plans typically cover the policyholder, spouse, children, and sometimes parents.
Critical illness insurance provides a lump sum payout upon the diagnosis of specified critical illnesses such as cancer, heart attack, stroke, and kidney failure. This type of coverage is designed to help policyholders manage the high costs associated with treating severe health conditions.
Senior citizen health insurance plans are tailored to meet the healthcare needs of individuals aged 60 and above. These policies typically offer higher coverage for age-related illnesses, pre-existing conditions, and critical illnesses.
Employers or organizations offer group health insurance to their employees or members. These policies cover a group of people under a single master policy. Group health insurance plans are cost-effective and offer comprehensive coverage, including hospitalization, maternity benefits, and sometimes outpatient treatments.
Maternity health insurance covers expenses related to pregnancy and childbirth. These policies typically include coverage for prenatal and postnatal care, delivery (normal and cesarean), and newborn baby care.
Personal accident insurance provides financial protection for accidental death or disability. These policies offer a lump sum payout to the policyholder or their beneficiaries in case of accidental injury leading to death, permanent total disability, permanent partial disability, or temporary total disability.
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.
Car insurance protects car owners from financial losses from accidents, theft, or vehicle damage.
Bike or two-wheeler insurance offers financial protection for motorcycles and scooters.
Commercial vehicle insurance is specifically designed to cover vehicles used for business purposes, including trucks, buses, taxis, delivery vans, and other commercial vehicles. The policy protects against financial losses from accidents, theft, and other damages.
Home insurance covers your home from any natural or man-made calamities, theft, fire, and burglary. The policy covers your house and the valuables and things inside the house.
Home structure or building insurance covers the physical structure of your house against risks such as fire, storms, earthquakes, and other natural disasters. This policy ensures you can repair or rebuild your home if it is damaged or destroyed. It typically covers:
Building insurance is crucial for homeowners to protect the physical integrity of their property.
Public liability coverage protects homeowners against legal liabilities arising from injuries or damage to third parties while on their property. This can include:
Public liability coverage ensures that homeowners are financially protected against claims and lawsuits resulting from accidents on their property.
A standard fire and special perils policy provides coverage against a range of specified risks, including:
This policy offers comprehensive protection against common hazards that can cause significant damage to your home.
Personal accident coverage under home insurance provides financial compensation in the event of accidental death or disability of the policyholder or family members due to accidents occurring within the insured property. It typically covers:
This coverage ensures that families are financially supported in the face of unforeseen accidents at home.
Burglary and theft insurance protects homeowners against losses resulting from burglary or theft. This policy covers:
Having burglary and theft insurance provides peace of mind by ensuring financial reimbursement for lost or damaged items.
Contents insurance covers the loss or damage of personal belongings within the home due to risks such as fire, theft, or natural disasters. It includes coverage for:
Contents insurance protects your possessions, providing financial compensation to replace or repair damaged or lost items.
Tenants’ insurance is designed for renters and covers personal belongings within the rented property. It typically includes:
Landlords’ insurance provides coverage for property owners renting out their properties. This policy offers protection against:
Landlords’ insurance is essential for property owners to protect their rental investments and mitigate potential financial losses.
Fire insurance policies come in different forms, offering coverage to help recover losses from fire damage with a guaranteed payout. They are designed to provide substantial financial support, making it easier for individuals and businesses to rebuild or reopen after significant fire damage. Some policies also cover additional risks like war, civil unrest, or riots.
Here are the types of fire insurance policies:
Such insurance covers any problems arising while traveling, such as baggage loss, passport loss, accidental death, etc. You can buy travel insurance before planning a trip to secure yourself on a domestic or international vacation.
Domestic travel insurance is designed for travelers journeying within their home country. This type of insurance provides coverage for:
Domestic travel insurance protects travelers against financial losses due to unexpected events, allowing them to enjoy their trips without worry.
International travel insurance offers comprehensive coverage for travelers going abroad. It is essential due to the higher costs associated with medical care and other emergencies in foreign countries. This type of insurance typically covers:
International travel insurance provides robust protection, ensuring that travelers are prepared for unforeseen circumstances during their trips abroad.
Individual travel insurance is tailored for solo travelers. This policy provides comprehensive coverage for a single person and includes benefits such as:
Individual travel insurance offers personalized protection, catering to the specific needs of solo
travelers and ensuring they are covered against potential risks.
Student travel insurance is specifically designed for students traveling abroad for educational purposes. This type of insurance provides coverage for:
Student travel insurance ensures that students are financially protected while studying overseas, allowing them to focus on their education without worrying about unexpected expenses.
Senior citizen travel insurance is tailored for travelers aged 60 and above. Given the higher health risks associated with age, this type of insurance offers enhanced medical coverage and other benefits, including:
Senior citizen travel insurance ensures that older travelers have the necessary protection to handle medical emergencies and other travel-related risks.
Family travel insurance provides coverage for the entire family under a single policy. This type of insurance is ideal for family vacations and offers benefits such as:
Family travel insurance simplifies managing multiple policies and protects all family members against potential travel risks.
The life insurance policy provides monetary compensation to the insurer’s family and secures them in case of uncertainty. Numerous policies also give maturity benefits if you survive the policy term to fulfill long-term financial goals. Life insurance plays a vital role if you are the family’s sole earner and have dependents.
Term insurance is a type of life insurance policy that provides coverage for a specified period or “term.” If the policyholder passes away during this term, the insurer pays a death benefit (a lump sum) to the beneficiaries. However, if the policyholder outlives the term, there is no payout, and the coverage ends unless renewed.
Whole life insurance is a type of permanent life insurance that provides coverage for the insured’s entire lifetime, as long as premiums are paid. This policy combines a death benefit with a savings component, accumulating cash value over time.
Endowment plans are life insurance policies that pay a lump sum after a specific term or upon the policyholder’s death, whichever comes first. These plans provide financial security and help save for future goals such as children’s education, marriage, or retirement. Unlike whole life insurance, endowment plans have a fixed maturity date.
Unit-linked insurance Plans (ULIPs) are life insurance products that provide risk cover for the policyholder and investment opportunities. The premiums paid in ULIPs are divided into life insurance coverage and investment in various equity and debt funds.
Child insurance plans are specifically designed to secure a child’s financial future. These plans provide a lump sum at key milestones in the child’s life, such as education or marriage, even in the parent’s absence.
Pension or retirement plans are designed to provide financial stability during retirement. These plans help individuals accumulate a corpus over their working years, which provides a regular income after retirement. Pension plans can be categorized into deferred and immediate annuity plans.
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.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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