5 Different Types of Insurance Policies & Coverage You Need | Mint

When it comes to buying insurance plans in India, the segment is divided in two broad categories—life insurance and general insurance. While life insurance provides financial support to your dependents in case of a demise, the general insurance segment covers everything other than life. Thus, general insurance is an extensive category in itself. 

General insurance has many different plans that are included within its scope and they cover different risk from home, health, travel, motor, commercial, etc. A general insurance policy covers varying risk that safeguard you, the policyholder, against financial losses. Thus, ensuring a safety net for your finances. While there is no one general insurance policy you can buy, this article elaborates on the different types of general insurance plans that help to ensure financial coverage.

  1. Health insurance plans

Next to life, health is the most critical thing to take care of. The adage, health is wealth justifies safeguarding your health to be of prime importance, and even more in present times. While medical inflation is soaring high, a health insurance policy is the best way to avoid burning a hole in your wallet when it comes to availing the right medical treatments. Health insurance plans are not available in one type of policy. Different plans are suited for different age group and ailments and hence, you can opt for a policy that checks all your coverage requirements. For instance, an individual health cover is suitable for preliminary health coverage, critical illness policy is best suited for ailments that often are fatal. In addition, family health covers can be sought if you want to ensure protection of more than one beneficiary at once. *

  1. Motor insurance plans

Motor insurance plans are those general insurance policies that offer financial protection for damages to either a third person or to your vehicle. It is the only type of insurance coverage that is mandatory by law. Thus, motor insurance plans offer dual benefits of legal compliance as well financial coverage. By selecting the right motor insurance policy, you can ensure an all-round protection for your vehicle. Moreover, comprehensive motor insurance plans help customise the coverage offering 360-degree protection for damages. *

  1. Home insurance plans

The most expensive investment that most individuals make during their lifetime is a home. Not just for comfort, but it also drives a sense of oneness. Any damages to your home, either due to natural disasters or due to accidents like a fire can be mentally devastating. Not just that, the repairs might be expensive that will drive away all your life-long savings. Thus, to ensure financial protection at such unexpected times, a home insurance policy comes handy. Not just coverage for structure, but also its contents are ensured when you buy one. *

  1. Travel insurance plans

Inconvenience during travels can be devastating and even more when you are in a foreign country. A travel insurance compensates the financial loss due to baggage loss, emergency medical treatment, cancellation and rescheduling of flights, and more. *

  1. Commercial insurance plans

While other types of general insurance ensure personal protection, a commercial policy provides financial cushion for your business-related losses. Using a commercial insurance policy, you can make sure to not have to deal with professional losses. *

* Standard T&C Apply

With the different types of general insurance plans explained, get all those insurance covers that at relevant to you and ensure its consistent insurance renewal. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.