Last Updated on July 2, 2020 by GKQUESTIONBANK
General Knowledge On 8 Different Types of Insurance Policies in INDIA
What Are The Different Types of Insurance Policies in INDIA?
Welcome in GKQUESTIONBANK. Today we will discuss on the 8 Different Types of Insurance Policies in INDIA. The major benefits of these Insurance Policies and the importance of Insurance Policies.
In this Pandemic time everyone is scared and maintaining safety measures with waiting Coronavirus Cure Vaccine in the market. We all know that till today No Vaccine is available in the any market of India or in the world by which Covid-19 can be cured. So people are waiting from long time for the Vaccine to cure Coronavirus. More then 5,00,000 people have been died in the world (till June 2020) and it’s still increasing. In India it’s 17,000 deaths which is also increasing every next day.
So people are also moving to get secure there life by taking multipart types of Insurance Policies Available with family by going to Insurance Plans available in Indian Market. Each Insurance Plans whether it’s related to your Health, Wealth, Business, Assets or Travelling gives you peace of mind because Insurance Plans covers you all the time and become most beneficial in any bad incidents in your life.
In this post we are writing Insurance Plans those are related to the Health, Travel, Coronavirus, Life, Mobile, Cycle, Motor and Property Insurances in India.
“Which Topics We Have Covered In GK On Insurance Topics“
- Why Health Insurance Policy Is Important and What Are The Benefits In India?
- What Is Covid-19 Insurance Policy In India And How To Claim For It?
- What Is The Importance Of Mobile insurance Policy in India?
- What Is The Life Insurance Policy and How Enrolled In Life Insurance Policy in India?
- What Are The Benefits Of Motor insurance Policy In India?
- Why Property insurance Policy Is Important For Everyone In India?
- Why Cycle insurance Policy Is Important For Everyone in India?
- What Is Travel insurance Policy and It’s Benefits In India?
Start Reading 8 Different Types of “Insurance Policies in India“
(1) Why Health Insurance Policy Is Important and What Are The Benefits Of Health Insurance In India?
In India, Health Insurance Policy is also consider as General Insurance. Health Insurance Policy provides financial assistance to policyholders while in case of admitted to hospitals for the treatment. In India there are many type of Health Insurance Policies available like; Individual Health Insurance, Maternity Health Insurance, Group Health Insurance, Senior Citizen Health Insurance, Critical Illness Cover and Family Floater Insurance.
Benefits of Health Insurance are like; Tax Benefits, Medical Cover and Cashless Claims.
(2) What Is Covid-19 Insurance Policy In India And How To Claim For It?
Due to the Novel Coronavirus i.e, “Covid-19” Covid-19 Insurance Policy comes in the Indian market. Some major Insurance companies are providing the Covid-19 Insurance Policy to the consumers. Death claims caused due to COVID-19 are covered as per the Covid-19 Claim policy in India. Hospitalization benefit claim can also avail in the Covid-19 Insurance Policy In India by many companies like Max Life Insurance Company. Covid-19 health insurance is paperless and can be done online in just a few minutes.
Latest Note: According to the guidelines from Insurance Regulatory Development Authority of India (IRDAI) two standard COVID-19 health insurance policies with uniform features, terms and conditions, the insurance companies will offer ‘Corona Kavach’ and ‘Cornoa Rakshak’ from July 10, 2020.
As we all know that Coronavirus is the major Pandemic in the history of World and which impact the every person life on earth so to secure your life is very important and people are making it possible by taking Covid-19 Insurance Policy In India because coronavirus is covered in the health insurance.
(3) What Is The Importance Of Mobile insurance Policy in India?
To reclaim money that you spend on repairing your phone in the event of accidental damage, Mobile Insurance helps the people. As India have biggest mobile and Smartphones market with highest numbers of the consumers so the Mobile insurance Policy became very important for the people those want to secure there Mobiles in case of phone theft or damages. People can claim the same in case of phone theft or to replace the handset with a new phone.
Benefits of Mobile Insurance Policy in India is; Theft or Robbery of Smartphone, Comprehensive protection for new devices and Mobile Insurance Coverage against Damage to Screen.
(4) What Is The Life Insurance Policy and How Enrolled In Life Insurance Policy in India?
A policy by which policyholder can ensure financial freedom for his/her family members after death is considered as Life Insurance Policy in India. In the event of any person passing, Life Insurance provide financial assistance to his/her family. There are many types of Life Insurance policy in the India such as; Whole Life Insurance Policy, Term Plan Policy, Endowment Plan Policy, Child’s Plan Policy, ULIP’s, Money Back Insurance Policy and Retirement Plan Policy. These all comes under the Insurance Policy.
Benefits of Life Insurance Policy are: Tax Benefits, Helps Plan Your Retirement, Encourages Saving Habit and Secures Your Family’s Financial Future.
(5) What Are The Benefits Of Motor insurance Policy In India?
In the event of accidents involving your car or bike, Mobile insurance Policy offer financial assistance to the individuals. Mobile insurance Policy can be divide into three categories like; Car Insurance, Two-wheeler Insurance and Commercial Vehicle Insurance.
Based on the extent of cover or protection offered by Insurances companies in India there are major three types of Insurance; Third-Party Liability, Comprehensive Cover and Own Damage Cover.
Benefits of Motor Insurance Policies are like; Theft/loss cover, Meets All Third-Party Liability, Prevents Legal Hassle and Financial Assistance to Repair Your own Vehicle.
(6) Why Property Insurance Policy Is Important For Everyone In India?
Residence or Commercial Space cover under the Property insurance Policy. It can be any building or immovable structure of a person which he/she can Insured by Property Insurance Policy in India. To claim financial assistance from the insurance provider, people can claims any damage befalls such a property. In India there are major types of Property Insurance like; Home Insurance Policy, Shop Insurance Policy, Office Insurance Policy and Building Insurance Policy.
In the case of Fires, Burglaries, Floods or Natural Disasters like; Earthquake, Storms etc the Property Insurance Policy helps the people by offering financial aid against damages.
(7) Why Cycle insurance Policy Is Important For Everyone in India?
While your bicycle undergo accidental damage or theft, a Cycle Insurance Policy ensures that you have access to necessary funds because in India Bicycles are valuable properties which is used for the people daily commute specially in rural areas. Cycle Insurance Policy ensure immediate repairs to the vehicle of the person who have Cycle Insurance. There are many benefits to avail the Cycle Insurance Policy like; Accidental Death Benefits, Worldwide Coverage (depends on your insurance providers) and Protection against Fires and Riots. Cycle Insurance Policy for the cycle offer a lump-sum payout to your surviving family members in the case of rider death.
(8) What Is Travel insurance Policy and It’s Benefits In India?
Travel Insurance Policy became the major Insurance policy in India with the Boom in the Travel and Tourism Industry in recent years. Financial safety of a traveler during a trip comes under the Travel Insurance Policy. Travel insurance Policy offer financial aid at various times, such as during loss of baggage, trip cancellation and much more. In India there are many types of Travel Insurance Policies like; Domestic Travel Insurance Policy, International Travel Insurance Policy and Home Holiday Insurance Policy.
Benefits of Travel Insurance Policy includes Trip Cancellation Cover, Flight Delay Cover, Baggage Loss/Delay and Reclaim Lost Travel Documents.
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