Types of Insurance

Introduction

Insurance is key of human life.insured person protect his / her family life.but what is insurance?, how many types of insurance? that type of questions are usually in mind. in society daily Unfortunate incidents such as accidents, theft, and natural disasters that are why every human take insurance policy.lets know today which is main types of insurance and its important.There are two main types of insurance-1) Life insurance. 2) General insurance.lets see basic information of it.

Life insurance-

Every person takes care of the financial condition of his family, and so the family head or family members take life insurance. After his death, the financial condition of the family remains good because of life insurance. In society no guarantee of life.in that situation insurance take responsibility of insured 1person's family after his / her death

Types of Insurance

1)Term Life insurance:-This type of insurance benefits only after the death of the insured. If the insured gets full premiums till the end of insurance period, then no benefit is available, so this type of insurance is considered to be risky..

2)Whole Life Insurance:-In this type of insurance, protection is provided throughout the lifetime.This insurance policy covers up to a hundred years. The feature of this policy is that of saving and protection.

3)Endowment policy:-This type of insurance consists of two important things: savings and life security. In the policy, the nominees gets the insurance if the death of the beneficiary dies. The maturity benefits are paid by the insured on payment of full premium. The policy can be of 10, 15 or 20 years. In the event of the life insured or the survival of the life assured, the benefit will be available.

4)Money Back policy:-

Types of Insurance

This type of insurance can be availed by a person who is only 13 to 50 years of age. The term of the policy is 20 years and it has to be paid only for 15 years. The minimum Sum Assured is Rs. One lakh and there is no limit to the maximum Sum Assured under this policy. The premiums are yearly, half-yearly, quarterly. In this policy, the amount gets 20 percent of the sum assured in 5 years. The first installment is 5 years, the second installment is 10 years, the third in this installment gives the beneficiary 15 years and 20 years, the fourth installment.

5)Children's Policy:-

Types of Insurance

This type of insurance is for children Parents insure their children there is no financial difficulties In this policy, if the parents dies suddenly, the family gets the specified amount in specific period.

6)Unit linked Insurance:-In this type of insurance, life insurance and money are invested. In this policy, a part is provided for investing in life insurance and the second part in the stock market or at other places.

7)Annuity plan/Pension plan:-

Types of Insurance

In this type of insurance, a pension is paid, for which the insured has been invested. Accordingly, there are two major types of insurance: 1) Immediate Annuity - In this policy, the insured has a large amount and quickly start the pension. 2) Disrupted Annuity - In this Policy, the insured, the installments have to be invested, pensions start at some time.so here we are discussing insurance and types of life insurance

• Types of General Insurance

1)Health Insurance:--In this policy, the insurance company gives the benefit of a certain amount of money. The expenditure on hospital testing and ambulance dispensary Insurance company offers the cost of surgery.

2)Motor insurance:-

Types of Insurance

Third party liability insurance is important in this policy. The policy is compensated by the accident caused by a vehicle. The policy can be compensated by the insured, but this leads to another person affected by the accident. Important policy-Third party liability insurance and own damage insurance in Comprehensive Insurance Policy.  the other person & owner gets the benefit of that policy.

3)Property insurance:-

Types of Insurance

in this type of Insurance,The insured takes insurance to protect their property from natural disaster or man-made accidental hazards.this policy called "named peril policy",means included things gets insurance.in case of house/ property damage get benefits- fire damaged,Natural disaster,Plane crash,Lightnings,Missile Test of government etc.

4)Fire Insurance:-
In this insurance, valuables in the house, building, institution and big shops are protected from fire.This insurance provides protection from the following: - Building fire, Lightnings damages, explosions, plane crashing,Missile Test insurance coverage.

I request you to take an insurance policy after carefully considering the terms and conditions . Friends, today we review the type of insurance and its information.

Thank you.