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7 types of health insurance plans: Features, benefits, how they work Explained

health insurance policies

Insurance is a prudent way to transfer such risks to an insurance company. Now that you have learnt about the different types of life insurance policies, you can make a more informed decision on which plan would be the most suitable for you and your family. You can check out the different types of online life insurance policies offered by ICICI Prudential Life Insurance here. Lastly, retirement plans offer you multiple options to withdraw your money, such as regular income, lump sum payment, or a combination of both. With coverage of up to 99 years, whole life insurance is ideal for those who have financial dependents even in their old age. The biggest advantage of this product is that not only does it provide lifelong protection to the insured but also provides a simple way to leave behind a legacy for their children.

A comprehensive motor insurance policy provides a 360-degree cushion to your vehicle against damages caused due to flood, fire, riot, etc. Along with this, it also offers you the rider or add-on benefit, a personal accident coverage and third-party liability. An essential risk mitigating tool, Health insurance prevents out-of-pocket expenses while dealing with a medical emergency. A general health insurance plan is an indemnity plan that pays for hospitalisation expenses up to the sum insured. While you can avail of a standalone health policy, family floater plans provide coverage to all the members of your family.

It covers trip cancellations, lost or misplaced luggage, travel accidents and even medical expenses. Life insurance is a contract in which the beneficiary is paid a fixed amount of money by the insurer after the death of the insured. The beneficiary uses this money to clear out the debts of the insured and also to meet his/her financial expenses after the death of the insured. General insurance policy is a short-term contract whereas life insurance is a long-term contract. In case where the property is damaged due to fire, the insurance company compensate for the loss of that specific property according to the market price of that property pertaining at that time. The owners of the ship who use it for the commercial purposes for the transportation of the supply, it is necessary for them to have Marine cargo insurance policy.

General Insurance

what are the 7 types of insurance? insurance covers cars, motorcycles, trucks and all the other vehicles running on the road. This insurance is meant for giving protection against any physical damage or bodily injury that the vehicle suffers from recklessness or an accident. All the cost incurred to repair the vehicle is met by the insurance company. The financial liability caused to you while travelling which can be related to medical and non medical emergencies. The travel insurance covers the laws of passports, accidental death, adventurous Sport, medical emergencies, etc during the travel.

Over-valuation, for example, must be communicated to the insurers; if it is not so communicated, it is a concealment of a material fact and voids the insurance. The type of sale contract also determines the Insurable Interest. A separate chapter has been devoted to most common terms of contractsknown as “Inco Terms”. The terms dictate which of the two parties to the contract, is responsible to insure the goods. Claims for damage are settled by ascertaining the percentage of depreciation and applying this percentage to the insured value. The percentage of depreciation is calculated by comparing the value the goods would realize in their damaged state with their gross sound value on the date of the sale.

These payments are known as premium and are usually paid on an annual basis. The individual who buys the insurance is known as the policy holder. However, I know of nobody who has been confronted with these situations whose medical insurance paid every thing.

So here you can use your policy number to avail of cashless services in-network hospitals. In other cases, you can claim reimbursement for hospitalization and treatments. Do check the coverage of the type of disease/illness/health issue.


Insurance of motor vehicles against damage is not made compulsory, but the insurance against third party liability arising out of the use of motor vehicles in public places is made compulsory. Insurance Cover against damage is known as “Own Damages” and against injury or death to a third party is known as “Third Party” claim. No motor vehicle can ply in a public place without such insurance.

So, in that case, you first have to pay the remaining amount and then claim the insurance money. The extra amount to be paid under such circumstances is called ‘deductible’. You can pay lesser premiums and higher deductibles in an agreement with the insurer. However, depending on what your insurance covers, they are classified as life and general. In this article, we will explain both these types of insurance and their various aspects.

For general insurance, financial losses are reimbursed when an uncertain event occurs. In case you are travelling abroad, a travel insurance policy protects you against losses suffered due to loss of baggage, delays in flight and trip cancellation. In some cases, if you are hospitalised while travelling, a travel insurance may also offer cashless hospitalisation. General insurance covers non-life assets – such as your home, vehicle, health, travel – from floods, fire, thefts, accidents and man-made disasters. Accidental death benefit is available in call variants except for Single premium variant.

  • You should also check the limits of pre- and post-hospitalisation expenses.
  • Combining insurance and investment in a single product, ULIPs offer life protection and the opportunity for capital appreciation by investing in various funds of varying degrees of risk.
  • In exchange, your insurer promises to pay an assured sum to your family in the event of death, disability or at a set time.
  • -In the case of your death, your family can claim the sum assured.

I am not sure where you get your info on a few of these protection’s, but you clearly do not know anyone who has had cancer, a heart assault or a stroke. These are very pricey sicknesses and yes, they are coated by an excellent medical insurance plan. The child education insurance is akin to a life insurance policy which has been specially designed as a saving tool. An education insurance can be a great way to provide a lump sum amount of money when your child reaches the age for higher education and gains entry into college . This fund can then be used to pay for your child’s higher education expenses. Under this insurance, the child is the life assured or the recipient of the funds, while the parent/legal guardian is the owner of the policy.

What is a life insurance policy?

IRDA does not invest the premium received by insurance companies. IRDA does not involve directly or through any representative in sale of any kind of insurance or financial products. SBI Life Insurance is an ISO certified Insurance Company for its Business Continuity Management System . Our BCMS addresses the safety of our employees and enables the company to restore critical business operations to the minimum agreed level in the event of any contingency. Please follow these simple steps to ensure that your personal information is secure and confidential.

However, it doesn’t cowl medical care and providers for long-time period care. The startup presents unintentional demise insurance insurance policies and months term life insurance online starting at $10 a month (for a wholesome months-previous). For most people, although, term life insurance coverage is the higher—and unquestionably less complicated—alternative. Most folks don’t want lifetime coverage, as your monetary obligations decrease as you grow old.

term plan

In different phrases, you turn out to be a riskier customer, and insurance companies will ask you to pay accordingly. Mortgage safety insurance coverage guards in opposition to the lack of revenue of the particular person, or people, answerable for paying the mortgage. This is to stop one catastrophic occasion would not lead to another like the lack of your family’s residence. Uninsured motorist protection will reimburse the policyholder, a member of the household or a delegated driver if certainly one of them is hit by an uninsured or a success-and-run driver.

A ULIP provides life cover that offers financial protection for your loved ones. In addition to this, it also gives you the potential to create wealth through market-linked returns from systematic investments. Insurance coverage can be defined as a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable contingencies.

  • The insurer and the insured get a legal contract for the insurance, which is called the insurance policy.
  • There are two types of insurance needs- Long Term and Short Term.
  • Generally, insurers limit the benefit to 20 times, however, it can go up if your financial health is better.
  • You should also check if there’s a co-pay clause, how much you will have to co-pay and what the waiting periods are.

In today’s world, a car insurance is an important policy for every car owner. This insurance protects you against any untoward incident like accidents. Some policies also compensate for damages to your car during natural calamities like floods or earthquakes. It also covers third-party liability where you have to pay damages to other vehicle owners. Life insurance has always been considered an essential financial tool.

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In this policy only the specific amount of money short can be claimed the loss incurred due to the Fire. Save taxes with Clear by investing in tax saving mutual funds online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone. CAs, experts and businesses can get GST ready with Clear GST software & certification course.

As you can see, there’s always a need for insurance, be it a life insurance or otherwise. The types of insurance are Life Insurance, Car Insurance, Health Insurance, Two Wheeler Insurance, and Travel Insurance, etc. Actually what I told in this article is more for academic purpose and insurance courses..

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Even a single scratch can be painful, forget about bigger damages. However if you claim Rs 4 lacs from company A, in that case company A can recover back Rs 2 lacs from company B as per the principle of contribution. If you do not tell these things correctly, you are violating the “Principle of utmost good faith” here and it can impact your insurance claim process in future. Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast in with cargo. B) Hull insurance which is concerned with the insurance of ships (hull, machinery, etc.). This is a highly technical subject and is not dealt in this module.

Instead of counting on cost protection, contemplate a incapacity coverage that includes debt payments. A comprehensive insurance policy safeguards your vehicle against fire, earthquake, theft, impact damage, etc. Additionally, it provides coverage against any third-party liability in the case of third-party property damage, bodily injury, or death. Corona Kavach Policy is a specific health insurance policy covering hospital bills solely on account of Covid-19. They are available only with general and health insurers and they are indemnity-based plans in which the hospital bill gets reimbursed.

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Every health insurance provider will tie-up with a number of network hospitals where you can enjoy cashless claims. This makes the entire process of receiving emergency medical care much easier. At a network hospital, you aren’t really required to pay for any of the covered treatments. For all valid claims, we’ll take care of the medical costs, without you having to pay for anything, except non-covered expenses and the mandatory deductibles.

Like term life insurance, the premiums are based mostly on your well being and medical historical past. Generally talking, life insurance is used to fill in the gap between your long-time period financial obligations and your wealth and assets. The payouts out of your life insurance insurance policies can then be used to take care of you and your loved ones’s financial needs in the occasion of illness, everlasting incapacity or demise. This coverage pays for injury to the policyholder’s automotive ensuing from a collision with another automotive, object or on account of flipping over. Unlike individual and family floater policies, group health insurance plans can be purchased by a group manager for a large number of individuals.

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Insurance is a great financial security to an individual’s family. An insurance policy gives the family the coverage needed as well as the courage to move on. When you are travel internationally and suffer losses because of loss of baggage, trip cancellation, or delay in flight, a travel insurance policy safeguards you. You may also be offered cashless hospitalization if you are hospitalized while travelling. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy.

All these questions are very genuine questions and if someone does not understand the principles of Insurance, they will ask them. There are other types of vessels such as fishing vessels, offshore oil vessels and others. There are cruise vessels or passenger liners which sail on voyages to distant areas of scenically beautiful but rocky or shallow coasts or near the icy waters of the Arctic and Antarctic.