In your life, you will face unexpected risks, which can affect not only your, but also your loved ones. So how can you face these risks and yet stay protected? This is where an insurance policy will help keep and your loved ones protected. But with so many types of insurance policies available, how does one opt for the right one to get the optimum protection?
Given below are the different types of policies currently available that you can opt for:
• Personal Insurance: This is one of the most popular and generic types of insurance policies available. It covers several requirements such as health and coverage against death or injury by accident. Under this category, you can also cover your family members in an individual policy such as medical insurance, accidental insurance, property insurance as well as vehicle insurance.
• Rural Insurance: Rural insurance is an insurance policy that is designed to meet the requirements and needs have rurally based individuals or businesses. Normally, it focuses on coverage’s for life and health and even protection against natural disasters that can have a negative effect on businesses.
• Industrial Insurance: Businesses can opt for financial protection for any of their important projects, construction, contracts and equipment from situations such as fire, theft, damage or loss.
• Commercial Insurance: This insurance is designed to provide financial protection against theft, liability and property damage. This also focuses on injuries suffered by employees or even interruptions in the business.
• Whole life insurance: Whole life insurance policies normally cover the entire duration of an insured’s life. A yearly premium will be required to be paid so long as the policy lasts.
• Endowment plans: This policy provides a lump sum amount once the policy holder dies or when the policy matures. In this case, there are certain types of policies that provide payment in case of critical illnesses.
• Money back plans The money back plans are used as a form of investment. It is used to produce ideal financial returns in the future for several purposes.
• Term life insurance: The term life insurance plans or term assurance plans are available to the insured, for a fixed period of time. Once the period of time comes to an end, the policy owner can opt to withdraw the policy or extend it.
• ULIP’s: United Linked Insurance Plans are policies where the financial worth of a policy reflects on the net asset value of the core investment assets that are related to it. They offer a unique feature, to policyholders, which is both flexible as well as protective.
Other Forms of Insurance
• Home insurance: Home insurance, also known as homeowner’s insurance of hazard insurance is taken to cover private homes against losses and liabilities.
• Travel insurance: Travel insurance policies can be availed to cover both long and short trips. It can also be used within or countries abroad.