Insurance is a legal contract between an individual or company (the insured) and an insurance company (the insurer). The insurer agrees to pay the insured a specific amount of money if a certain event occurs, such as a sudden death, accidental injury, or vehicle damage. The insured pays a fee, called a premium, for this protection.
1. General Insurance
Some of the kinds of general insurance offered in India are as follows :
- Health Care Coverage
- Automobile Insurance
- Homeowners’ Insurance
- Insurance against fire
- Insurance for Travel
2. Life Insurance
The most prevalent types of life insurance policies offered in India are as follows :
- Term Life Insurance
- Unit-Linked Insurance Plans
- Whole Life Insurance
- Endowment Plans
- Child Plans for Educations
- Retirement Plans