Insurance is a way of providing a financial support to the family of policy holders if suppose he meets with any unfortunate event like death, illness, damage or accidents. Policy Holder – The one who buys policy is known as policy holder. Insurer – Basically the agent or your insurance company is an insurer. The responsibility of a policy holder towards insurer is to make sure that he pays him money on regular basis. These are nothing but your insurance premiums. One can do the payment of premiums in different intervals such as monthly, quarterly, half yearly or yearly basis.
In the market, there are multiple insurance policy. Almost all insurance companies offer all types of policies. However, there are few companies that offer selected insurance schemes. Considering this, any person can have multiple options to choose from. Basic types of insurance plans available are as follows: Auto Insurance Life Insurance Health Insurance Pension Plans Investment Plans Children Plans
Auto Insurance Auto insurance – This is an insurance policy designed for vehicles/automotives. The auto insurance policy offers a safety coverage for every insured vehicle that has underwent some damage. Comprehensive and third party are the two kinds of insurance coverage policies that are available under an Auto Insurance Policy. There are basically two types of coverage policies under auto insurance – Comprehensive and Third Party Coverage. However, every insured vehicle cannot be compensated unless an investigator investigates or checked thoroughly. Though any vehicle is insured does not mean it will receive compensation very easily. The investigator investigates into the matter and checks the details very minutely.
Life Insurance Life insurance is a route for providing financial support for your family even after your demise. It is an important mode of a sound and structured financial planning. It also helps you do your savings in order to achieve your long term goals. There are many types of Life insurance Policies or Plans. However, the main idea or motive of a Life insurance service is to provide maximum benefits for the policy holders family/sub-ordinates after his/her death.
Health Insurance Every single day, multiple people fall ill due to varied illnesses. Hence, it becomes very important for every individual to have Health Insurance. A health insurance is also referred as Medical insurance. Though the medical or health insurance plan is taken by single person, it can be useful for all the concerned members of his or her family. Nowadays, different types of insurance companies are offering health insurance for good low premium rates.
Pension Plans In a country like India, where the rate of inflation is so high, how many of us can even imagine to fulfill the basic amenities of our life down the line of 20 years. To help everyone, insurance companies provide individuals with Pension Plans. These plans provide financial security and stability during old age to continue living a healthy lifestyle. Here too, a policy holder is required to pay premiums for a definite period of time after which the policy holder is paid back the sum amount after his pension accounts mature. Different insurance companies offer different pension plans. One needs to understand the requirement of oneself and the conditions of the policy holder.
Investment Plans Investment plans are basically ULIPs or Unit Linked Insurance Plans. These plans differ in some ratio and aspects with regular insurance policies. They have combined features of both traditional life insurance and investment portfolios. Since they include combo benefits of both, the demands for them is increasing a lot. Is you want to buy an ULIP plan then one should look on to factors like complete insurance cover, risk cover,, premium charges, investment portfolio, etc.
Child Insurance Plans Child Insurance Plans are very closely related to investment plans – ULIPs or Unit Linked Insurance Plans. The Children Insurance Plans are designed an structured to meet the increasing expenses of your growing child. With the right child plans, one can have the required amount of money in future, i.e in 10 to 15 years. Parents should take care of these plans and it is always recommended to start these plans at the earliest for low premium rates.