Insurance Can Secure Future. Check The Types Of Insurance In India | IN PICS

Insurance is a significant tool in safeguarding an individual’s assets, health, and life from the financial aftermath of an unforeseen event without the burden of exorbitant expenses. (Source: Getty)

In India, insurance broadly falls into two categories: life insurance and non-life insurance, also called general insurance. (Source: Getty)

Life Insurance- It is a financial contract between a person and an insurance firm, where the company promises to deliver a lump sum amount known as the death benefit, to the recipient upon his/her death.(Source: Getty)

Life Insurance further delineate into several subtypes, each serving distinct purposes.(Source: Getty)

Home Insurance safeguards homes against damages caused by natural disasters, burglary, or riots, offering financial aid for repairs. (Source: Getty)

Endowment Life Insurance provides assured maturity benefits. When the policy reaches maturity, the policyholder receives predetermined payouts, which can be in the form of a lump sum or periodic installments.(Source: Getty)

Whole Life Insurance extends coverage until the insured reaches a specified age, typically 99 or 100 years.(Source: Getty)

Unit Linked Insurance Plans (ULIPs) allocate a portion of the premium into a chosen mutual fund. At maturity, the accumulated fund value, including profits, is disbursed to the insured.(Source: Getty)

Child Insurance guarantees a lump sum payout on maturity to finance significant life milestones such as education and marriage.(Source: Getty)

Retirement plans, also referred to as annuity plans, offer consistent payments after retirement. Immediate annuity plans start providing payouts immediately after purchase, while deferred annuity plans begin payments after a predetermined waiting period.(Source: Getty)

General Insurance- It comprises non-life assets, such as your home, vehicle, and travel. We get compensation for losses incurred due to flood, fire, theft, accidents, and any man-made disasters. (Source: Getty)

General Insurance also further delineate into several subtypes, each serving different purposes. (Source: Getty)

Health Insurance is designed to cover healthcare expenses, which mitigates the financial burden of medical treatments, surgeries, and illnesses. (Source: Getty)

Motor Insurance protects motor vehicles against accidents and liabilities. It is of two types: third-party liability insurance and comprehensive motor insurance. (Source: Getty)

Travel Insurance covers flight delays, loss of baggage or passport, medical emergencies, and cancellations. Options include domestic, international, and multi-trip policies to mitigate risks associated with travel. (Source: Getty)