Types of Insurance in India for Life and General Insurance

Presenting the types of Insurance available in India for Life and Genreal categories. Find the source of registered Life Insurance , General Insurance as per IRDA…

In India Insurance mainly regulated by IRDA(Insurance Regulatory and Development Authority). It was constituted based on Malhotra Committee Report in 1999. IRDA became statutory body in April, 2000.

Types Of Insurance

Here 99HRMS presenting the complete details about the Concept. In India insurance mainly divided into 4 types applicable for common man and business entities and even for Insurance firms

1. Life Insurance
2. General Insurance
3. Health Insurance
4. ReInsurance

Life Insurance

Life insurance policy, the insurance company promises to pay a sum of money to the family members of the policyholder in case of death of the policyholder during a specified period or for whole life. In return, the policyholder pays a small amount (premium) to the insurance company.

There are total 24 life insurers present in India. The list of Life Insurers in India

Reference : irdai.gov.in

Types of Life Insurance Products

Generally Life insurance products categorised in to 4 types.

• Term Insurance Plans
• Whole Life Insurance Plans
• Endowment Insurance Plans
• ULIPs (Unit Linked Insurance Plans)

Term Insurance Plans

Term insurance provides coverage for a specific period of time (usually for some years) called as “term”. Thisinsurance provides a financial benefit to the family member / nominee in case of the unfortunate demise of the insured during the policy term. Usually Term Insurance policies provide high sum of money at lower premiums. These fixed premiums can be paid at once or at regular intervals for the entire policy term or for a limited period.

Whole Life Insurance Plans

Whole life insurance is an example of a permanent life insurance policy. In other words there is no fixed term of cover but the insurer offers to pay the agreed upon death benefit when the insured dies, no matter whenever the death might occur. The premiums can be paid throughout one’s life or for a specified period of time which is limited and is less than one’s lifetime.

Endowment Insurance Plans

• Endowment insurance is actually a combination of two plans,this product has both a death and a survival benefit component.
• A term assurance plan which pays the full sum assured in case of death of the insured during the term.
• Aendowment plan which pays this amount if the insured survives at the end of the term.

ULIPs (Unit Linked Insurance Plans)

• ULIP is an insurance product that combines insurance with investment benefits in a single plan. ULIP/Unit Linked Insurance Plan has
• A death benefit (amount) to the nominee will be paid if the policyholder passes away during the term.
• The policy holder survives the term of the ULIP, he/she can also get the maturity value of the ULIP.

Types of General Insurance

General insurance policy is also called as non-life insurance product that includes different types of general insurance policies.

There are total 32 General insurers present in India. The list of General Insurers in India

*Bharti Axa General Insurance Co. Ltd Merged with ICICI Lombard General Insurance Co. Ltd

General Insurance Products in India

• Motor
• Health/Mediclaim
• Fire
• Engineering
• marine
• Liability
• Personal Accident
• Rural/Micro
• Miscellaneous

Motor

Motor insurance policy is an insurance coverage for two-wheelers, Private car, Commercial Vehicles, Miscellaneous vehicles and trade vehicles.

Health / Mediclaim

Health insurance policy is an Insurance coverage for incurred medical expenses either for insured individual or family.

Fire

Fire insurance policy is an insurance coverage for Dwellings, Industries, stocks, Godowns etc.

Engineering

Engineering insurance policy is an insurance coverage for Contract works, Contractors plant and Machinery, machinery in factories, Electronic equipment Insurance, Boiler insurance etc.

Marine

• Marine insurance mainly divided in to 2 categories
• Marine Hull deals with Ships body
• Marine Cargo deals with goods transporting in different mode of travel

Liability

Liability insurance policy is an insurance coverage for liability insuranceclaims resulting from injuries and damage to people or property or both.

Personal Accident

Personal accident insurance policy is an insurance coverage forDeath or bodily injury resulting solely and directly from accident.

Rural/Micro

Rural/Micro insurance policy is an insurance coverage for animals and agriculture insurance and also includes government specially designed products for rural empowerment.

Miscellaneous

There are several products comes under miscellaneous type of insurance some are Petrol pump Insurance, Plate glass insurance, Home loan Indurance, Lift Insurance, Shopkeepers Insurance, House hold Insurance, Bankers Indemnity Insurance etc.

Types of Health Insurance

Health insurance policy is also part of general insurance policies. But in recent years especially health product based companies established.

There are total 6 stand alone Health Insurerspresent in India. The list of Standalone Health Insurers in India are

In general Health Insurance products comprise Individual, Family floater and Group health insurances.

ReInsurance

In a simple form we can say it is a form of an insurance cover for insurance companies where Reinsurance Company covers risks of insurance companies for certain premium.

There is only one Reinsurance company in India and that is General Insurance Corporation of India