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Insurance is crucial for every individual since it helps to mitigate and manage a variety of risks and uncertainties that life brings. By covering unexpected expenses and losses caused by accidents, diseases, liabilities, impairment of property, natural catastrophes, and others, it enhances comfort and security and strengthens the purchase power. In the absence of such insurance, the individual would have to bear a considerable amount of risk and financial recompense chastising and alienating every individual and hence, it forms an integral element in the formulation of personal and financial policies
There are several categories of insurance aimed at protecting different areas of personal life and business. Some of the common types of insurance are:
Personal Insurance
:
- Life insurance :Pays a death benefit upon the demise of the insured and the beneficiaries are the people whom the death benefit is paid upon insureds death.
- Health insurance : Coverage that pays for medical and surgical expenses incurred by the insured.
- Homeowners insurance : Provides compensation for a home with coverage on interior and exterior structure, as well as personal belongings inside for damages due to fire, theft of and natural calamities.
- Renters insurance : Renter’s insurance provides coverage for your possessions against damages when you are living in rented apartments or homes.
- Auto insurance : Covers a car’s damages and losses due to accidents, tearing, or vandalism.
- Umbrella insurance : The excess liability insurance sums up to the primary layer of other insurance and can further be added on to the existing other coverages.
- Pet insurance : To defray the costs associated with veterinary care of a household pet.
- Travel insurance : An insurance designed to protect you before, during, and after your trip.
Business Insurance
:
Other types of Insurance
:
- Disability insurance : If due to an injury or illness you become unable to go to work, this can act as a substitute.
- Long-term care insurance : For people who need to shift into assisted living communities or nursing homes, this helps provide some of the needed funds.
- Crop insurance : Privately in the insurance markets, helps provide people financial security against damage for farming in places with high risk of harsh weather.
- Flood insurance : Helps prevent loss of or damage to property caused by flooding.
There are numerous insurance companies in India and each offers different sets of insurance plans and services. Some of these insurance companies are well known in India:
Life Insurance
:
- Life Insurance Corporation of India (LIC)
- HDFC Life Insurance
- ICICI Prudential Life Insurance
- SBI Life Insurance
- Max Life Insurance
- Aditya Birla Sun Life Insurance
- Kotak Mahindra Life Insurance
- Bajaj Allianz Life Insurance
- Tata AIA Life Insurance
- Reliance Nippon Life Insurance
General Insurance
:
- New India Assurance Company Ltd.
- United India Insurance Company Ltd.
- Oriental Insurance Company Ltd.
- National Insurance Company Ltd.
- ICICI Lombard General Insurance
- HDFC ERGO General Insurance
- Bajaj Allianz General Insurance
- Tata AIG General Insurance
- Reliance General Insurance
- Bharti AXA General Insurance
Health Insurance
:
- Star Health and Allied Insurance
- Apollo Munich Health Insurance (now HDFC ERGO Health Insurance)
- Max Bupa Health Insurance
- ICICI Lombard Health Insurance
- Religare Health Insurance (now Care Health Insurance)
- Bajaj Allianz Health Insurance
- HDFC ERGO Health Insurance
- Aditya Birla Health Insurance
- ManipalCigna Health Insurance
- Reliance Health Insurance
These are numerous prominent insurance companies operating in India, offering a wide range of insurance products to cater to the diverse needs of individuals and businesses across the country.