Protection instruments

There are many types of insurance but we are going to cover only the key ones here. Following are a few types of insurance which one must opt for irrespective of the risk profile or requirements.

1. Life insurance – It is nothing but an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual’s death or other unfortunate event, such as terminal illness, critical illness or maturity of the policy.

It presents benefits such as risk cover, systematic planning across all the life stage needs, assured income through annuities, loan facility and tax benefits.

2. Medical / Health insurance – With the growing number of new viruses and diseases, proactive medical care is of immense importance but an expensive affair too. Today’s common diseases such as heart disorders, cancer, severe joint problems, muscular issues, brain issues, etc. result in huge treatment expenditure at the hands of the patients. Surgical emergiencies cost even more. Mediclaim is the best answer in such a situation. With a mediclaim, an individual or a family can lead a stress free life. Any health related concerns are taken care of by the insurer.

There are other types of general insurance which one may opt depending on the personal or business related needs. These include:

Motor insurance – This is mandatory for a vehicle owner. It covers the vehicle in case of any accidents, repairs or theft.

Home insurance – This is an insurance taken for protection against theft, fire or any unfortunate event in the home, office or any property.

Personal Accident policy – This is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events.

Others: Marine, Cargo, Liability, etc.