Insurance Companies

Understand your Insurance Policy

Understand what your policy has to offer. Read terms and conditions of your insurance policy and discover USPs, Features, Inclusions and Exclusions in the plan.

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About Insurance Companies in India

The main purpose of insurance is to secure individuals financially against uncertainties of life. Thus, insurance policies are important for handling the unforeseen situations and risks in life that might occur suddenly. With insurance by your side, an individual can have peace of mind in terms of health, finances, family security and more. However, to enjoy the coverage and benefits of insurance, the insured or the policyholder is required to pay a certain amount of money known as premium.

Over the years, the awareness about insurance policies and insurance providers in the country has increased and the insurance sector has seen massive growth. Further, the emergence of the Covid-19 pandemic in the last few years has made people realize the importance of having insurance even more. Also, the high claim ratio offered by different insurance companies have encouraged more and more people to choose insurance as a tool to support their life and health to the maximum.

Right now, there are numerous insurers in the list of insurance companies in India including general insurance companies and life insurance companies offering many policies and related benefits to allow people enough protection or coverage as per their budget.

When it comes to different insurance providers, there is a difference between life insurance and general insurance companies and there are different types of insurance companies offering different insurance policies. Let us learn about different types of insurance companies and insurance plans in detail.

What Are the Types of General Insurance Policies?

Health Insurance
What is Health Insurance?
Health Insurance is a health plan which provides financial security to individuals in terms of health by covering them against incurred healthcare costs. With a health insurance plan the insured can get coverage against health treatment costs as well as surgical costs that the insured incurs for getting hospitalized for various illnesses or accidental injury.

No one can predict the future and what lies ahead, especially in terms of one’s health. An unforeseen situation of health crisis or accidental health injury might trap anyone at any time. Thus, having health security in the form of the best health insurance is very important. Further, with the rising cost of health care it is pertinent for everyone to have a comprehensive health insurance policy to fight medical emergencies. Also, the policyholder can buy additional riders with health insurance policies that augment the benefits received from various insurances.

There are several health Insurance plans offered by various best health insurance companies in India to cover people against medical emergencies. These companies make it affordable for people to fulfill health care requirements without incurring a heavy expenditure. Best health insurance in India comes with features such as:

  • Cashless facilities at network hospitals
  • Pre, post hospitalization costs
  • Ambulance charges
  • Daily cash allowance etc.

Different types of best health insurance plans in India are:

  • Individual plan
  • Health insurance plans for family or Family floater plan
  • Comprehensive health insurance
  • Maternity insurance etc.
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What is Life Insurance?
Life Insurance is a type of insurance which cover the nominee of the insured financially by paying them death benefit in the event of the death of the insured person or in some cases after a particular period of time as per the terms and conditions of the policy.

So, a term life insurance policy is one whereby the insured person secures the life of their family members financially by paying a certain premium amount to receive death benefit for the nominee of the policyholder if he/she dies suddenly during the tenure of the life insurance policy.

So, this is like a contract between the policyholder and the insurance company. Here, the policyholder pays a premium to allow their nominee to receive compensation after the death of the policyholder.

Some policies also allow the insured to receive compensation if he/she outlives the policy duration. There are over 24 life insurance companies offering best life insurance policies in India. Life Insurance Corporation or LIC is the only public sector life insurance company in India, while the rest are all private insurance companies offering different types of life insurance cover.

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What is Car Insurance?
Car insurance plans are the ones that cover vehicles against damages of different kinds as well as against losses, theft, etc. that a car owner has to incur during any kind of road emergencies. A car insurance can be a third-party insurance that covers against the third-part damages or it might be a comprehensive insurance plan that covers against third-party as well as other damages caused to your own car including man-made damages and damages caused by natural calamities.

The third-party insurance covers the basic third-party damages and it is compulsory to have a third-party insurance under the Motor Vehicle Act of India. Buy car insurance online to cover injuries and damages of third party people or property. This policy cover against death of third-party person that was caused due to the involvement of your car in an accident.

There are other car insurance plans such as comprehensive car insurance plan and standalone own-damage car insurance plans which covers for your own car damages, including man -made and natural damages, along with bodily injury, loss and theft of car and so on.

Car insurance policy can be bought online. Car insurance online offers various advantages including cashless garages, roadside assistance, towing assistance and personal accident cover among others. Compare car insurance online before you decide to buy the most suitable plan for your requirement.

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What is Bike Insurance?
Bike insurance or a two-wheeler insurance is an obligatory insurance policy in India that all two-wheeler owners must have so that they can ride their bikes without any hassle across India. This is an ideal insurance policy that safeguards a bike owner against financial losses incurred because of any unfortunate or unforeseen situation such as road accident or collision etc.

The Indian Motor Vehicle Act makes it mandatory for each and every two-wheeler owner to have a third party bike cover on their two-wheeler. The bike insurance policy falls under the category of general insurance and it helps to cover bikes against damages caused by accidents.

An active two wheeler insurance can protect you from any serious injury or damage caused to the rider or the two-wheeler. There are authorized insurance providers offering two wheeler insurances or bike insurance online in India.

Currently, there are over 25 general insurance companies offering best bike insurance plans to bike owners in India. All these insurers offer unique features and benefits depending on the needs and pocket or budget of the insurance seeker. The different kinds of bike insurances available are, third-party bike insurance, which is compulsory, Comprehensive bike insurance, and standalone own-damage bike insurance. It is important to compare bike insurance policies to buy the best policy as per your requirement.

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Difference Between Various Insurance Plans

( Life Insurance vs Health Insurance )

Feature Life Insurance Health Insurance
Description Life Insurance Life Insurance is an insurance which pays a certain amount of money to the insured or his/her nominee as death benefit if the insured person dies as per the terms and conditions of the policy Health InsuranceHealth insurance policies come under the category of General Insurance. These are insurance products which cover the healthcare expenses of policyholders and their family. These policies offer cashless hospitalization or reimburse costs incurred due to illness, emergency hospitalization etc.
Tenure of Policy Life InsuranceThis is a long term policy Health InsuranceThese are short term policies with 1 year coverage in most cases
Claim Life InsuranceIt is available as death benefit Health Insurance It is available either as cashless claims or as reimbursement claims
Premium Life InsuranceTo be paid all through the year Health InsurancePaid annually in most cases in lump sum amount
Insurance or Investment plan Life InsuranceLife insurances are termed as investment Health InsuranceThese are insurance plans which covers the medical expenses of policyholders arising out of medical emergency and illness