Generally, most individuals in India live their lives, pay cheque to pay cheque, and maybe you do, too. Given this, you would reserve a significant amount of your income for meeting monthly expenses and obligations. After this, you would have minimal or no amount left. But despite this, you would manage things. However, you find yourself in a fix when a tragic situation develops.

It could be a car breakdown due to a road accident, a loved one being hospitalised, or you pass away. Finances take a hit during these tragic situations. Hence, facing these tragic situations will be tough. However, having an Insurance Plan can make it a bit easier. An Insurance Plan offers financial coverage, securing you against asset or situational liability. Let us explore how many types of Insurance Plans are available in India:

Life Insurance

No money can take away the pain of losing a loved one. However, money is necessary to move forward with life. A Life Insurance plan extends financial coverage to your loved ones in the case of your demise, helping them take control of their lives and move forward. There are several Life Insurance: Term Insurance, Whole-Life Insurance, Endowment policy, Unit-Linked Insurance Plan, and Money-Back policy.

The nomenclature of each plan indicates the kind of coverage it would offer. Consider Insurance requirements to buy a suitable plan.

Health Insurance

Health Insurance is one of the most common type of Insurance in India. It extends financial coverage to cover medical treatment costs. Due to rising medical expenses, the need to buy Health Insurance has become very serious. Having a Health Insurance Plan ensures you or your loved one can receive the necessary medical treatment without compromise or financial drain. There are two main types of Health Insurance plans: Individual and Family Insurance.

Individual Health Insurance extends coverage for one individual, while family Insurance covers all family members. You can buy any depending on Insurance requirements.

Motor Insurance

Motor Insurance offers coverage for damage or loss incurred by a vehicle in various circumstances. It ensures you do not feel burdened in case something happens to your vehicle. There are two primary types of Motor Insurance: Third-Party and Comprehensive Insurance. Third-Party Insurance offers financial coverage when loss or damage is incurred due to a third-party mishap. Buying this Insurance is mandatory by law in India.

Comprehensive Insurance secures your vehicle and extends third-party liability. Consider buying it to ride your vehicle on the road without any worries.

Travel Insurance

Travel Insurance are popular kinds of Insurance in India. It secures you financially whether you are travelling in India or overseas. This includes things like luggage loss compensation, flight cancellation/delay compensation, third-party liability coverage, and more.

Note that only some Insurance Plans are listed. Consider your Insurance requirement to buy a suitable Insurance plan. You will greatly benefit from it.