types of insurance
types of insurance

It is very important to secure your life and assets with proper insurance. In this regard, let us discuss the four prominent types of insurance in the market. You need to be aware of them as you will benefit a lot by choosing each one of them for your specific insurance needs. No matter what you do for a living or where you live, you need proper coverage for your life and health needs. In this way, you need not worry about facing an emergency situation, and you will have the support of the insurance policy in those difficult times. Once you have secured these aspects of your life, you can focus on securing your assets, and this will help you to lead a comfortable life without any hassles. Note that there are many insurance companies in the market and every company may not offer all the types of insurance plans. For this reason, you should check different plans from various companies and choose a suitable option that meets your requirements in the best possible manner. Always deal with reputed companies like United India Insurance as you will have the support of their customer care team when you need any help regarding your insurance policy. You can also consider other popular plans and choose the best one as per your individual requirement.

1 Life Insurance

This is the primary form of insurance you need to have, and it will secure your life in the long run. This policy offers coverage for your life. In the event of the death of the policyholder, the sum assured will be passed on as death benefits. In the same manner, when the policyholder survives the tenure, the same amount will be given as maturity benefits in most cases.

  • The simplest form of life insurance is the term insurance plan that offers complete coverage for your life, and you can secure your family in this manner. When the policyholder does not survive the tenure of the plan, there is no need to pay a further premium and the death benefits will be passed on to the nominee.
  • There are many other types of life insurance plans that are linked to the market, and this will offer you good coverage as well as growth for your money in the future. In this way, a part of whatever you invest will go towards covering the insurance for your life, and the remaining part will be invested in the market to earn additional money for your future. In this way, you can combine insurance as well as an investment under one plan and get the maximum benefits.
  • Customers will have complete flexibility when it comes to choosing the tenure of the plan, and this will usually be long term considering the fact that it offers coverage for your life in the future. You can choose the short term cover of 5 years or go for long term plans that even offer coverage for more than 30 years. It depends on the age of the policyholder at the time of buying the policy and other factors.
  • The premium for the policy can be paid every month or even on an annual basis depending on your comfort. In most cases, you need to pay a premium for the entire tenure of the policy and this will usually be for many years. For this reason, you should carefully choose the plans and also keep provisions for further revision so that you can increase the cover at a later stage depending on your changing needs.
  • You can get in touch with agents of United Insurance Company Limited or any other reliable company to know more about the trending life insurance plans in the market. If you are completely satisfied with their features, you can go ahead and buy the insurance cover for your life. When you are not impressed with the features, you can look into other similar plans offered by competitors in the market.

2 Health Insurance

After securing your life with a proper insurance plan, you should give importance to securing your health needs as the cost of treatment is going up every year and it can become unmanageable in the future without proper planning. When you choose a health insurance plan for yourself and your family members, you can lead a comfortable life without any worries as you can get insurance cover for all emergency medical needs.

  • In most cases, the policy is valid for one year, and you will have to renew it after this duration. However, there are few long term plans available, and you can choose them depending on your individual needs. Remember that if you fail to renew the plan at the right time, it can lapse and you will lose your health coverage in that situation.
  • The premium for the policy depends on the sum assured chosen for the medical cover. The premium goes up with an increased sum assured plan. You can reduce the premium to some extent when you have not made any claims in the previous year.
  • The health insurance policy can be taken for every person individually, or it can even be taken in a group for the entire family. There are many companies like United India Assurance, and you can approach them to check their products in this category.
  • The cover can even be given for pre-existing diseases after a duration of three years from the beginning of the policy. Note that it may not be given for every existing disease and you need to check the policy features before buying the plan.

3 Vehicle Insurance

The unique aspect of this type of insurance is that it is mandatory unlike other types of insurance. Every vehicle owner has to compulsorily buy the insurance and secure the vehicle. A minimum of third party cover is needed for every vehicle running on the road, and the traffic police can impose a severe penalty for such violations.

  • You can choose the inexpensive third party coverage that offers protection from legal liabilities that arise out of an accident situation. In this cover, your own vehicle is not covered and damages done to the third party by your vehicle will be covered.
  • If you have a new or expensive vehicle, you can choose the comprehensive coverage that offers better protection for your vehicle. There are different types of plans in this category, and you can check the best options from United Insurance Company Limited or any other reputed companies.
  • The comprehensive cover options are slightly expensive when compared to third party cover, but they offer superior quality protection for the vehicle. You can claim compensation for any sort of damage to your vehicle.
  • The best part about a comprehensive plan is that it can be customized to a large extent and you can choose additional covers to increase the protection and cover your specific needs. You can even get compensation for losses due to natural disasters and even theft.
  • In most cases, the coverage is valid for one year, and you need to renew it before the expiry date to have continued coverage. If you do not make any claims for the entire duration, you can get a discount on the next renewal.

4 Travel Insurance

This type of insurance protects you from various troubles during your tour. You can choose this for the domestic as well as international tours. Many things can go wrong during your tour, and this includes delays and cancellation of flights. All these factors can impact your hotel bookings, and you may lose a lot of money due to other factors. In this situation, your travel insurance will come handy, and you can get suitable compensation for such losses during your tour.

  • The best part about this insurance is that you need not take this for a long duration and it can even be chosen only for a couple of days if you are traveling only for that duration. In this way, even a single trip of one or two days can be covered with the plan. As you will be paying a premium based on the number of days for which coverage is offered, getting travel insurance for short trips will cost you very little, and it is worth buying such coverage for your tour.
  • If you lose your baggage due to the mistake of the airlines, you can claim compensation for such losses using your travel insurance plan. Similarly, loss of other valuables and documents are covered under the plan. Many people choose this to get emergency medical assistance during the tour, and it will be very useful to get the best treatment in such a critical situation.
  • When you are traveling in a group, you can even get coverage for all the members under one plan. This is cost-effective, and you can get better coverage using this option. Many companies also choose such plans for their team members when they send them for official tours.

These are the four main types of insurance that can help you in your life, and you should make the best use of them by choosing suitable plans. Many companies like United Insurance Company Limited offer very good plans, and you can consider them while buying insurance in the future. In the same manner, you can even get good offers from other companies and you should always compare them to know the features of such plans. In this way, you can pick the best option that provides complete value for your money and offers good security for your future.