Types Of Insurance In India
Insurance is a concept that is still new in the subcontinent but it has rapidly become quite popular in India and you will now come across various types of insurance in India. It has become one of the many countries where insurance is now mandatory and very beneficial for people. It offers insurance policies that are great and many families have been able to benefit from the types of insurance in India.
Term Life insurance is one of the various types of insurance in India and operates in a manner that is similar to the way it operates in the west. As per life insurance should anything happen to the insured person, a certain sum of money will be given to his/her family. These last 5, 10, 15, 20 or even 30 years and are very beneficial. This is because they are affordable and various kinds of families with various backgrounds can take advantage of these types of insurance in India and in case of death the family is given a good amount of money to be able to take care of itself. Initially these types of insurance in India were not too popular because not many people were aware of them or felt the need to take advantage of them but since the insurance companies in the region went for aggressive marketing methods, many people started wanting to go for life insurance and they can afford to get high value insurance policies as well.
Permanent life insurance is one of those types of insurance in India where a certain part of the money paid for the policy is invested into a certain type of food and interest is earned on tax-deferred basis. Anyone wanting to go for these types of insurance in India needs to keep one thing in mind: a life insurance policy of this sort is only beneficial if someone is dependent upon them. This is because if a person dies due to any reason the person depending upon them would be able to sustain themselves and take care of himself/herself in the absence of the person that he/she depended upon.
A money back plan is one of those types of insurance in India that applies to the amount of money that is insured. Usually people invest in these to get their saving’s account insured and it is unique because if the policy holder dies then the person(s) depending upon him or her would get the full sum of money and nothing is deducted from these funds.
Health insurance is one of the more popular and well-known types of insurance in India because in case of a serious or critical illness the insured party gets the full amount of money that was proposed in the policy. However what exactly counts as ‘critical’ is usually defined by the insurance policy. These are just some of the various types of insurance in India and today the insurance industry has established itself in India to a great extent as well.