Insurance & Agents

Best Insurance-Insurance Types and Definitions

What is insurance?

Insurance : is a way to manage your risk. When you buy insurance,
you purchase protection against unexpected financial losses.
The insurance company pays you or someone you choose if
something bad happens to you.

Types of Insurance:

Life insurance :will take care of your survivors.
Health insurance: protects you from catastrophic bills in case of a serious accident or illness.
Long-term disability protects you and yours from an unexpected loss of income.
Auto insurance : prevents you from bearing the financial burden of an expensive accident.

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

What is Health Insurance?

Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.

Types of Health Insurance ?

Every individual is different and has a unique set of needs. A single health insurance product is not enough to cover every person’s individual requirements. This is precisely where there are a number of different types of health insurance plans available. Let’s take a look at what they are:

What is Individual Health Insurance ?

You can purchase an individual health insurance policy to provide cover for yourself, your spouse, your children and your parents. These policies typically cover all kinds of medical expenses, including hospitalisation, daycare procedures, hospital room rent and more. Under an individual health insurance plan, each member has their own sum insured amount. So, let’s say you’ve taken an individual plan for yourself, your spouse and both your parents with a sum insured of INR 8 lakhs. Each of you will be able to claim a maximum amount of 8 lakhs per policy year against your health insurance.

What is Family Floater Health Insurance ?

A family floater plan allows you to cover your family members under a single policy and everybody shares the sum insured amount. These plans are typically more affordable than individual plans since the sum insured is shared. Let’s say you purchase a family floater plan for you and your spouse with a sum insured of INR 8 lakhs. In a single policy year, you can make claims worth only INR 8 lakhs. Your spouse may make claims worth INR 6 lakhs and you could make claims worth INR 2 lakhs or vice-versa. Typically, family floater plans are ideal for young nuclear families.


What is Senior Citizens Health Insurance ?

These health plans have been designed specifically keeping the medical needs and requirements of senior citizens in mind. Most senior citizens policies offer additional cover, such as domiciliary hospitalisation and even some psychiatric benefits. Since older citizens are more likely to have health issues, these policies may require a full medical check-up beforehand and could be more expensive than regular insurance policies.


What is Critical Illness Insurance ?

There are a number of lifestyle-related diseases that are on the rise. Health issues such as cancer, stroke, kidney failure and cardiac diseases can be very expensive to deal with and manage long-term. This is precisely why critical illness insurance policies have been created. They can either be purchased as a rider or add-on with your regular health insurance plan or separately as their own plan. These policies offer cover for very specific issues and often provide claim payouts as a single lump sum payment after the diagnosis of a critical illness.


What is Group Health Insurance ?

Unlike individual and family floater policies, group health insurance plans can be purchased by a group manager for a large number of individuals. For example, an employer can purchase group insurance for all their employees or a building secretary may purchase such a plan for all the residents of the building. These plans are fairly affordable, but they often only provide cover for basic health issues. Employers often purchase these plans as an additional benefit for employees.


What is the Car insurance ?

Car insurance (also known as vehicle insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects.

What is Life Insurance – Meaning ?

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term and in return, we provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.

What Is Homeowners Insurance?

Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s house and assets in the home.
The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property.
Every homeowners insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur.


What is the Umbrella insurance?

It’s the low-cost way to get significant extra liability coverage
Chances are slim that you will lose a lawsuit for a sum greater than what your existing insurance will pay—but if you ever did find yourself in that situation, you could lose all your savings. Umbrella insurance is designed to make sure you never find yourself living that nightmare. Below, we’ll take a closer look at this extra liability coverage: how an umbrella policy works, who needs it, how much it costs and what it won’t cover.

Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage.
Umbrella insurance covers not just the policyholder, but also other members of their family or household.
Umbrella insurance coverage covers injury to others or damage to their possessions; it doesn’t protect the policyholder’s property.
Umbrella insurance is quite cheap compared to other types of insurance.

What is Renters insurance ?

A renters insurance policy is a group of coverages designed to help protect renters living in a house or apartment. A typical renters insurance policy includes three types of coverage that help protect you, your belongings and your living arrangements after a covered loss. Read on to learn how each type of coverage works.

What does renters insurance cover?

Renters insurance (sometimes referred to as “tenant insurance”) helps cover unexpected events — otherwise known as covered perils. You may not always be able to prevent certain situations, such as theft, a break-in or a visitor’s injury, and that’s where renters insurance comes in. This table breaks down the different types of coverages in a renters insurance policy and what they usually cover.

What is travel insurance?

Travel insurance provides financial protection if you face certain problems when you’re travelling or on holiday. It covers a range of possibilities, from lost luggage to the cost of medical care if you become ill or have an accident. Find out how it works, why it’s so important and what do you need to think about when taking it out.


What Is Pet Insurance?

Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills. This coverage is similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. Evaluating and comparing pet insurance plans is necessary in order to find the right plan for you.

As with human health insurance, there is usually a deductible, which is an out-of-pocket expense before the coverage begins. Most providers will base the amount of the insurance premium on the average cost of veterinary care in the owner’s region. Also, the policy may not cover all veterinary procedures.

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