In India, common types of insurance include Life Insurance, Health Insurance, Motor Insurance, Travel Insurance, Home Insurance, and Personal Accident Insurance.
Life insurance provides financial protection to your family in case of your untimely death, ensuring they are financially secure and can maintain their standard of living.
Term insurance provides coverage for a specific period (term), while whole life insurance covers you for your entire life and may include a savings or investment component.
Your life insurance coverage should ideally be sufficient to replace your income, pay off debts, cover future expenses like education, and provide for your family’s needs in your absence.
Health insurance premiums in India are influenced by factors such as age, sum insured, pre-existing medical conditions, lifestyle habits, and chosen coverage benefits.
Yes, you can port your health insurance policy from one insurer to another without losing continuity benefits such as waiting periods for pre-existing diseases, subject to certain conditions.
A pre-existing disease is a condition that you have before purchasing a health insurance policy. Insurers may impose waiting periods before covering treatments related to pre-existing diseases.
Motor insurance in India includes two main types: Third-Party Liability Insurance (mandatory) and Comprehensive Insurance (covers own damage and third-party liability). It protects against financial losses due to accidents, theft, or damage to your vehicle.
NCB is a discount offered by insurers on the renewal premium of your motor insurance policy for each claim-free year. It can significantly reduce your premium costs over time.
Home insurance protects your home and belongings against risks like fire, theft, natural disasters, and other perils, providing financial security and peace of mind to homeowners.
Mutual funds pool money from multiple investors to invest in stocks, bonds, or other assets. They offer diversification, professional management, and liquidity, making them popular investment vehicles in India.
