Type of Insurance Policy In India

Insurance Sector has evolved through many phases in India. From privatization to e-account, many changes have been brought to the insurance sector to make it more effective and to cover more number of people. The efforts made by IRDAI Guidelines and Government has shown positive numbers in the insurance sector. Penetration rate has increased in India from 2.32% to 5.51 % and now 17% of the total population in India is covered under the insurance policy. While we are still very far behind than the other countries, but progress has been consistent.
The product portfolio of insurance sector has also been widened to provide a wide range of options for customers to choose from and to get cover for most of the things. Now insurance can be divided into two categories, General Insurance and Life insurance. Life insurance is the insurance of a person’s life, so if the policyholder dies, his family would be paid the benefit while general insurance is a non life insurance. So we will try to understand the different types of insurance in India under these two categories, :-
General Insurance
  1. Health Insurance
  2. Home Insurance
  3. Motor Insurance
  4. Travel Insurance
Life Insurance

     
  1. Term Life Insurance
  2. Permanent Life Insurance
  3. Unit Linked Insurance Policy (ULIP)
  4. Money Back Policy
  5. Endowment plans

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