General insurance or non-life insurance policies, including automobile and home-owners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. Types of General insurance are as follows

1. MOTOR INSURANCE
Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to the third-party and third-party property along with compensating for own losses as well.

• TWO WHEELER
• FOUR WHEELER
• COMMERCIAL VEHICLES

2. TRAVEL INSURANCE
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.

3. 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.

4. MARINE INSURANCE
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.

5. HOME INSURANCE
Home insurance provides coverage to a house and its contents against loss or damage caused by man-made (theft, burglary, strike, riot, terrorism, etc.). If you have a house insurance policy, your house will be protected from all kinds of unforeseen dangers, including storms, floods and cyclones.

6. PERSONAL ACCIDENT
Personal accident insurance is a policy that can reimburse your medical costs, provide compensation in case of disability or death caused by accidents. Then the insurance policy pays a certain amount depending upon the nature of the disability.

7. STANDARD FIRE AND SPECIAL PERILS INSURANCE
It is a traditional cover that offers cover against fire and allied perils which are named in the policy. The policy can cover building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents.

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death. Typically, life insurance is chosen based on the needs and goals of the owner. Types of life insurance are as follows

1. TERM PLAN
Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid. Few types of term plan are as follows

• TROP refers to Term plan with Return of Premium option
• Group term life insurance
• Increasing term insurance plan
• Decreasing term insurance
• Convertible insurance policy
• Joint life term insurance plan

2. CHILD PLAN
Child plans are insurance cum investment plans that help an individual create a corpus for children’s future, over a period of time (policy term). On maturity, these plans pay a lump sum amount which can be used to pay your child’s college fees or marriage expenses.

3. PENSION PLAN
A pension plan is the retirement amount, which an individual gets from their insurance companies on a regular basis or in the form of a lump sum. There are various types of such plans available in the country offered by various companies. The sum you gain is can be termed as either the annuity or pension.

4. ULIP
A unit linked insurance plan (ULIP) is a multi-faceted product issued by insurance companies that combine insurance coverage and investment exposure in a single offering.

5. MONEY BACK INSURANCE PLAN
In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.

6. ENDOWMENT POLICY
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked.

7. TAX SAVING INSURANCE PLANS
Under Section 80C, premium paid for any life insurance policy taken qualifies for tax deduction. Tax deduction is applicable only to the policyholder on account of insurance premium paid for a particular financial year. A minimum holding period of a tax saving insurance policy, however, is defined as 2 years.

8. GUARANTEED RETURNS INSURANCE PLANS
Insurance plans which not only provides the policy holder with protection, but also returns a certain amount of sum, post the term period.

9. CAPITAL GUARANTEE FUND
It is an investment in which the investor’s principal is shielded from any losses. With a capital guarantee fund, any losses experienced by the underlying investments are instead absorbed by the fund company.