What are insurance products & their types?
November 04, 2022
Insurance is simply the agreement between the person and the company.
The person accumulates money in the company, and later the company pays the person in case of loss, damage, injury, or death as per the contract/policy.
There are various types of insurance. However, let us learn the most common types!!
1] Health Insurance
Health Insurance shields you from all medical emergencies and secures you with hospitalization & curative expenses.
Health insurance is simply the accumulation of money that aids in safeguarding in times of poor health conditions.
2] Home Insurance
The basic needs of human needs are food, air, water, and shelter.
Therefore, protecting shelter becomes critical, and ‘Home Insurance’ do the needful.
For instance, if any loss or damage is caused naturally or through man-made circumstances or events.
Home insurance helps to cover those losses.
3] Travel Insurance
Travel Insurance is an interesting as well as beneficial form of insurance kind.
It helps to cover the losses faced during international travelling.
It can be a delay in the flight; your trip got cancelled, loss of luggage, or anything else.
4] Motor Insurance
Motor Insurance is one of the essential insurance that every vehicle owner must have!!
Motor Insurance shares numerous benefits.
There are two forms of motor insurance, i.e. third-party and comprehensive insurance. It gives full coverage to the motor against theft, damage, accident, vandalism, etc.
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