Insurance planning is the process of analyzing what types of insurance is needed for the protection of a person's assets and ability to create assets. we can insure pretty much anything these days: from the usual life, health, home and car insurance to the uncommon things like a person's hair, voice, or even smile. Whatever is insured, the insurance comes down to two categories:
Life insurance is a contract between the policy owner and the insurer,where the insurer agrees to reimburse the occurrence of the insured individuals death or other event such as terminal illness or critical illness.The insured agrees to pay the cost in terms of insurance premium for the service. Specific exclusions are often written in the contract to limit the liability of the insurer, for example claims related to suicide, fraud, war, riot and civil commotion is not covered.
Insuring anything other than human life is called general insurance.Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalization for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
A type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. Health insurance is often included in employer benefit packages as a means of enticing quality employees.
Insurance that is used to cover damage to a property caused by fire. Fire insurance is a specialized form of insurance beyond property insurance, and is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy. Policies cover damage to the building itself, and may also cover damage to nearby structures, personal property and expenses associated with not being able to live in or use the property if it is damaged.
Insurance that covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred.
Insurance Regulatory & Development Authority is regulatory and development authority under Government of India in order to protect the interests of the policyholders and to regulate, promote and ensure orderly growth of the insurance industry.