Here’s a simple and complete list of the main types of insurance available in India, categorized for easy understanding:
1. Life Insurance
Covers the life of the policyholder. In case of death, the nominee receives a payout.
Term Life Insurance – Pure protection for a fixed term.
Whole Life Insurance – Coverage for entire lifetime.
Endowment Plans – Insurance + savings.
Money Back Plans – Periodic returns + insurance.
Unit Linked Insurance Plans (ULIPs) – Insurance + investment in markets.
Child Plans – For child’s future education/marriage.
Retirement/Pension Plans – Post-retirement income planning.
2. General Insurance
Covers everything other than life, like health, vehicles, property, etc.
a. Health Insurance
Covers medical expenses due to illness, accident, or surgery.
Includes individual, family floater, senior citizen, and critical illness plans.
Cashless and reimbursement options.
b. Motor Insurance
Covers damage to your vehicle or third-party liability.
Two types:
Third-party Insurance (mandatory by law)
Comprehensive Insurance (includes own damage + third-party)
c. Home Insurance
Covers your house and its contents against natural disasters, fire, theft, etc.
d. Travel Insurance
Covers trip cancellations, medical emergencies, lost baggage, etc. while traveling (domestic or international).
e. Personal Accident Insurance
Covers death, disability, and injury due to accidents.
f. Commercial/Business Insurance
Covers business assets, liability, employees, etc.
Types include: fire insurance, marine insurance, liability insurance, etc.
3. Other Specialized Insurances
Crop Insurance – For farmers, covers crop loss due to natural calamities (under PMFBY).
Pet Insurance – Covers veterinary care and accidents.
Mobile/Device Insurance – Covers smartphones and electronic gadgets.
Loan Insurance – Covers outstanding loans if the borrower cannot repay due to death or disability.