“Shield your Health – Let’s explore some types of Health insurance.”

There are numerous types of Insurance plans, consisting:

1. Basic Mediclaim Plans: This plan is the most basic type of health insurance plan. They cover the cost of treatment when you are admitted to the hospital. The actual expenses incurred in the treatment in the hospital are reimbursed on submitting of the original bills. This plan can be taken in the name of an individual or for covering the entire family. This plan covers expenses treatment up to the sum insured.
2. Critical illness Insurance Plan: Critical illness Insurance Plan covers specific life-threatening diseases. Under this plan once the critical illness for which the insurance has been taken is detected and confirmed the payout is made to the extent of sum insured. This cover just works like life term insurance plan. This cover gives the flexibility to use the money in any way the insured wants. Under this cover there is no needs to submit the bills for the expenses incurred.
3. Senior Citizen Health Insurance: This plan offers financial coverage of medical expenses incurred by senior citizens. This health insurance policy has been specially designed to cater the needs of elderly and ensures that their healthcare requirements are met adequately without any financial constraints. Senior citizen health insurance plan covers age related health conditions and pre-existing diseases and other treatment arising out of illness or an accident.
4. Personal Accident Insurance Plans: These plans cover financial expenses incurred on health complications arising out of an accident. These plans cover expenses like ambulance costs, medicines, surgeries etc. all plans mentioned above.
5. Family Health Insurance Plans: Basic medical claim Health insurance plan can be taken for covering the multiple members within the same family. Such as spouse, father, mother, children, sometimes, their father-in-law and mother-in-law also. These plan covers the entire family on a single health premium making it a simplify approach to Health Insurance.
6. Group Health Insurance: It is a type of plan that is bought for employees of a company by an organization.

Let’s explore more:

1. General Insurance: Life is full of risks. Therefore, it is imperative to mitigate potential risks to lead a happy, peaceful and stress-free life. One of the easiest ways to mitigate the risk is to buy an insurance. Here general insurance comes into picture. General insurance is a contract between the insurer and insured where in the insurer (Insurance Company) promises to make good for any loss happen to your valuable assets from fire, theft, burglary, accident or any other mishappening in lieu of premium to paid by the insured (Policy holder). Generally everything which is not related to life can be insured under general insurance. This insurance offers a variety of Insurance plans that provide financial protection against losses caused to automobile, house or health etc. General Insurance covers following types of risks:

• Health Insurance: Health insurance is a form of insurance policy that covers the costs of medical care incurred on account of hospitalisation, medicines, doctor’s visits fees, room rent etc.
• Fire Insurance: It is a type of insurance which covers damage caused to any physical assets like buildings, homes, factory, plant & machinery, stocks and its contents etc. due to fire. It’s very crucial protection for losses occurred on account of fire to goods, factories, businesses etc.
• Travel Insurance: It is a type of insurance that covers losses incurred due to bad incidents during travelling abroad like theft of luggage, trip cancellations, interruptions, or delays, including medical emergencies. It reimburses the expenses caused out of medical or non-medical emergency during travel.
• Motor Insurance: It is a type of insurance that covers financial losses which were caused by fire, theft, and accidental damage to the vehicle itself. It’s mandatory for all vehicle owners to buy third party insurance that provide security against any third-party liabilities.
• Home Insurance: It is a type of insurance that protects homeowners from financial liabilities due to damage or destruction of their property. Risks such as fire, theft, and natural disasters are covered in this insurance.

2. Life Insurance: Life insurance is a contract where insurer promises to pay a sum of money to the insurance policy holder’s nominee in the event of death of a policy holder or at maturity to the policy holder in exchange of a premium.

• Term Insurance: Term life Insurance provides you high level of coverage for specific period of time called the ‘term’ of the policy. It is the most inexpensive form of Insurance, so with a low-cost term Life Insurance policy, you can protect your family’s financial future. If you die within the policy time, your nominees will get the agreed sum Assured. It is purely an insurance plan; in case nothing happens during the term of the insurance you won’t get any money at the end of the term of insurance.
• Unit Linked Insurance Plans (ULIPS): These insurance policies combine investment and insurance advantages into one contract. A portion of premiums go towards the death benefit while the left over is invested in market-linked equities and debt instruments. ULIPs provide you with the freedom to allocate premiums to different instruments based on your financial needs and market risk tolerance.
• Whole Life Insurance: Itofferslife cover for the whole life of an individual. It remains active till the premium is being paid. Whole life insurance policies provide life insurance coverage up to set age of 100-year or 120-years. In India these types of policies are not very popular.Endowment Plans: It provides financial protection against life’s risks also allowing policyholders to save consistently over a certain length of time. If the policyholder survives the policy term, the endowment plan matures, and the policyholder receives a lump sum payment. In this plan a portion of premiums go toward the death benefit, while the remaining is invested by the insurer. If policyholder survives at the maturity of the plan he gets back the maturity value of invested portion of premium.
• Retirement Plans: Also known as “Pension Plan” is a mix of Insurance and Investment. A portion from the premiums is directed towards retirement corpus which is paid as lump sum or paid as monthly payments after the retirement of the insured.