Frequently Asked Questions (FAQs) About Insurance in India

Q. What are the different types of Insurance in India? 

A. Following are the types of insurance in India:

1. General Insurance

Following are the various types of general insurance in India:

Health Insurance

Motor Insurance

Home Insurance

Fire Insurance

Travel Insurance

 
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2. Life Insurance

Following are several types of life insurance available in India:

Term insurance

Term insurance with return of premium

Unit Linked Insurance Plans

Endowment plans

Whole life insurance

Group life insurance

Child Insurance Plans

Retirement Plans

 
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Q. What is Insurance? 

A. Insurance is a legal agreement between an individual and the insurance company. The insurer or the insurance company promises to provide financial coverage or sum assured against contingencies. To avail insurance, individuals or customers are required to pay insurance premium, which varies on a various factors.

Q. Should you Consider Claim Settlement Ratio before buying Insurance and choosing an insurance company? 

A. Yes, claim settlement ratio is an important factor to consider before choosing an insurance type or the insurer. Claim Settlement Ratio or Claim Paid Ratio is the total number of claims settled by an insurance provider against the total numbers of claims raised by the customers. You should check the claim settlement ratio to ensure that you or your nominee do not face any issue at the time of claim settlement.