Types Of Insurance In Worldwide
There are many types of insurance in all over the worlds. In life, unplanned expenses are a bitter truth. Even when you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden. There are different types of insurance some are explained here-
- Life Insurance
- Motor insurance
- Health insurance
- Travel insurance
- Property insurance
- Mobile insurance
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Under life insurance, the policyholder’s family is financially compensated in case the policyholder expires during the term of the policy.
Vehicle insurance is also known as car insurance, motor insurance, or auto insurance. This insurance is for Private cars, Motorizes two-wheelers and Commercial vehicles excluding vehicles running on rails. The insurance companies protects us against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy. The specific terms of vehicle insurance vary with legal regulations in each region.
A health insurance policy is a financial safeguard that provides medical coverage to the insured during healthcare emergencies. Medical emergencies can occur at any moment, without any prior notice. In such cases, a health insurance policy is your saviour.
The monsoon season is round the corner and this means monsoon-related diseases will be on the rise. Apart from the seasonal diseases Covid-19 cases are also on the rise in some parts of the country. Experts have also warned us about the possibility of Covid-19 fourth wave. The ideal and safe way to be prepared is to follow Covid-19 protocol and also buy a health insurance plan.
Travel insurance provides financial protection if you face certain problems when you’re travelling or on holiday. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveller can incur while travelling. Travel Insurance is usually taken from the day of travel till the time the traveller reaches back. Taking Travel Insurance ensures a comprehensive coverage in case of any emergency in another country.
Travel insurance cover things like-
- lost or stolen bags.
- emergency medical expenses, such as the cost of treatment and getting you home.
- the costs of cancelling, delaying or cutting your trip short.
- disruptions to travel or accommodation, such as delays and cancellations.
- legal costs, in case you’re sued for damaging property or causing injury.