Best Insurance companies in India
Insurance is one of the foremost things essential for every citizen living in this country. Since we have no control over certain events in life, it’s essential to stay protected from any uncertainty. The best way to stay protected is by buying an insurance policy.
Of late, there has been an increased awareness about the need for Insurance policies in India. In the past, only two insurance providers were offering guidelines for the customers in our country namely, Life Insurance Corporation of India and General Insurance Corporation of India. However, today, nearly 24 life companies and 33 companies offer General Insurance policies. Moreover, these companies have tie-ups with several aggregators and distributing companies. From a customer’s point of view, they have multiple options to choose from.
The main purpose of obtaining insurance is to save you from financial turmoil due to an unforeseen or uncertain event in Life. If you have a proper insurance policy, then the insurer might compensate you for your loss based on the policy’s terms and conditions. There are many types of Insurance policies that serve various purposes. Generally, Insurance policies are classified into two broad types,
- General Insurance Policy
- Life Insurance Policy
Life Insurance Policy is a contract between the policyholder and the company, where the insurer provides financial coverage to the insurance holder in exchange for a payment over a period. In the event, a policyholder passes away within the policy tenure; the insurance company provides a lumpsum payout to their nominees. Some Insurance policies offer savings in addition to protection, these are called endowment plans, where the company invests a portion of money under-investment and the rest under insurance.
General Insurance Policy on the other hand encompasses all the non-life Insurance products. Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, Pet Insurance, and Marine Insurance are some of the General Insurance policies. These policies provide payment to the policyholder based on the loss incurred due to an event as mentioned in the policy’s terms and conditions.