INSURANCE PRODUCTS & TYPES


Insurance products are  broadly classified as Life and Non-life Insurance.


LIFE INSURANCE


   In a Life Insurance policy, the basic insurance cover is for the life of the insured person. In the event of death of the policy holder, the sum assured is given to the surviving family members.Traditional life insurance policies include term insurance, endowment policies and whole life policies.
   In term insurance, the premium paid is the minimum for the sum assured. In case of death of the insured person, within the insured  period, the insured amount is paid. If he  survives the  insured period, he will not get any money back from the Insurance Company. This is the most economical type of policy.
  Endowment Policy: This type of policies have insurance and a saving component. Normally the terms shall be from 5 to 30 years.In the event of death of the insured,the sum assured is paid to the family members who are the beneficiaries.If he survives beyond the insured period he gets the sum assured along with bonuses.
  Whole Life Policy: Here the insurance  cover is provided for the whole life of the insured person. Premium should be paid for the whole life. On death of the insured, sum assured is paid to the beneficiaries. The premium is high due to assured pay out in the event of the death of the insured.

NON LIFE INSURANCE PRODUCTS: The typical non life insurance falls under the following categories.In broad terms the heading are self explanatory.


HEALTH INSURANCE
PERSONAL ACCIDENT INSURANCE
MOTOR VEHICLE INSURANCE
TRAVEL INSURANCE
PROPERTY INSURANCE

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