Different
Types of Insurance
1.
Health Insurance
Health Insurance is a safeguard
against rising medical costs. A health insurance policy is a contract between
an insurer and an individual or group, in which the insurer agrees to provide
specified health insurance at an agreed-upon price (the premium). Depending
upon the policy, premium may be payable either in a lump sum or in instalments.
Health insurance usually provides either direct payment or reimbursement for
expenses associated with illness and injuries. The cost and range of protection
provided by health insurance depends on the provider and the policy purchased.
In India, presently the health insurance exists primarily in the form of
Mediclaim policy offered to an individual or to any group, association or
corporate bodies.
2.
Motor Vehicle Insurance
Motor Vehicle Insurance falls under
the classification of General Insurance. This insurance is becoming very
popular and its importance increasing day-by-day. In motor insurance the
owner’s liability to compensate people who were killed or insured through
negligence of the motorists or drivers is passed on to the insurance company.
The rate of premium under motor insurance is standardised.
3.
Burglary Insurance
Burglary insurance falls under the
classification of insurance of property. In case of burglary policy, the loss
of damages of household goods and properties and personal effects due to theft,
larceny, burglary, house-breaking and acts of such nature are covered. The
actual loss is compensated.
(i)
Insurable
interest must exist at the time of loss but not necessarily at the time when
the policy was taken.
(ii)
The
principle of causa proxima will apply to it. The insurance company will be
liable to pay only that particular or nearest cause that is covered by the
policy. For example, if a loss is caused by several reasons then the nearest
cause of loss will be considered.
4.
Cattle Insurance
A contract of cattle insurance is a
contract whereby a sum of money is secured to the assured in the event of death
of animals like bulls, buffaloes, cows and heifers. It is a contract against
death resulting from accident, disease, or pregnant condition as the case may
be. The insurer usually undertakes to pay the excess in the event of loss.
5.
Crop Insurance
A contract of crop insurance is a
contract to provide a measure of financial support to farmers in the event of a
crop failure due to drought or flood. This insurance covers against all risks
of loss or damages relating to production of rice, wheat, millets, oil seeds
and pulses etc.
6.
Sports Insurance
This policy assures a comprehensive
cover available to amateur sportsmen covering their sporting equipment,
personal effects, legal liability and personal accident risks. If desired the
cover can also be made available in respect of the named member of insured’s
family residing with him. This cover is not available to professional
sportsmen. The cover is available in respect of any one or more of the
following sports: angling, badminton, cricket, golf, lawn tennis, squash, use
of sporting guns.
7.
Amartya Sen Siksha Yojana
This policy offered by the General
Insurance Company secures the education of dependent children. If the insured
parent/legal guardian sustains any bodily injury resulting solely and directly
from an accident, caused by external, violent and visible means and if such injury
shall within twelve calendar months of its occurrence be the sole and direct
cause of his/her death or permanent total disablement, the insurer shall
indemnify the insured student, in respect of all covered expenses to be
incurred from the date of occurrence of such accident till the expiry date of
policy or completion of the duration of covered course whichever occurs first
and such indemnity shall not exceed the sum insured as stated in the policy
schedule.
8.
Rajeswari Mahila Kalyan Bima Yojana
This policy has been designed to
provide relief to the family members of insured women in case of their death or
disablement arising due to all kinds of accidents and/or death and/or
disablement arising out of problems incidental to womenonly.