Life & Home Insurance Policies in India

Car Insurance is a contract between a person and the Insurance Company which protects you against financial loss due to an accident or theft. There are 5 benefits of Car Insurance as below: 

• Damage to Insured Vehicle 
• Accident Insurance 
• Number of Garages 
• Third-Party Liabilities 
• No Claim Bonus 

There are 3 types of Car Insurance: 

1. Liability Coverage 
2. Collision Coverage 
3. Comprehensive Coverage 

Comprehensive Car Insurance policy is always a better option as it not only provides the third-party car insurance but also covers the damages to your own car with any injury to the driver. Also, if you face any legal liabilities, it protects you against the same. 

A life Insurance Policy gives you a dedicated amount of money if the insured person is dead. There are various Life Insurance Policies in India available for all, irrespective of age. Below are the few Life Insurance plan In India: 

1. Term Insurance: This is the most simple and affordable plan that a person can choose. On the death of Insured person, their families receive the cover amount as per the policy. 
2. Term Return of Premium: Term Return of Premium is a variant of Term Insurance Plan. This policy says that if the insured person lives the whole life of the termed policy, then the person will be paid back the complete premium with GST. 
3. Whole life Insurance: This policy covers the whole life till 100 years. 

Home Insurance Policy is a type of property insurance. It covers the costs and damages to your home. It helps a person to give a protection in financial term if there is any damage to the house in terms of fire, natural disaster, or man-made activities etc. It is not a mandate policy any person needs to buy but is a good option to have it as it secures your home from financial loss. There are various types of Home Insurance Policies which helps to understand the necessity of home insurance and help to choose the right policy as per the requirements.