As the saying goes ‘Investing will grow your wealth where as insurance will protect your wealth’. Insurance is a means of protection from financial loss. Before starting any investment first thing one should do is get insurance. There are broadly two types of insurances:
- Life Insurance
- General Insurance (Non Life Insurance)
Types of Insurance
As the name suggests Life Insurance is primarily for insuring someones life. This insurance is typically opted for primary bread earner of the family. In case of unfortunate demise of the insured, family gets compansated. Thus this insurance help in bringing financial stability even in the absence of the primary bread earner.
General Insurance (Non Life Insurance)
All insurance products such as car loans, home loans which deal with non life things are broadly classified under General Insurance.
Health is a special type of general insurance dealing with health an individual. Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses.
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Read more about
- General Insurance (Non-Life Insurance) : A Comprehensive Overview
- Personal Accident Group Insurance Cover
- Understanding Health Insurance in India: A Comprehensive Guide