INSURANCE RELATED PRODUCTS

6 Insurance Related Products

Definition: Insurance is a form of risk management that allows individuals, businesses, and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable cost.
Details: It is a promise of compensation for specific potential future losses in exchange for a periodic payment called premium. An entity that provides insurance is known as the insurer, and a person who buys insurance is known as the insured or the policy holder.

Life Insurance:
- Term Insurance: Pays the Sum Assured to nominees in the event of the policy holder's demise during the policy term.
- Endowment Insurance: Pays a lump sum amount after a specific term or on the death of the policy holder.
- Whole Life: Stays active as long as premiums are paid.
- Unit Linked insurance: Combines insurance and investment, with a portion of the premium invested in equity and debt instruments.
Personal Accidental cover policy: Provides monetary compensation in the event of bodily injuries, disability, or death caused by accident.
Motor Insurance: Covers cars, trucks, motorcycles, and other road vehicles against damage or loss.
Health Insurance: Covers the cost of an insured individual's medical and surgical expenses.
Travel Insurance: Covers travel risks such as lost or stolen luggage, cancellation, and unexpected medical costs abroad.
Property Insurance: Provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft.
Group Insurance: Covers a defined group of people, such as society members or employees of a particular employer.

Insurance Regulatory and Development Authority of India (IRDAI): Regulates the insurance sector in India, protecting the interests of policy holders and ensuring systematic growth of the industry.

For redressal of any grievance regarding the insurance sector, refer to the relevant chapter on grievance redressal.