You may have heard about the common life insurance services or health insurance services but there are other insurance services that provide coverage against different things/services. These insurance services are not much known as people are not much aware of them.
Other insurances include insurance services related to travel, home, vehicle, and corporate. In this article, we will know everything about other insurances and their important features like benefits and types.
Insurance: What is it?
Insurance is a type of protective gear which helps you to secure your life or your possession. You pay a premium amount to the insurance company to activate this service and benefits. The policy provider promises the insured financial protection if something goes wrong with the insured.
Insurance: Benefits
Insurance services are like protection gear that helps the insurance holder against any unexpected circumstances. Insurance is an important financial feature that helps the insurance provider in case of a financial emergency. We have featured some of the benefits of Insurance below-
Cover against unexpected moments
One of the prominent reasons why people choose Insurance is to cover their unexpected life events such as financial loss or death. Insurance is the best option to cover these uncertain events. In case of an uncertain incident, the insured is indemnified under the terms and conditions mentioned in his/her insurance policy.
Cash Flow Management
Your Cash flow management can get affected if you face any financial loss due to any uncertainty or unfortunate event. However, an insurance policy helps you to overcome that financial crunch with ease. The insurance company is liable to pay for all the loss that is covered under your Insurance Policy.
Investment opportunities
Insurance Policies known as Unit linked insurance plans are those types of insurance policies that help you invest in the financial market. With the help of these insurance policies, you get an opportunity to benefit from the financial market returns.
Tax benefits
Insurance Policies also help you to minimize tax costs. Under the Income-tax act, 1961 (section 80, 80D, 10D), the premium you pay for an insurance service is eligible for a tax deduction. You can get a tax rebate of up to INR 1.5 Lakh. This includes the health insurance policy purchased for the old parents, health insurance in general, or life insurance policy benefits.
Other Insurance: Types
People fail to take advantage of different insurance services because they do not have proper knowledge regarding this subject. Please look at the features and importance of other insurances available in India-
Travel Insurance
If you travel often, whether it’s work-related travel or health travel, travel insurance can cover you and help you lessen the financial burden. Travel insurances are available for domestic and foreign countries. Under travel insurance, you can gain financial coverage against any potential financial risk or incidents. You can choose a travel insurance plan according to your needs.
The best Travel Insurance Providers in India-
We have mentioned the best travel insurance providers and plans that are available in India-
| Travel Insurance Provider | Coverage |
| Aditya Birla Travel Insurance |
|
| Bajaj Allianz Travel Insurance |
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| Bharti AXA Travel Insurance |
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| IFFCO Tokio Travel Insurance |
|
| Digit Travel Insurance |
|
Travel Insurance: Types
There are different types of Travel Insurances to fulfill the needs of the insured. You can select from a broad range of travel insurance plans. We have mentioned some different kinds of travel insurance plans for you to understand travel Insurance-
Domestic Insurance Travel Insurance Policy: A travel insurance plan can cover different types of incidents under it. Domestic travel insurance can help you cover all the damage and emergency costs if you are traveling across the country.
It includes financial emergencies, personal liability, medical emergency, baggage loss, flight delays/cancellation, permanent disability, theft, loss of valuable possession, etc.
- International travel insurance: An international Travel insurance plan covers the insured against any incident that may arise out of international traveling. This travel policy also covers the insured against repatriation, flight hijacking, etc.
- Medical Travel Insurance: As the name suggests, if you need medical treatment in foreign countries, medical travel insurance covers all the costs arising due to it. The terms and conditions vary according to the needs of the insured.
- Group Travel Insurance: Group travel insurance comes in handy when you are traveling with your coworkers or a large group to join an event or other activities. In such a case, an individual does not need to buy travel insurance, he gets coverage under a group Insurance Company. It is best for business companies and group trips.
- Senior Citizen Travel Insurance: Senior citizens get covered under a senior travel insurance policy that covers different aspects related to traveling. It includes old people from the age group of 60 to 70 years. It also offers medical assistance in some cases.
- Single/ Multi-Trip Travel Insurance: If you are a person who needs to travel often then Multi-Trip travel insurance is the best option for you. These types of Insurance plans provide travel coverage against non-medical or medical expenses during a trip around the year. You need not go through all the hassle again.
Travel Insurance: benefits
Travel Insurance has many advantages and benefits. We have mentioned some of the plus points of travel insurance here-
- Protect yourself against loss: A travel insurance plan covers financial losses such as baggage loss, passport loss, etc. The additional expenses which may occur due to these incidents are also covered under travel insurance plans.
- Medical Expenses: In case you face any medical emergency during travel, your travel insurance can cover that. You can also go for a cashless treatment if your insurance provider has network hospitals in that country.
- Trip Change: There could be inexplicable reasons or other technical issues to change a travel plan. It could be personal or due to the unavailability of the services such as flight and hotel. In such cases, travel insurance protects an individual.
- Personal Liability: In this feature, if you mistakenly harm another person or the property of another person, your insurance company bears the cost coverage.
Corporate Insurance
Corporate insurance is also known as business insurance. This insurance is purchased by the big corporate houses or companies to cover any cost arising due to operational risks. It includes financial loss, theft, and other health benefits. This insurance policy helps the employees and the company in a great way.
Corporate Insurance Providers
The major corporate insurance providers of India are mentioned in the table below-
| Insurance Plans | Sum insured | Number of Employees |
| Care Health Insurance | INR 1 Lakh | 25 |
| Go Digit General Insurance | INR 1 Lakh | 25 |
| Max Bupa Health Insurance | INR 1 Lakh | 25 |
| Aditya Birla Health Insurance | INR 1 Lakh | 25 |
| Edelweiss General Insurance | INR 1 Lakh | 25 |
Corporate Insurance: Types
Corporate insurance helps the big corporation houses cover their financial and other losses. There are different types of corporate insurance to cater to the needs of a company-
- Property Insurance: In case of a loss of property due to natural disaster, worker’s strike, fire, vandalism, property insurance provides the company a cost coverage against losses. Some insurance companies provide cost coverage against every incident to the said company. A peril-specific policy provides coverage to insurance holders only if the damage is done due to pre-mentioned reasons.
- Professional Liability Insurance: Professional liability insurance is also known as Errors and Omissions Insurance. It helps the companies to overcome any negligence or mistakes and the loss arising out of it. The features of this insurance policy differ according to the policyholder. It is made mandatory for the companies that deal with finance, accounting, healthcare, insurance, and law.
- Compensation Insurance: Compensation Insurance for the workers is a must for a company. A company should purchase this insurance in the beginning. This insurance policy covers all the medical expenses, coverage against any disability and death of the working employee.
- Group Health Insurance: It is beneficial corporate insurance that covers the health of the employees of a company. It also provides tax benefits to the said corporation. Under this insurance policy, all the working employees are covered to get health-related benefits.
- Product Liability Insurance: In this insurance plan, a company that manufactures goods for people to consume is covered. Even if you take extra measures to make sure that your products are safe, there are chances that you may face product-harm complaints. In such cases, product liability insurance helps the company.
- Business Interruption Insurance: There can be many reasons for having a sudden interruption in a business. The losses are covered by the insurance company in such cases. This type of corporate insurance is best for those businesses and companies that offer retail services and need physical interaction with the customers.
Corporate Insurance: Benefits
Corporate insurance helps greatly to the big organization who wants to keep their work process smooth. Other benefits of corporate insurance companies are mentioned here-
- Smooth Management: A corporate insurance helps you to manage and organize your business in unseen circumstances.
- Credibility: A company that is covered by an insurance plan offers credibility to its employees. This helps employees and employers both have peace of mind.
- Affect business deals: A corporate insurance affects your collaboration with potential partners. Some service providers specify their insurance requirements for a company.
- Protection against natural disasters: A corporate insurance helps the company cover the damage loss in case of any natural disaster that comes under the ‘’Acts of God’’.
- Provide safety to your employer: there are different types of corporate insurance that ensure the safety of your employer in the form of health services, compensation insurance, etc.
- Protection against theft: Any damage that is done by the means of stealing is covered under corporate insurance.
Home Insurance
Home insurance is a type of insurance service that protects your home against unexpected events. These events can be natural calamities such as floods, earthquakes, storms, landslides or could be man-made like robbery, theft, burglary, riots, etc. You can get house insurance for any place you live in such as an apartment, house, rented house, or luxury mansion.
Home Insurance Providers
Major Home insurance providers in India are mentioned below-
| Home Insurance Plans | Eligibility | Coverage | Optional Coverage |
| Bajaj Allianz Home Insurance | Homeowners / Tenants |
|
Terrorism coverage |
| Bharati AXA Home Insurance | Homeowners/ tenants |
|
Terrorism coverage |
| Cholamandalam Home Insurance | Homeowners/ tenants |
|
Terrorism coverage |
| Future Generali Home Insurance | Homeowners/ Tenants |
|
—— |
| IFFCO Tokio Home Insurance | Homeowners/ tenants |
|
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Home Insurance: Types
A House is a very treasured possession for everyone to keep safe, you should know what type of house insurance will suit your demand-
- Fire and Special Peril Plan: This Home insurance provides coverage against fire and special hazards or perils. This home insurance is provided by most home insurance providers. It provides coverage against any financial loss that occurred due to natural disasters such as earthquakes, floods, volcanic eruptions, and man-made calamities such as missile-test, water overflow, etc.
- Public Liability Coverage: In case anyone inside your house is faced with financial loss or any other kind of loss mentioned in the policy, your home insurance covers it.
- Building Structure: If your house faces any structure-related issues, your home insurance will cover it. It also provides coverage for the damage that occurred to permanent house fixing in the bathroom, kitchen, ceilings, etc. Extended coverage is also offered to those policyholders who have a garage or outdoor premises.
- Contents Insurance: A content insurance is an important home insurance plan as it offers coverage to all the contents that are present in your house alongside the home coverage. It provides financial coverage against theft, fire, and other conditions. Important documents, electronic and domestic appliances are also covered under this insurance plan.
- Landlord Insurance: This insurance type provides the structure and house coverage to landlords. This is specifically created to cater to the needs of a landlord as other home insurances are not much relevant in this regard. This home insurance covers you against rent loss and any public liability.
- Tenant Insurance: This house insurance plan covers the tenants who are living in rented apartments. It can help the tenants keep their belongings safe in case of any mishap.
Home Insurance: Benefits
A home insurance plan is beneficial for many reasons. Here are some featured benefits of a Home insurance plan-
- Home insurance provides coverage to the structure and content of your house.
- The right home insurance policy helps you to secure your assets from any unforeseen circumstances.
- Home insurance plans have a lower premium rate in comparison to other insurance plans.
- If you live in a disaster-prone area, a home insurance company will give you peace of mind. It will provide a backup in case of any mishap.
- With the help of home insurance, the house of the policyholder can go through the rebuilding process easily.
- If you do not need a comprehensive home insurance plan then you can opt for fire insurance. It will provide you coverage against fire and related perils. However, a comprehensive home insurance plan offers a broad spectrum of coverage to the policyholder.
- Home insurance plans are easily settled and have an easy process.
Motor Insurance
Motor insurance provides coverage to your vehicles in case of any unfortunate events. You can purchase motor insurance for cars, scooters, bikes, jeeps, trucks, etc. Motor insurance offers financial coverage to the owner and the vehicle in case of any loss or damage due to an accident.
Motor Insurance Providers
Here are some of the best Motor insurance (Car, Two Wheeler, and Commercial Vehicle) providers in India-
| Insurance Plan | Insurance Type | Comprehensive Coverage |
| Bajaj Allianz Car insurance | Car | Yes |
| Bharti AXA Car insurance | Car | Yes |
| Digit Car Insurance | Car | Yes |
| Chola MS Car Insurance | Car | Yes |
| Bajaj Allianz two-wheeler insurance policy | Two-wheeler | Yes |
| Edelweiss Two-wheeler Insurance plan | Two-wheeler | Yes |
| Bharti AXA two-wheeler Insurance | Two-wheeler | Yes |
| IFFCO Tokio Two-wheeler Insurance | Two-wheeler | Yes |
| Bajaj Allianz Commerical vehicle Insurance | Commercial vehicle | Yes |
| Bharti AXA commercial vehicle Insurance | Commercial vehicle | Yes |
| Future Generali Commercial vehicle insurance | Commercial vehicle | Yes |
| MAGMA HDI Commercial vehicle Insurance | Commercial vehicle | Yes |
Motor Insurance: Types
The government has made vehicle insurance compulsory for all vehicle owners. Mainly there are two types of insurance for vehicles-
- Comprehensive Insurance Plan: A comprehensive insurance plan covers any loss or damage that occurred to the vehicle as well as the other person. It includes scooters, cars, bikes, and other commercial vehicles.
- Third-Party Insurance Plan: this type of insurance plan is made compulsory by the Indian government. It provides protection in case of damage to a third party.
In India, on the basis of vehicles, there are three types of insurance; these are car insurance, two-wheeler insurance, and commercial insurance. We have explained them ahead-
- Car insurance: In Car insurance, you can get assured assistance from an insurance provider. You can have cashless claims, damage protection, and third-party liability coverage.
- Two-wheeler Insurance: This type of insurance covers any loss or damage to your scooter, moped, or bike. This type of insurance provides protection against inflation, no claim bonus benefits, and comprehensive coverage to the owner.
- Commercial insurance: A commercial vehicle has more chances of getting damaged. This insurance plan covers such vehicles. Vehicles such as taxies, tractors, cranes, goods carrying, or passenger-carrying vehicles are covered under this plan.
It offers liability coverage in case of an accidental injury or death. It also offers comprehensive coverage.
Motor Insurance: Benefits
Motor insurance has many advantages and benefits. Some of the vehicle insurance benefits are mentioned ahead-
- Expense Coverage: cover all charges that occur due to natural calamities and other reasons.
- Third-Party Liability: In case of any damage to an unknown person, motor insurance covers all the damage costs.
- Personal Benefits: Some Motor insurance providers also help the policyholders financially.
- No claim benefits: In case you do not make any claim, you get additional rewards and benefits.
- Add-on Coverage: you can avail different services such as technical assistance, consumable coverage, zero depreciation under a motor insurance plan.
Other Insurance – FAQs
Q1. What are other insurance services?
Ans. Other insurance services include Home insurance, Motor insurance, Travel insurance, and corporate insurance.
Q2. Explain home insurance in simple words?
Ans. Home insurance helps the policyholder to keep the structure and possessions of his house safe.
Q3. Is motor insurance compulsory in India?
Ans. Yes, the Government has made it compulsory to buy third-party insurance coverage for vehicle owners.
Q4. Is home insurance cheaper than the other insurance services?
Ans. Yes, home insurance has a low premium rate in comparison to other insurance plans.
Q5. Explain the zero depreciation coverage in simple words?
Ans. A zero depreciation coverage makes sure that the policyholder receives the amount incurred due to part replacement.
Q6. Can I also get travel insurance for my family?
Ans. Yes, you can purchase travel insurance for your family.
Q7. What is the difference between health insurance and life insurance?
Ans. Health insurance provides coverage against medical costs incurred due to medical treatment. Life insurance is a life coverage that protects the family of the policyholder after his/her demise.
Q8. Explain a commercial vehicle in simple words?
Ans. A commercial vehicle is used for providing commercial services. A few examples of commercial vehicles are auto, trucks, and cabs.