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What is Insurance | Types of Insurance 2022 | Fully Explained

Friends, first of all a warm welcome to your favorite blog, friends, we must have heard a lot about insurance and life insurance, but even today we have some brothers and sisters who will not know about its meaning. 

That is why today we will know in this article, that after all, what is insurance or life insurance, what does it mean, what are the benefits of getting insurance, what are the types of insurance, how to get insurance, etc.

Through this article, you will easily get complete information about insurance and life insurance. You will get all your questions through this article.

What is Insurance, Types of Insurance

What is Meant by Insurance?

Friends insurance means, if there is an accident with us in the future, such as bike accident, car accident, etc., then we are given some money from the insurance company so that we can easily compensate for our losses. This gives us relief from some problems. Let us understand in a little detail.

Insurance is a contract between an individual and an insurance company. In this, every month or after 3 months or 6 months or a year, we have to deposit the money fixed in the insurance company in the company. 

In which the company claims that, God forbid, if there is an accident with us in the future, then a certain amount is given to us by the insurance company, so that we can easily compensate for our loss.

Types of Insurance?

There are two types of insurance:

  • General Insurance
  • Life Insurance

1. Life Insurance: We must have heard a lot about life insurance, but there will be many of us who are not aware of its meaning, what it actually means. So let's learn about life insurance plans.

Life insurance basically means that when a person buys his life insurance policy from an insurance company, the company makes a claim in writing that if the person buying the insurance suddenly dies in an accident, then the insurance will be. The company will give money to his family.

In today's era, we all must get our life insurance done so that our family can be saved from the troubles that will happen after us.

For example, if the head member of the family dies suddenly, then how will the household expenses be met. It becomes very difficult to run the household expenses, along with this, the family members have to face many other problems regarding money.

That is why to save the members of the family from financial troubles, we must get our life insurance policy done. So that even after we are not there, our family members should not have any problem with money.

2. General Insurance: Friends, we must have heard big about life insurance, but very few people will know about general insurance. Today we will know in this article what comes in a general insurance plan.

Health insurance, vehicle, animal, crop, house etc. are all covered under the general insurance plan. Let us try to understand in some detail. 

(a) Home Insurance: Yes, we can get our house insured as well. Why should we get home insurance and what are its benefits.

If we get our home insured from the insurance company, then our house remains safe.

Because after buying this insurance policy, if there is any kind of damage to our house like earthquake, lightning, flood, theft, fire, etc., then the insurance company gives us money for its loss.

(b) Vehicle Insurance: In today's time, we must also get the vehicle insured; don't know who will hit it. Ha ha So much so that we all know that if we drive our vehicle on the road without insurance, then we can be fined by the traffic police of our country.

If seen, we have the advantage of getting the vehicle insured. Because when we get our vehicle insured, the vehicle insurance company claims that if our vehicle is damaged due to any accident, then the company compensates us for the loss.

For example, suppose if our vehicle is stolen or due to that there is an accident, then in such a situation vehicle insurance policy helps us.

The benefit of this vehicle insurance policy is high when a person is injured or a person has died due to the vehicle.

It is covered by third party insurance. That is why if we also have a two-wheeler or car, then we must get it insured.

(c) Health Insurance: Health Insurance: If we talk about health, there will be very few people who will be completely healthy. Most of the people are surrounded by many diseases. 

Due to which the cost of treatment is increasing very fast. When we take health insurance, this insurance company covers the cost of treatment in case of illness.

The advantage of health insurance policy is that through the health insurance policy, the insurance company gives us the amount to be spent on treatment in case of any kind of disease. 

Because the limit of expenditure on any disease depends on our health insurance policy.

(d) Travel Insurance: The advantage of getting travel insurance is that this insurance protects us from losses during travel. 

If a person goes abroad for some work or for travel, and if he gets hurt or loses his belongings, then this insurance company gives him compensation.

This travel insurance policy is valid from the beginning of the journey till the end of the journey. All insurance companies have different terms and conditions for travel insurance policies. Please read it carefully.

Business Liability Insurance:The true meaning of this insurance policy is to cover the loss caused to the customer due to the functioning of a company or a product. In such a situation, the insurance company bears the penalty and the entire liability of the legal proceedings.

Names of 7 best insurance companies of our India

7 Best Insurance Companies Names

We do not need to tell about how important it has become to get life insurance in our life. Our Life Insurance Corporation of India Limited advertisement line is 'Zindagi Saath Bhi, Aur Zindagi Baad Bhi', which really reflects its importance. 

Let us now know the names of 7 best insurance companies of our country-

1. LIC

The name of LIC company is a well-known name in the life insurance sector. Whenever it comes to insurance companies, the name of the LIC company comes first. 

LIC was started in 1956 and since then till today this company is giving us its better services, and about 1.13 lakh people are getting employment from here.

2. ICICI Prudential

ICICI Prudential is also one of the leading life insurance companies in India. It is one of the first private companies in India to enter its insurance sector. 

ICICI Prudential was born out of an amalgamation of ICICI and a UK-based company. The head office of ICICI Prudential is also in the UK.

3. HDFC Standard Life Insurance

Talking about HDFC Standard, HDFC Standard is a very big name among the big insurance companies. It was started in the year 2000. The head office of the company is in Mumbai.

4. Birla Sun life

Birla Sunlife is also a very big company in India. In the year 2000 itself, Birla Sunlife started insurance services. It is a joint venture between Aditya Birla Group and Canadian company Sunlife Inc.

5. Bajaj Allianz

This is also a very big company in India. The Head Office of Bajaj Allianz Insurance Company is in Pune.

Starting from the year 2001, Bajaj Allianz is today a well-known name in the insurance sector. It is a joint venture of Bajaj Allianz, Bajaj Finserv, and Allianz.

6. SBI Life Insurance

SBI Life Insurance Company is also a very famous and big company in India. State Bank of India is also a big name in the banking sector of the country due to its better schemes.

The insurance scheme was launched by SBI in a joint venture with BNP Paribas.

7. Max Life Insurance

Max Life Insurance Company is a joint venture between Max India and Mitsui Company. Max Life Insurance Company was started in the year 2000. Its head office is in New Delhi.


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