Insurance is broadly classified into two main categories:

1. Life Insurance

Covers the life of an individual, providing financial benefits to beneficiaries in case of death or maturity.

• Term Insurance – Pure risk cover for a specific period; pays a death benefit but no maturity benefit.

• Whole Life Insurance – Coverage for the entire lifetime of the insured.

• Endowment Plans – Combines insurance with savings; pays a lump sum on maturity or death.

• Money-Back Policy – Provides periodic payouts during the policy term and a lump sum at maturity.

• Unit Linked Insurance Plan (ULIP) – A mix of insurance and investment in market-linked funds.

• Pension/Retirement Plans – Helps in building a retirement corpus with annuity benefits.

2. General Insurance (Non-Life Insurance)

Covers risks other than life, such as health, property, travel, etc.

• Health Insurance – Covers medical expenses, including Mediclaim, critical illness, and top-up policies.

• Motor Insurance – Covers vehicles against accidents, theft, and third-party liabilities (includes Third-Party and Comprehensive policies).

• Home Insurance – Covers damages to a house due to fire, theft, natural calamities, etc.

• Travel Insurance – Covers risks like trip cancellations, medical emergencies, or lost baggage during travel.

• Fire Insurance – Provides coverage against damages due to fire incidents.

• Marine Insurance – Covers goods, ships, or cargo from risks during transit over water.

• Crop Insurance – Protects farmers against crop losses due to natural calamities.

Would you like details on any specific type of insurance?