Types of Insurance available in banks
Types of insurance you can get from banks? Check Government Scheme to get free insurance
Types of Insurance: To protect our financial health and to ensure our own financial stability and also of our beloved ones, insurance is the key tool which should be used. Insurance not only helps financially to manage hard times, also it can be used to get income tax relief. There are many companies in India which are providing insurance facilities. The Government of India regulates some of the companies while most of the companies are private. There is always a confusion while opting for insurance policies like when to avail, where to avail and how to avail! In this article read about types of insurance and facilities by banks.
Banks are playing a major role and are targeting intensively, insurance sector in India. Since banks are regulated by the government of India and other governing bodies like RBI and Insurance in India are regulated by IRDA, there are double safety and checks which avoids frauds and unwanted problems while claiming an insurance.
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There are many types of Insurance like
- Health insurance (to insure medical expenses),
- Life insurance (to insure financial wellness after death of policy holder),
- Vehicle insurance (although mandatory for every vehicle also to insure vehicle related expenses). Read about Car Loan.
- Stock and goods insurance (insurance to protect stocks and goods from miss-happening like theft, fire and other damage). Read about Government Business loan schemes.
- Property insurance (to insure our building construction cost in case of earthquake or other demolishing conditions)
- Crop Insurance (to protect crops from various damages). Read about agriculture loans.
- Live stock Insurance (protect cattle, birds and related animals from various risks)
- Valuable item insurance (insure things like mobile, computer and other valuable items)
- Travel Insurance (to handle expenses in case of miss-happening while travelling)
- Disability Insurance (insurance to protect financially in case one gets disable in accidents)
- Flight Delay insurance (insure expenses in case of delay of flight like monetary compensation for time you spend at the airport buying a meal, a book or anything else that you like)
Read this before buying a term insurance
What Types of Insurance facility I can avail from banks?
Generally, banks provide all of the above insurances with which you are banking. There is compulsion to have a saving account or to avail any other facility to avail insurance from banks. All public sector and private sector banks have collaboration with insurance companies and provide customized plans to their customers. Availing insurance from a bank can also help you settle your insurance easily and quickly.
Government Insurance Schemes (Types of Insurance)
Some insurances are provided by the Government of India like PMSBY (Pradhan Mantri Suraksha Bima Yojana), PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), which are available at banks at very low premium. However one should always prefer the benefits of the policy not the premium. You should always check what all are the conditions which you need to follow to settle a claim.
Some of the insurances are providing good returns on your investment along with the insurance, there you should cross verify the insurance benefits. I will always advise you to buy an insurance policy, only for insurance purposes, not for investment.
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Sometimes we are forced to avail an insurance policy while opting for other products like loan and credit card, which can be avoided (click here to read more on this).
Conclusion
To conclude, Insurance is a very important financial product. It offers you a protective financial cover against the various contingencies in life. For the many uncertainties that life throws your way, there are different types of insurance that you can bank on. Identify the best Insurance plan for your requirements and include them in your financial plan. Get benefits of Insurance facilities provided by banks. This way, you can be rest assured that your financial future as well as the future of your family are secure.
Other Posts:
- Mandatory loan Insurance Schemes.
- Online Bike Insurance Claim Process and Documents Required to Claim Two Wheeler Insurance?
- Key Features of Bike Insurance Policy
- How to compare Two wheeler Insurance Plans?
- Steps to Renew Two Wheeler Insurance Policy Online
- Factors affecting Two Wheeler Insurance, Reasons to Buy Bike Insurance Online, Save on Bike Insurance Premium
Important links
- https://www.irdai.gov.in
- https://en.wikipedia.org/wiki/Insurance_in_India
- https://www.policyholder.gov.in/
- https://www.investindia.gov.in/sector/bfsi-insurance
- https://financialservices.gov.in/insurance-divisions/Public-Sector-Insurance-Companies
Read Category-wise posts
Banking | Bank Account | Bank Deposit Schemes | Loans | Bank Cards | Credit Cards | Debit Cards | Search IFSC & MCLR Code | Insurance | Bank Jobs and Exams | Stock Market | GST | EMI Calculator
