What is insurance? list of insurance companies in india

Insurance: Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium.

Types of Insurance

• Life Insurance / Personal Insurance.

• Liability Insurance
• Property Insurance.
• Marine Insurance.
• Fire Insurance
• Guarantee Insurance.

• Social Insurance

1) Life Insurance / Personal Insurance:- is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.

2) Liability Insurance :- Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people or property. Liability insurance policies cover both legal costs and any payouts for which the insured party would be responsible if found legally liable. Intentional damage and contractual liabilities are generally not covered in these types of policies

3) Property Insurance:-The property insurance is the insurance that protects the physical goods and the equipment of the business or home against any loss from theft, fire, and any other perils. It can be an all-risk coverage policy that gives protection against all the risks, or it can be named-risk coverage policy that gives protection against only those perils that are specified in the policy document.

4) Marine Insurance :- Marine Insurance is a type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination. Providing protection against transport-related losses, this voyage policy provides a haven for shipping companies and couriers because it protects them from costly potential losses while transporting goods by water.

5) fire insurance The fire insurance contract is defined as “an agreement, whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain because of certainly defined subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount”.

6) Guarantee Insurance Insurance that covers financial loss resulting from default or insolvency, interest rate level changes, currency exchange rate changes, restrictions imposed by foreign governments, or changes in the value of specific goods or products.

7) Social Insurance protection of the individual against economic hazards (such as unemployment, old age, or disability) in which the government participates or enforces the participation of employers and affected individuals

list of insurance companies in india

1.AEGON Life Insurance

2.Aviva Life Insurance

3.Bajaj Allianz Life Insurance

4.Bharti AXA Life Insurance

5.Bharti AXA Life Insurance

6.Bharti AXA Life Insurance

7.Birla Sun Life Insurance

8.Canara HSBC OBC Life Insurance

9 Star Union Dai-ichi Life Insurance

10.DHFL Pramerica Life Insurance

11.Edelweiss Tokio Life Insurance

12.Exide Life Insurance

13.Future Generali India Life Insurance

14.HDFC Standard Life Insurance

15.ICICI Prudential Life Insurance

14.IDBI Federal Life Insurance

15.IndiaFirst Life Insurance Company Ltd – India First

16.Kotak Life Insurance

17.Life Insurance Corporation of India

18.Max Newyork Life Insurance

19.PNB MetLife Insurance

20.Reliance Life Insurance

21.Sahara Life Insurance

22.SBI Life Insurance

23.Shriram Life Insurance

24.Star Union Dai-ichi Life Insurance

25.Tata AIA Life Insurance

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