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Types of Insurance by Mind Map: Types of  Insurance

1. Life Insurance Policies

1.1. Whole Life Policy

1.1.1. the sum insured is payable only on the death of the assured to the beneficiaries or heir of the deceased. The premium is payable for a fixed period (20 or 30 years) or for the whole life of the assured. If the premium is payable for a fixed period, the policy will continue till the death of the assured.

1.2. Endowment Life Assurance Policy

1.2.1. the insurer undertakes to pay the assured a specified sum, on the attainment of a particular age or on his death, whichever is earlier. In case of death of the assured before he attains the specified age, the sum is payable to his legal heir or the nominee. Otherwise, the sum is paid to the assured, when he attains a particular age

1.3. Joint Life Policy (JLP)

1.3.1. The policy is taken up jointly on the lives of two or more persons is known as Joint Life Policy. On the death of any one person, the assured sum or policy money is paid to the other survivor or survivors. The premium is paid jointly or by either of them in installments or lump sum. Usually this policy is taken up by husband and wife jointly or by two partners in a partnership firm, where the amount is payable to the survivor on the death of either of the two.

1.4. Annuity Policy

1.4.1. Under this policy, the assured sum or policy money is payable in monthly or annual instalments after the assured attains a certain age. In this case, either the whole amount of the premium is paid once or premium is paid in instalments over a certain period. This policy is useful to those who prefer a regular income after a certain age.

1.5. Children’s Endowment Policy

1.5.1. This policy is taken to provide funds for the education or marriage of children. For example, Jeevan Anurag Policy. In this policy, the amount is payable by the insurer when the children attain a particular age. The premium is paid by the person entering into the contract. However, no premium will be paid, if he dies before the maturity of the policy.

2. Non-Life Insurance Policies

2.1. Fire insurance

2.1.1. Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by a fire during a specified period upto the amount specified in the policy.

2.2. Marine Insurance

2.2.1. Hull or Ship Insurance

2.2.1.1. When a ship is insured against any type of danger, it is known as hull insurance. This policy is taken to indemnify the insured for losses caused by damage to ship.

2.2.2. Cargo Insurance

2.2.2.1. When a marine insurance policy is taken by the cargo owner to be compensated for loss caused to his cargo during the journey, it is known as cargo insurance. The cargo to be transported by ship is subject to many risks, like risk of theft, loss of goods in voyage, etc.

2.2.3. Freight Insurance

2.2.3.1. taken to guard against non-recovery of freight, it is known as freight insurance. The shipping company is mainly interested in freight, which it gets either in advance or on the arrival of goods. However, it will not get the freight, if the goods are lost during transit.

2.3. Health Insurance

2.3.1. Individual Mediclaim

2.3.1.1. It covers the hospitalization expenses for an individual for up to the sum assured limit

2.3.2. Family Floater Policy

2.3.2.1. It covers the hospitalization expenses for entire family up to the sum assured limit.

2.3.3. Unit Linked Health Plans

2.3.3.1. This policy combines health insurance with investment and pays back an amount at the end of the insurance terms.

2.4. Miscellaneous Insurance

2.4.1. Motor Vehicle Insurance

2.4.1.1. This policy comes under General Insurance. This insurance has become very popular and is gaining importance. In motor insurance the owner’s liability to compensate people who were killed or injured through an accident is passed on to the insurance company.

2.4.2. Burglary Insurance

2.4.2.1. This policy comes under the category of insurance of property. Any loss of damage due to theft, larceny, burglary, house-breaking and acts of such nature are covered by this policy.

2.4.3. Cattle Insurance

2.4.3.1. This is a bond in which a sum of money is secured to the insured in case of an event of death of animals like bulls, buffaloes, cows and heifers. The cause of death may be an accident, disease or pregnant condition, etc. The insurer normally agrees to pay excess in case of loss.

2.4.4. Crop Insurance

2.4.4.1. This policy is to provide financial support to farmers in case of a crop failure due to drought or flood. It generally covers all risks of loss or damages relating to production of rice, wheat, millets, oil seeds and pulses etc.

2.4.5. Sports Insurance

2.4.5.1. This policy is a comprehensive cover for amateur sports persons regarding their sporting equipment, personal effects, legal liability and personal accident risks.

2.4.6. Amartya Sen SikshaYojana

2.4.6.1. The General Insurance Company offers to secure the education of dependent children under this policy.

2.4.7. Rajeswari Mahila Kalyan BimaYojana

2.4.7.1. This policy is to provide relief to the family members of insured women in case of their death or disablement due to any kinds of accidents and/or death and /or disablement arising out of other factors incidental to women only.