Insurance is a contract wherein the company accepting to compensate for the loss or damage as may be specified and for illness / death in return for a consideration in the form of premium amount.

Major types of insurance include:

• • • • • • • • Life Insurance
              • Motor insurance
              • Health insurance
              • Travel insurance
              • Property insurance

Term Insurance is pure life cover at very reasonable premium wherein sum assured is paid by the life insurance company to the nominee on the death of insured person when the policy is in force. It is the cheapest and an essential cover on life for death benefit. An adequate term cover depends on existing debts and income replacement of an individual to take care of dependents.

Health Insurance enable the insured to claim for medical and surgical expenses. A health insurance deductible is the amount that the insured agrees to bear for healthcare services and the insurance company is liable to pay only when claim amount exceeds the deductible. Selecting right health insurance policy makes all the difference to get added benefits at economical premium.

Arogya Sanjeevani is IRDAI mandated nominal individual / family health cover at very economical premium. The notable point is across different insurers, the broad features on coverage of medical expenses, inclusions / exclusions and related terms and conditions (except premium) are common. It has a co-pay clause of 5% wherein policyholder bears 5% of the sum insured.