The insurance in India has been changing because the government has allowed private investment in recent years. However, the most representative is National Insurance Company that is administered by the government.
Insurance companies have a history that dates back to 1818 when Oriental Life Insurance was established and it was responsible for Europe’s needs. In 1870 the first insurance company was founded, and it was called Assurance Bombay Mutual Life Society.
In the twentieth century, the insurance companies were nationalized thus creating a monopoly. But at the end of the 90’s private insurance companies were traced in the Indian market. Since they have taken more strength during the last years, the Indian government accepted private investment.
Now insurance companies offer more and better protection, according to our new needs, and new lifestyle that has been affected by many factors such as climate changes, greater exposure to accidents, economic changes, natural disasters, etc.
It is important to oversee the human health. Nowadays, a variety of ills have increased and this has generated a greater demand for hospitals, clinics and pharmacies. The best alternative to cover any costs in regard to medical assistance is by buying a health insurance that covers your medical bills, treatments, operations, and monthly checks. It covers several situations such as injuries, accidents, and chronic, critical and terminal diseases. When you purchase standard insurance policy coverage, you will have the following benefits:
It will cover the costs of transportation provided by the hospital, nursing, diagnostics, medicine (surgeon, consultants or other specialists), the necessary materials before the hospitalization, post hospitalization, with certain limitations that vary according to the plan that you purchased.
When purchasing a life insurancee, the company agrees to pay an amount of money to the insured person or beneficiary and it shall become effective when it reaches a specified date. If there is death or the contract has reached its expiration date, the company must pay what it was indicated on the contract.
Insurance companies also offer coverage for cars; accidents may be happen. Car insurance coverage consists of assuming all the costs incurred by any possible accident, theft, explosion, fire, etc. You are responsible for damage or injury that has affected passengers or third parties. In India, this kind of insurance is required.
If you are making trips whether for leisure or work, it is a good idea to have travel insurance. This type of insurance covers health expenses, medical visits, treatments, drugs, theft, lost baggage, etc.
Home insurance offers many types of coverage for homes. It is responsible for paying an amount of money for damages caused by fires, hurricanes, floods and other natural disasters. Home insurance in India doesn’t cover land costs or the home costs; they only offer coverage for the construction of buildings. The other type of insurance that they offer is the contents insurance; it covers house belongings such as electrical products, jewelry, furniture, and clothing.