While we are quite familiar with the term insurance, few people know what it can do for us. Meaning assurance or protection, getting something or someone insured involves the signing of a document known as the insurance policy. This policy is a contract between an individual and an insurance company, like Loya Insurance Company, which details the terms and conditions that both parties have to abide by. This document thus:
- Puts the protection into action and also states its exact terms
- Is legally binding for both parties and serves as a piece of legal evidence of the agreement signed
- Lists down other specific information such as:
- The perils and risks that are covered
- The duration for which the cover will be provided
- The premium to be paid
- The way in which the premium is to be paid
- The deductibles, if any
While there are many categories under which different types of insurance cover fall, we will list some of the most common and important ones below.
- Life insurance
As the name suggests, life insurance ensures the payment of a certain sum of money upon either the death of the insured or the expiry of the policy. This payment is based on the premium paid in the preceding years.
This policy, therefore, deals primarily with death benefits and helps to secure the future of near and dear ones even in the absence of the person for whom the policy has been taken out. This is one of the most common types of policies people have with Loya insurance company, and while anything, not even money can compensate for the death of a loved one, it helps to enable family members to move forward and start living again.
- General insurance
This is perhaps the biggest category of insurance provided by insurance companies and covers almost everything other than the life of the insured. There is, therefore, a wide range of policies in this category that help the insured to deal with almost any situation. Listing down all the different types of polices offered under this category is beyond the scope of this article, but a few of the important types of general insurance as offered by Loyal insurance are:
- Motor or Auto insurance: This covers the policyholder in the event of an accident involving a vehicle owned by the individual. It typically provides:
- Property damage cover – covering for damages incurred by the car due to collision or loss of the car due to theft
- Liability cover – covering for any physical injuries or property damage incurred by a third party as a result of an accident with the policy holder’s vehicle
- Medical cover – seeking to reimburse a person for:
- Costs incurred in treating injuries,
- The rehabilitation after an accident
- Wages lost due to medical treatment after an accident
- Funeral costs, if the death of a person is involved.
This insurance is legally binding and is a necessity for every person who owns a vehicle, whether they use it for personal or commercial use.
- Health insurance: This covers for hospitalization and treatment required as a result of a sudden illness, prolonged illness or being involved in an accident. It includes many benefits that can help the insured to get the best treatment available such as:
- Cashless facilities in impanelled hospitals
- Both pre-hospitalisation and post-hospitalisation benefits
- Ambulance charges etc.
This insurance can be secured either for the family as a whole or individual member of the family. Health insurance can further be divided into sub-categories such as surgery cover, critical illness covers, etc. Therefore, it is very important to study all the Loyola insurance plans available in this category and get oneself protected in the best possible way.
- Travel insurance: This covers for all medical and non-medical costs and losses that may be incurred when traveling to places out of one’s own country. This policy can be either offered to individuals or a business as a whole. While travel insurance policy is not a legal requirement, it is essential for all people traveling abroad to obtain travel insurance so that:
- They do not have to incur expensive medical bills when undergoing treatment abroad
- They are not hassled by incidental expenses like trip delays, loss of baggage, etc.
- Home insurance: This is a policy that insures against vandalism or damage to a person’s home, such as fires, natural disasters, etc. A comprehensive home insurance policy or property insurance policy protects not only the home but also the contents within it, thereby providing all-around protection.
- Commercial insurance
This category protects against all eventualities that can happen when involved in commercial activities. It covers a wide range of industrial sectors including agriculture, construction, telecom, textiles, foods and beverages, oil and gas, pharmaceuticals, manufacturing and more. As these industries have varied needs, there are many different types of commercial insurance policies available from insurance companies like the Loya car insurance, including:
- Public liability insurance: This insurance, while not being legal, it should be mandatorily taken out as it helps to provide cover for most of the major pitfalls faced by a company. This insurance can provide compensation for:
- Physical injuries and property damage suffered by a third party
- Medical expenses incurred by a third party
- Legal fees borne by the insured for contesting compensation claims or litigations raised by a third party
- Property insurance: This insurance provides protection against theft and damages for commercial property and all its contents, either rented or owned
- Employee insurance: This policy is legally binding for all companies that hire employees and helps to compensate the employee for any sickness or physical injury a result of their work
Many other specific insurance policies can be obtained based on the individual needs of the company or the person concerned. Therefore, it is important to study the different types of policies offered by Loya Insurance Company and choose those that are most appropriate.