7 Different Types of Insurance Policies and Coverage You Should Know About - The Daily Guardian
Connect with us

Policy & Politics

7 Different Types of Insurance Policies and Coverage You Should Know About

Published

on

Unforeseen expenses are a harsh reality in life. Even if you believe you are stable financially, an unplanned or unpredicted expense can severely compromise that stability.

Depending on the severity of the urgent situation, such scenarios could also leave you in debt. 

There are numerous insurance policies available, each aiming to safeguard different facets of your health or assets. 

The following prt lists seven popular insurance policies and coverage types that individuals and organizations must know about.

  1. Life Insurance

This type of insurance is unique because it focuses on an individual’s life. The insurer pays the resolved amount of coverage upon death or at the end of a specified period. Considering life is a person’s most valuable asset, life insurance is currently at its most comprehensive; hence, every individual need insurance. It helps protects the family if an untimely death or offers a sufficient sum in old age when income capacity is down. 

Insurance is not only a way of protection; it is also an investment. A specific amount is returned to the insured upon death or the expiration of a period. Remember that there are subcategories under this type of insurance. For instance, term life insurance is one of the most fundamental types, providing payment to the insurer’s beneficiaries in case the insurer dies within the stipulated time.

  1. Automobile Insurance

Motor insurance plans provide monetary support in the event of an accident, especially if it involves your car or motorcycle. Motor insurance is offered for three types of motorized vehicles, such as:

  • Car insurance covering privately owned four-wheeler vehicles
  • Two-wheeler insurance covers privately owned two-wheeler vehicles such as motorcycles and scooters.
  • Commercial vehicle insurance is utilized for business purposes, particularly logistics. Such regulations state that your company’s vehicles remain in good condition, thus minimizing losses substantially.
  1. Health Insurance

Health insurance is general insurance that pays out money to policyholders who are admitted to hospitals for treatment. Furthermore, some plans cover the expense of treatment received at residence just before hospitalization or after release. 

With increasing medical inflation in various parts of the globe, purchasing health insurance is a requirement. Even so, before making your purchase, think about the different kinds of health insurance policies accessible, which are as follows: 

  • Individual health insurance
  • Senior citizen health insurance
  • Group health insurance
  • Maternity health insurance
  1. Travel Insurance

When discussing the various types of coverage policies, it is important to consider travel insurance plans. Such ensures a traveller’s financial security while on the road. Compared to other insurance policies, this type only provides short-term coverage. 

Depending on the company you pick, travel insurance can offer monetary assistance at varying moments like during baggage loss or trip cancellation. Listed below are the various forms of travel insurance plans.

  • Domestic travel insurance that protects your finances while traveling. However, if you intend to leave the country for a vacation, such a policy will not assist you.
  • International travel insurance enables you to cover unforeseen expenses that may arise during your trips, such as emergencies, baggage loss, and passport loss. If you’re leaving the country, ensure you get this type of coverage.
  1. Insurance for Property Investment

Such insurance policies can cover any building or immovable structure. It could be your home or commercial space. If such a property incurs damage, you can seek financial support from the insurance company. Remember that this type of plan also monetarily protects the entirety of the property. The subcategories under this include

  • Home Insurance

With this type of policy, you are safe from any financial liabilities that could arise as a result of damage to your home or its contents caused by fires, burglaries, storms, earthquakes, explosions, and other events.

  • Shop Insurance

If you operate a shop that generates income for you, you must safeguard yourself from financial obligations emerging from the same. If the liability arises from natural disasters or accidents, you can instantly start repair work to the shop with these plans.

  • Office Insurance

This insurance guarantees that the office building and its contents are adequately secured in the event of an unexpected occurrence.

  1. Insurance for Disability

You may believe that you only require disability insurance if you work in a hazardous environment. However, the majority of disabilities are not work-related. Arthritis, cancer, and diabetes are some leading causes of disability. For this reason, you should include disability insurance in your financial plan.

  1. Insurance for Long-Term Care

Seniors turning 65 are likely to require long-term care at some point in their lives, be it in-home support for daily tasks or an extended nursing home stay. Long-term care insurance (LTC) can help cover in-home care, adult day care, and nursing home stays. Besides, it can help seniors take care of their long-term care costs, allowing them to enjoy life without relying on their children. 

Final Thoughts

We all experience many unforeseen events in our lives. We cannot prevent these events from taking place. We can, however, provide some degree of safety when such unforeseen circumstances occur. Insurance policies provide us with financial security in the case of a sudden event or tragedy. Understanding different policies coverage can help you determine the best one for you based on your situation and preferences. 

The Daily Guardian is now on Telegram. Click here to join our channel (@thedailyguardian) and stay updated with the latest headlines.

For the latest news Download The Daily Guardian App.

Nation

PM Modi, Rahul Gandhi wish Manmohan Singh on his 90th birthday

Published

on

By

Prime Minister Narendra Modi on Monday sent Dr. Manmohan Singh his birthday wishes on his 90th birthday, wishing him a long and healthy life.

“Birthday greetings to former PM Dr Manmohan Singh Ji. Praying for his long and healthy life,” tweeted PM Modi.

Rahul Gandhi, the leader of the Congress, sent Dr. Singh birthday greetings as well.

Wishing one of India’s finest statesmen, Dr Manmohan Singh ji a very happy birthday. His humility, dedication and contribution to India’s development, have few parallels. He is an inspiration to me, and to crores of other Indians. I pray for his good health and happiness,” tweeted the Wayanad MP.

Before the partition, Singh was born on September 26, 1932, in the Punjabi village of Gah. He studied at Oxford, Cambridge, and Punjab University.

Today marks the 90th birthday of Dr. Singh, who served as prime minister for two consecutive terms (from 2004 to 2014). He is a well-known economist who is credited with enacting significant reforms in the 1990s.

Continue Reading

Nation

Mallikarjun Kharge, Ajay Maken to meet Sonia Gandhi today over Rajasthan crisis

Published

on

By

Mallikarjun Kharge and Ajay Maken, two Congress observers who were in Rajasthan on Sunday to attend the legislature party meeting at the home of the chief minister Ashok Gehlot, are anticipated to meet Sonia Gandhi on Monday afternoon.

With Gehlot expected to run for presidential polls next month, the state is currently dealing with a new crisis. Numerous Gehlot’s supporters resigned on Sunday and handed them to Assembly Speaker CP Joshi as a result of Sachin Pilot’s name being mentioned. The resignation is reportedly from more than 80 MLAs.

The MLAs made clear to the observers their demands, emphasising that the next chief minister should be chosen after October 19, once the party’s presidential elections are over, that the Gehlot successor should be chosen from among the roughly 102 MLAs who supported the party during the 2020 crisis, and that Ashok Gehlot should be kept informed throughout the decision-making process. They were reminding the party of Sachin Pilot’s uprising against Gehlot when he visited to Haryana by bringing up the 2020 dilemma. Later, after guarantees from the senior management, he returned.

Ajay Maken said: “We came for the CLP meeting fixed by the CM at a time and date of his choice. Very strange that MLAs didn’t come for that. We also wanted to follow the procedure of speaking to individual MLAs about what they want so that they can speak freely.”

The condition that no announcement – on the chief minister – should be made before October 19 seems to be conflict of interest as resolution authorises the Congress president to take the decision, and by October 19, Ashok Gehlot would have been the Congress president,” he further said.

Continue Reading

Policy & Politics

Partnerships, technology and behaviour change key for agriculture growth, said Union Agriculture Minister

Published

on

Partnerships, technology and behaviour change key for agriculture growth, said Union Agriculture Minister

India has the potential to become “aatmnirbhar” in agriculture and also meet the food requirement of the world, said Narendra Singh Tomar, Union Minister of Agriculture & Farmers Welfare.
Speaking during the session, Food for All: From Farm to Fork, during the 3rd edition of LEADS 2022—— a global thought leadership initiative of the industry chamber FICCI, the minister said the country is steadfastly moving ahead in the direction. However, everyone must work together for the goal. “We would like to collaborate. I use this opportunity to invite the international community to join hands with us for the benefit of coming generations,” he said.
He noted that country’s agri exports had crossed the milestone of ₹4 lakh crores. “We are working to increase it further,” he said.
Minister Tomar said that the government is constantly working to make the country “aatmnirbhar”. As a result, Indian agriculture recorded a robust growth of 3.9% despite the pandemic. In addition, the minister reiterated that the government aims to make Indian agriculture internationally competitive by aiding the small farmers in the country. He alluded to several government programmes to reduce farming-related challenges. “Due to increase in investment in basic infrastructures like irrigation system, storage, warehousing, and cold storage, the Indian agriculture is expected to record robust growth in the coming years,” he added.
On occasion, H.E. Mr Damien O’Connor, Hon’ble Minister for Trade & Export Growth; Agriculture; Biosecurity; Land Information & Rural Communities, New Zealand, alluded to the challenge emanating from climate change. “agricultural emissions from livestock are a real challenge for New Zealand and food systems around the world. It contributes 35% to the global greenhouse gas emissions and 48% to New Zealand’s emission profile.”
He also alluded to Global Research Alliance and encouraged Indian parliamentarians “to look at investigating partnering up with a Global Research Alliance” to gather global technologies “in a way that is not seeking to maximise commercial benefit but to maximise the climate change benefit from this collaboration.”
Sanjiv Mehta, President, FICCI and CEO & Managing Director, Hindustan Unilever Limited (HUL), said achieving food and nutrition security is a multifaceted challenge. “Food systems can play a big role in protecting food security and nutrition if careful attention is paid to targeting the poor, reducing inequalities, including gender inequality and incorporating nutrition goals and actions were relevant.”
Dr Anish Shah, Vice President, FICCI and Managing Director and CEO, Mahindra & Mahindra, said the world will have 10 billion people by 2050. “Today, we do not have enough food to provide for everyone, so we have to do a number of things to feed everyone.” He pointed to three themes that can help address the challenge. The first is partnerships to reduce carbon footprint and improve productivity. Second, adopting technology to transform agriculture and thirdly, inducing behaviour change.
Sunny Verghese, Co-Founder and Group CEO, Olam International, said, the biggest priority is to help decarbonise.

Continue Reading

Policy & Politics

Digital Agriculture Mission to digitalise the farmer: Manoj Ahuja, Secretary, Agriculture

Published

on

Digital Agriculture Mission to digitalise the farmer: Manoj Ahuja, Secretary, Agriculture

Contextual and correct information to anybody associated with agriculture has the potential to unlock a lot of value, said Manoj Ahuja, Secretary, Union Ministry of Agriculture & Farmers Welfare, at the Release Ceremony of the FICCI compendium on “Enhancing Farmers’ Income”.
In this regard, Ahuja alluded to the Digital Agriculture Mission, which essentially tries to digitalise the farmer in terms of identity, linking up the farmers’ land and geo-referencing it, and crops grown. “These are some of the basic things we are trying to put in the agristack,” he said. “We have made some headway; hopefully, next year, we should show substantial results,” he added.
Ahuja said, “I’m seeing the benefits information contextualised to the various partners in the agricultural ecosystem can bring”.
On occasion, Samuel Praveen Kumar, Joint Secretary, Union Ministry of Agriculture & Farmers Welfare, spoke on backstopping agriculture startups that are coming up with innovative technologies and solutions to enhance farm incomes. In this regard, Mr Kumar alluded to the three C’s— convergence, capacity building, and collectives like (FPOs and cooperatives) as the vital elements.
Elaborating on convergence, Kumar said, “if the government can package the schemes in such a manner that you give more benefits, in a unified manner to the businesses or startups, I think they will be able to sustain their business.” Similarly, on capacity building, he noted, “when we talk about capacity building for farmers or extension workers, it’s not like that. It is for everybody in the ecosystem.” Mr Kumar also alluded to developing climate-resistant crops, reducing carbon footprints using technology, and developing infrastructure.
Elaborating on the compendium, TR Kesavan, Chairman, FICCI National Agriculture Committee & Group President, TAFE, noted the need to document the best practices and give them to people so that “people can touch, feel, do and understand the practices.” He added, “small and marginal farmers are going to be one of the greatest strengths of the country. Some of the case studies in the compendium tell how they are changing.”
The FICCI compendium of guidelines presents select case studies, and successful projects and interventions rolled out by various organisations in achieving higher crop connectivity, resource use efficiency, cropping intensity and diversification towards high-value agriculture.

Continue Reading

Policy & Politics

Supreme Court: An Order Is In Given Factual Circumstances; Judgement Lays Down Principles Of Law

Published

on

Supreme Court

The Supreme Court in the case Akil Valibhai Piplodwala observed and has issued a notice on a petition filed by a man seeking a direction that he should not be deported to Pakistan until his claim to be an Indian citizen is decided as per Section 9(2) of the Citizenship Act, 1955.
The bench comprising of Justice Surya Kant and the Justice J. B. Pardiwala observed and has also issued status quo in the matter. Thus, the notice on the plea has been issued to the District Superintendent of Police (Godhra), State of Gujarat and the Ministry of Home Affairs, Union of India.
According to the plea, the was born at Godhra, Gujarat in 1962 and had completed his education in India. The petitioner moved to Pakistan in 1976 but in 1983 he returned to India and got married at Godhra to an Indian woman on 2nd March 1984 and had three children from the wedlock. Thus, the petitioner again went away and finally returned to India in 1991 after obtaining all the requisite permits including a residential permit and continued to reside in India with his family.
However, out of fear of getting deported, the petitioner moved a regular civil suit before the Court of Civil Judge praying to declare him a citizen of India under Section5(1)(C) of the Indian Citizenship Act, 1955 since he was married to an Indian citizen. It is also prayed by him to restrict authorities from deporting him till his application under Section 9(2) of the Act is decided by the Union of India. In 1999, it was held by the Civil Judge that the Court did not have jurisdiction to decide the citizenship of the Petitioner. However, the decree was allowed by the Civil Judge partly to direct that he should not be deported back until his application under the Citizenship Act is decided.
Further, after the period of 4 years, the Union of India preferred a delayed appeal under Section 96 of CrPC against the order of the Civil Judge before the Principal District Judge. On 12.07.2022, the District Judge set aside the decree passed by the Civil Judge.
The petitioner being aggrieved by the order of the District Judge, moved the High Court of Gujarat. On 02.08.2022, the High Court dismissed his appeal holding that no substantial question of law arose.
Senior Advocate IH Sayed, appearing for the petitioner submitted that the High Court disregarded the fact that the Petitioner has been rendered vulnerable to deportation and if he is not protected till his application is adjudicated upon it would be violation of the procedure established by the principle of law.
The present petition was filed through Advocate Taruna Singh Gohil.

Continue Reading

Policy & Politics

Delhi HC Asks Centre: What Is The Procedure For Undertrial Foreign Nationals’ Visa Renewal?

Published

on

Delhi HC Asks Centre: What Is The Procedure For Undertrial Foreign Nationals’ Visa Renewal?

The Delhi High Court in the case Uchenne v. State observed and has directed the Centre to place on record the necessary steps and procedures required to be followed by foreign nationals, who are in the jail as undertrials, for renewal of their visas.
The bench comprising of Justice Jasmeet Singh observed while dealing with a plea filed by a foreign national seeking bail in an NDPS case, said there are many foreign nationals lodged in the national capital’s prisons, whose visa applications have not been processed.
The court stated that he i.e., the Central Govt Counsel shall also place on record necessary steps and procedures so that foreign nationals who are in jail as undertrial know the procedure for renewal of their visas. The Uchenne, accused had moved the High Court last year wherein seeking regular bail in an FIR registered under Section 21 of the Narcotic Drugs and Psychotropic Substances Act, 1985. Thus, after the completion of investigation, charge-sheet was filed under Section 21 of the NDPS Act as well as Section 14 of the Foreigners Act.
It was observed that Section 21 of the NDPS Act states punishment for contravention in relation to manufactured drugs and preparation, Section 14 of Foreigners Act provides various penalties under the statute, in case of violation of any of the provisions.
The Additional Public Prosecutor on March 30, told the court that before proceeding with the bail matter, accused’s visa needs to be re-validated. The Advocate J.S. Kushwaha appearing for the foreign national submitted before the Court that although his passport was renewed, he is required to be taken to the Foreign Regional Registration Office (FRRO) for visa renewal on April 29.
Accordingly, it has been directed by the court to Uchenne to complete all procedural formalities and ordered that he be taken to the FRRO in accordance with law and established procedures.
On August 2, over three months, Uchenne’s counsel apprised the Court that despite earlier orders, his visa was neither renewed nor any reasons were given regarding the delay or rejection. Also, the court was informed that Uchenne had applied for visa on January 28, in 2019.
However, during the recent hearing on September 19, it was sought by the Centre’s counsel seeking further time to get instructions in writing from FRRO before the next date of hearing.
Accordingly, the court listed the matter for hearing next on October 10.

Continue Reading

Trending