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Health insurance is a contract that can help pay eligible costs when an insured person needs medical care for an illness or injury. The policy may settle eligible hospital expenses or pay a stated benefit, depending on the type of plan. The insurer’s payment is always subject to the policy wording, chosen cover, and applicable limits.

With an indemnity-based policy, eligible medical expenses are covered up to the available sum insured and policy limits. A benefit-based policy pays a fixed amount when the covered event or condition is met. Some plans offer cashless treatment at listed hospitals; reimbursement may apply in other situations. These options and procedures vary by policy.

Motor insurance helps protect against specified financial losses connected with a vehicle. In India, third-party liability insurance is mandatory for vehicles used on public roads. It covers the insured person’s legal liability for injury or damage to another party, as described by the policy and law.

A liability-only policy does not cover damage to your own vehicle. Own-damage cover can protect the insured vehicle against covered events. A package or comprehensive policy combines third-party liability and own-damage cover, subject to its exclusions, deductibles, and conditions. Theft, accidents, natural events, and add-on benefits are covered only where the chosen policy includes them.

Life insurance is a contract that provides a financial benefit when a defined event in the policy occurs. In many policies, a death benefit may be payable to the nominee or beneficiary if the insured person dies while the cover is active. The amount and conditions are set out in the policy.

Products differ. Term insurance generally provides life cover for a chosen period. Some other plans may also include savings, maturity, survival, or annuity benefits. These benefits are not the same across plans, so check exactly what is guaranteed, what depends on conditions or investment performance, and when any amount is payable.