Plans

Insurance Plans

Insurance plans come in various types, generally categorised based on the type of risk they cover. Here are the main types of insurance products available as Policybazaar plans: life insurance, term insurance, health insurance, investment plans, car insurance, home insurance, and travel insurance plans.

What is an Insurance Plan?

An insurance plan is a financial agreement between you and an insurer to offer financial coverage in case of specific risks, like death, illness, accidents, or property loss. In return, you pay a regular premium. It ensures that in your absence or during difficult times, you or your loved ones stay financially secure.

Life Insurance

Policy bazaar life insurance plans provide the following types and benefits to the customers:

Term Insurance provides pure life cover for a specified period. In case of the policyholder’s death during the term, the nominee receives the sum assured.

Term Return of Premium (TROP) offers life cover along with a refund of all premiums paid if the policyholder survives the policy term.

No-Cost Term Insurance allows policyholders to exit the policy early or get a refund of premiums under certain conditions, offering added flexibility.

Whole Life Insurance offers coverage for the entire lifetime of the insured, usually up to 99 or 100 years, ensuring long-term financial protection for the family.

ULIPs (Unit Linked Insurance Plans) combine life insurance with market-linked investment options, helping build wealth while staying protected.

Endowment Plans provide life cover along with a guaranteed maturity benefit, making them suitable for those looking for savings and protection in one plan.

Retirement Plans help individuals build a steady income stream for their post-retirement years through systematic savings and annuity options.

Child Plans are designed to build a financial corpus for a child’s future needs, such as education or marriage, even in the absence of a parent.

General Insurance

Here are the Policybazaar details of general insurance plans offered in India 2025:

Health Insurance covers medical expenses arising from illness, surgery, or hospitalization, helping individuals and families manage healthcare costs.

Car Insurance offers financial protection against damages to the insured vehicle, theft, and third-party liabilities caused by accidents.

Travel Insurance provides coverage for travel-related emergencies such as trip cancellations, lost baggage, or medical treatment while travelling.

Home Insurance protects the structure and contents of your home from risks such as fire, burglary, and natural disasters.

Marine Insurance covers goods, cargo, and ships against loss or damage during transit over water, air, or land.

Group Health Insurance is usually provided by employers and covers a group of individuals, such as employees, for medical expenses under a single policy.

How to Choose the Right Insurance Plan in India 2025?

Assess Your Needs
You should begin by identifying what you need to protect, whether it is your life, health, property, or long-term financial goals. Understanding your specific needs will help you choose the most appropriate type of insurance plan.

Set a Budget
Determine how much premium you can comfortably afford to pay on a monthly or yearly basis. Choosing Policybazaar plans that fit within your budget ensures long-term sustainability and uninterrupted coverage.

Compare Plans
Use Policybazaar’s online comparison tool to evaluate multiple insurance plans side by side. This allows you to compare features, benefits, premiums, and optional add-ons, making it easier to select a plan that offers the best value.

Check Claim Settlement Ratio
Always check the insurer’s claim settlement ratio before making a decision. A higher ratio indicates a greater likelihood that claims will be processed and settled promptly, offering peace of mind during emergencies.

Read the Fine Print
Carefully go through the policy document to understand important details such as inclusions, exclusions, waiting periods, and other terms and conditions. This helps prevent surprises at the time of claim and ensures you know exactly what is covered.