Can be classified into two groups of Insurance companies in the India Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).
Life Insurance Corporation (LIC): The term life insurance implies the type of insurance, and totally owned by the government of India. That covers the risk of life such as individual life insurance,pension plans, and group insurance plans and provides a guarantee to compensate by paying the specified sum, either on the death of the insured or after the specified period.
The types of Life insurance are: Term life assurance, Whole life assurance, and Annuity
General Insurance Corporation (GIC): General insurance or otherwise known as non-life insurance or health,property and accident insurance, is a contract that covers any risk a part from the risk of life such as home, car, and other valuables from fire, theft, flood, storm, accident, earthquake, etc.,are also covered in the policy.
The types of General insurance are: Health insurance, Motor insurance, Travel insurance, Home insurance, Fire insurance and Marine insurance