Understanding Insurance

A quick guide to the main types of insurance we offer—their benefits, pros, cons, and how they can protect you and your family. Plus, see how you can partner with us as a POS and turn insurance into a side income.

Types of Insurance We Offer

Car

Car Insurance

Motor insurance for your car is mandatory in India. It covers third-party liability and can include own-damage, theft, and add-ons like zero depreciation and engine protection.

Pros
  • Legal compliance (third-party mandatory)
  • Financial protection from accidents & theft
  • Add-ons for better coverage
  • No Claim Bonus (NCB) on renewal
Cons
  • Premium cost each year
  • Claims process can take time
  • Depreciation on parts in some plans
Benefits
  • Peace of mind on the road
  • Cover for you, passengers & third party
  • Optional RSA, key replacement, etc.
Get Car Quote
Bike

Bike Insurance

Two-wheeler insurance is also mandatory. It covers your bike/scooter against accidents, theft, and third-party liability, with optional add-ons for personal accident and accessories.

Pros
  • Mandatory cover keeps you legal
  • Lower premium than car insurance
  • Protection from theft and damage
  • NCB on no-claim renewals
Cons
  • Basic policy has limited own-damage
  • Depreciation on older vehicles
Benefits
  • Affordable protection for daily commute
  • Rider and pillion PA cover options
  • Quick online renewal
Bike – Coming Soon
Health

Health Insurance

Health insurance helps you pay for hospitalisation, surgeries, and medical expenses. You can cover yourself, your family, or parents with sum insured and add-ons like critical illness and OPD.

Pros
  • Cashless and reimbursement options
  • Tax benefit under Section 80D
  • No-claim bonus and restoration benefits
  • Wide network of hospitals
Cons
  • Waiting periods for certain conditions
  • Pre-existing disease terms apply
  • Premium increases with age
Benefits
  • Protection from rising medical costs
  • Family floater and individual plans
  • Optional OPD, wellness, critical illness
Explore Health Insurance
Term

Term Insurance

Term life insurance provides a high life cover at an affordable premium. If something happens to the policyholder during the term, the nominee receives the sum assured—helping secure the family’s future.

Pros
  • High cover at low premium
  • Tax benefit under Section 80C & 10(10D)
  • Simple, pure protection product
  • Optional riders (accident, critical illness)
Cons
  • No maturity benefit if you outlive the term
  • Medical underwriting required
Benefits
  • Income replacement for dependants
  • Debt and goal protection
  • Peace of mind for breadwinners
Term – Coming Soon
Family

Family Health Insurance

One policy covering spouse, children, and sometimes parents. A family floater shares the sum insured among all members, often more economical than individual policies for each.

Pros
  • Single premium for entire family
  • Flexible sum insured usage
  • Easier to manage one policy
  • Often cheaper than multiple individual plans
Cons
  • Sum insured shared—heavy claim by one can exhaust cover
  • Age and health of eldest may affect premium
Benefits
  • One policy for spouse & kids (and parents)
  • Maternity and newborn add-ons available
  • Tax benefit on premium
Family Health – Coming Soon
Home

Home Insurance

Home insurance covers your house and contents against fire, theft, natural calamities, and other perils. It can include structure, belongings, and optional cover for domestic help and valuables.

Pros
  • Protection for your biggest asset
  • Cover for structure and contents
  • Natural calamity and fire cover
  • Often required by banks for home loans
Cons
  • Exclusions (e.g. war, nuclear)
  • Sum insured must be set correctly
Benefits
  • Rebuild and repair after damage
  • Theft and burglary cover
  • Liability cover in some policies
Home – Coming Soon

Become a POS Partner & Earn With LocalBima

Turn insurance into a side business. As a Point of Sale (POS) partner, you can sell our insurance products in your locality, help friends and family get the right cover, and earn commissions while building a trusted network.

  • Flexible timing — Work alongside your current job or business.
  • Earn commissions — On every policy you help sell (motor, health, term, etc.).
  • Training & support — We guide you on products and processes.
  • Digital tools — Quote, sell, and service policies with our platform.
  • Grow your network — Build long-term relationships and recurring income.

Interested in becoming a POS partner?

Become a POS with LocalBima

We’ll connect you with our team for the next steps.