Why General Insurance?
General Insurance protects you against losses that may or may not occur. Any insurance policy that is not life insurance may be classified as general insurance. Following are the major risks that are covered by general insurance policies.
General Insurance covers insurance of property against fire, burglary, theft; personal insurance covering health, travel and accidents; and liability insurance covering legal liabilities. This category of insurance virtually covers all forms of insurance except life. Other covers may include insurance against errors and omissions for professionals, credit insurance etc.
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Types of Insurance
Health care costs are increasing every year. Sedentary lifestyle and stress at work negatively affect the health and can result in a critical illness or medical emergency. Such a scenario is sure to adversely affect one financially, due to the massive outlay of money on medical expenditure. A health insurance policy is the only way to mitigate the financial risks, apart from leading a healthy lifestyle. Health insurance guarantees peace of mind in times of crisis, and helps secure own health and that of one’s family.
Health insurance covers the medical and surgical expenses of the insured individual due to hospitalisation from an illness. Additional riders enhance the benefits and scope of the cover.
Health insurance often includes cashless facility at empanelled hospitals, pre and post hospitalisation expenses, ambulance charges, daily cash allowance etc.
Health Insurance Plans :-
- – Individual Health Plan
- – Senior Citizen Health Plan
- – Critical Illness Insurance
- – Cancer Insurance Plan
Motor insurance covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.
Motor insurance offers protection to the vehicle owner against:
– Damage to the vehicle
– It also pays for any third party liability determined by law against the owner of the vehicle
Motor insurance is mandatory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Driving a motor vehicle without insurance in a public place is a punishable offence.
In fact, third party insurance is a statutory requirement in our country i.e. the owner of the vehicle is legally liable for any injury or damage caused to a third party life or property, by or arising out of the use of the vehicle in a public place.
A comprehensive motor insurance policy would include personal accident and liability only policy (third party insurance) in addition to own damage cover (damage to owner’s vehicle) in one policy.
Common motor insurance categories include:
- – Car Insurance
- – Two Wheeler Insurance
- – Commercial Vehicle Insurance
Some attractive benefits of motor insurance include roadside assistance, cashless servicing at nation-wide network of workshops and garages, personal accident cover, towing assistance.
International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from travelling.
Travel insurance, also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while travelling. Backed up by travel insurance, the whole experience is like no other.
Travel Insurance Plans :-
- – Individual Travel Policy
- – Family Travel Policy
- – Student Travel Insurance
- – Senior Citizens Travel Policy
Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do.
Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.
Home insurance ensures that one’s hard-earned savings are utilised to meet important needs instead of using them for rebuilding the house if some harm was to come to it.
Accident Insurance is specifically for situations similar to these. This insurance cover provides a lump sum amount in case of death or disability arising out of an accident. This amount can act as a great support system for your recovery.
Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.
Commercial Insurance Plan :-
- – Property Insurance
- – Liability Insurance
- – Financial Lines Insurance
- – Engineering Insurance
- – Energy Insurance
- – Employee Benefits Insurance
- – International Insurance Solutions
Business involves the import and export of goods, within national borders and across international borders. Movement of goods is fraught with risk of mishaps which can result in damage and/or destruction of shipments. This leads to substantial financial losses for both the importers as well as the exporters.
Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air. Shipments are protected from the time the goods leave the seller’s warehouse till they reach the buyer’s warehouse. Marine cargo insurance offers complete financial protection during transit of goods and compensates in the event of any loss suffered.
The party responsible for insuring the goods is determined by the sales contract. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks etc. The policy usually covers the cargo, but can also be extended to cover the interest of a third party post transfer of ownership as determined by terms of sale.
Benefit of Genral Insurance
- – Car insurance plans account for the expenses incurred in repairing a vehicle broken in ANaccident.
- – Health and medical insurance policies take care of the prices of medical treatments
- – Travel insurance plans facilitate to deal with prices ensuing out of unfortunate and high situationswhile traveling outside the country.
- – Home insurance policies facilitate in securing the house against numerous types of dangers like fires and natural calamities
- – Accident insurance policies are useful when it involves costs related to accidents
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.
Accidents… illness… fire… financial securities are the things you’d like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.
It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.
Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also your liability towards others can be covered.
Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.
Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance.
It is the consideration of material fact to assess the risk and to take the decision whether to accept the risk for insurance contract and if so at what rate of premium.
It is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies.
The amount, which the insured has to bear in all cases and this amount, is first deducted from the total assessed payable claims amount before determining the insurance company’s liability.