DIFFERENT TYPES OF GENERAL INSURANCE

General Insurance in Definition

A contract or policy between the insured and the insurer that is taken into account only after the premium has been paid. The insurer, who has a financial stake in the asset covered, is responsible for paying the premium. In the event of a loss, the insurer will shield the insured from financial responsibility.

 

 

 

Different Types of General Insurance in India

Nearly everything can be insured. However, there are different types of general insurance in India: fire, engineering, marine, and miscellaneous insurance.

Let's examine them in terms of their utility and overall appeal. The many categories of general insurances available in India are as follows.

1. Health Insurance

The medical costs associated with Hospitalisation due to an accident or illness are covered by Health Insurance policy.

Although each insurance is unique depending on who it is purchased for, the following are the major benefits:

Hospitalisation by Accident (pre & post)

• Accidental hospitalisation and illness
• Processes for day-care
• Psychiatric Assistance
• Annual Physical Exams
• Everyday Hospital Money

With a few predetermined criteria, the cover can be extended to cover the following:

• maternity insurance and infertility insurance
• Organ Donation in Critical Illness
• AYUSH (Alternate Treatment)

The rationale for charging the health insurance premium is:

• Age
• A history of disease
• Affective Patterns
• Type of protection
• Your family's medical background

2. Travel Insurance

When you travel inside or outside of Indian borders, travel insurance will take care of any financial obligations you may have. Both medical and non-medical emergencies have the potential to result in financial liabilities.

The longest period of time for a single trip is 180 days. The policyholder is allowed to travel more than once each year. 

What is covered by your travel insurance:

• Baggage Loss
• A lost passport
• Hijacking
• Emergencies in Medicine
• Untimely Flights
• Unintentional Deaths
• Activity Sports

Travel insurance offers global assistance and unique features like:

• Negative Deductibles
• mobile-friendly claim process.
• Personalized Travel Plan Insurance.
• Facilitating claims for missed calls.

3. Bike Insurance

A two-wheeler or a bike insurance is a contract between an insurance company and the owner of the bike in which the insurer guarantees to pay for any financial obligations that might result from a collision involving the insured's two-wheeler. Two-wheeled vehicles of all kinds, including motorcycles, scooters, scooty, and mopeds, are covered by two-wheeler insurance policies. In India, there are three different kinds of two-wheeler insurance plans: solo own-damage (OD), comprehensive two-wheeler insurance, and third-party insurance. These insurance policies' differences can be attributed to the coverage they offer.

 

4. Car Insurance

In India, a car insurance policy is required in order to lawfully operate a four wheeled vehicle. There are primarily two sorts. Third-Party Liability and Comprehensive Package Insurance are both covered. A third-party policy provides coverage for losses incurred when your car causes damage to a person, object, or other third party. According to the Motor Vehicles Act, this is the bare minimum required to be able to drive legally in India.

A Comprehensive Package Policy covers losses and liabilities to other parties as well as losses and damages to you and your own vehicle. The losses could be brought on by an accident, theft, fire, catastrophes, and other events.

Under its Comprehensive Package Policies for Cars Insurance offers a number of add-ons that serve as extra defences for your car, including:

• Wheel Protect Cover
• Depreciation-Free Coverage
• Engine and Gearbox Protection
• Breakdown Assistance Cover Back to Invoice

 

5. Personal Accident Insurance

Personal Accident Insurance policy provides complete financial protection to the insured members against uncertainties such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident. In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurer. There are various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.

6. Commercial Insurance

The Commercial Lines of insurance subcategory includes the insurance lines that actually have an impact on business operations. One can purchase various types of insurance coverage, including:

• Real Estate Insurance
• Construction Insurance
• Liability Protection
• Boat Insurance
• Insurance for Employees' Benefits
• Commercial Interruptions

Each industry or business may require a particular kind of insurance, depending on the nature of the work, the level of risk involved, and the amount of money. A specific insurance for a cement mill will differ from one for an IT company, for instance. A cement plant will command a bigger premium than an air conditioner showroom.

Therefore, the level of risk exposure serves as the sole basis for insurance. An employee who works in a cement plant is more vulnerable to injury than an employee who works in a showroom.

 

FAQs - Frequently Asked Questions

Q1. What is General Insurance?

In essence, general insurance is non-life insurance. For assets other than lives, it provides protective coverage.

Q2. What are the various types of general insurances in India?

There are various types of general insurance depending on the type of asset protected, including:

• Health insurance protects the policyholder's well-being.
• Covering residential properties is home insurance.
• Depending on the exact conditions of the contract, vehicle insurance covers automobiles, cars, and other types of vehicles.
• Travel insurance protects the insured from a variety of catastrophes and disasters that may happen while travelling.

Q3. Is general insurance available online? And is doing so safe?

Online general insurance purchases are undoubtedly feasible. In truth, a lot of insurance service providers give customers the choice to get general insurance online.

Q4. What qualifications must one meet in order to purchase general insurance?

The specific requirements for general insurance eligibility vary depending on the type of insurance you're seeking for, the conditions of the policy, and the insurance company you select.