Non-life insurance or general insurance gives you the security to your property against fire, burglary, and the like. It also encompasses personal insurance, such as health and accident. In fact, each type of general insurance plan has a distinct role to play. Here’s low-down on the most significant ones.
In accordance with the general knowledge, insurance is a transfer of the peril or risk of one individual to another in lieu of payment. This is nothing but a form of risk management and is used to safeguard against the risk of any uncertain mishap.
There are a number of individuals as well as institutions that can face many kinds of risks on a daily basis. General insurance is one of the best methods to make sure that you do not have to face any financial loss.
When would you need general insurance? Basically, you will need it just about every occasion that you are likely to come across. It ranges just about anything from accidents, natural calamities, fire, financial securities, legal liabilities and everything that falls in between. General insurance providers in India offer you that much-needed security against those unwelcome, and unforeseen events.
8Special Features of These Policies
Though the features might vary from one service provider to the other, the general characteristic remains more or less identical. Such as:
- The policies for general insurance plans in India are issued for short terms, such as 365 days.
- You cannot renew them automatically.
- Quite unlike life insurance policies, general insurance does not offer a money-back or ‘returns’. They are meant to give you protection against different forms of contingencies.
- As specified in the policies, they can be subjected to deductibles.
- The government of India has made it mandatory to go for specific insurances. They include Public Liability Insurance and Motor Insurance.
- You would need to pay the premium in advance. There are very few reliable companies offering payment through installment.
7All That Gets Covered
Almost everything that you possess has some financial value. Also, almost all of them can get stolen, getting lost or simply end up being damaged. Almost everything of the kind can be covered through general insurance.
These include, but do not remain confined to movable and immovable properties, cash, vehicle, health, household goods, and even your liability towards others.
6How Much Insurance Is Needed?
It is more than important to have a sufficient amount of coverage for just about any insurance policy that you buy. Be it for any property insurance, or asset insurance, there is a way of assessing its value.
It will be assessed based on reinstatement value or market value. If the amount of sum insured is insufficient, then you might need to bear the percentage that represents the uncovered share of your asset.
We live in an age where it is hard to find a person without health insurance. As the name suggests, it would cover the medical expenses of you and your family. Different Insurance companies in India offer different types of health insurance plans.
So before you enroll yourself to just about anywhere, it is imperative to compare the services of a few companies. Also, look for a service provider that caters to your individual needs. By and large, the insurance companies cover daycare hospitalization, as well as domiciliary hospitalization, and even post-hospitalization costs.
However, your insurance company can either pay to the health care provider directly or reimburse the insurer.
You do have two very important reasons to give your nod to health insurance if you yet not have one. First of all, with pollution engulfing just about everywhere, and thanks to the modern lifestyle, falling prey to different health issues have become unavoidable. Plus, you cannot ignore the fact that the cost of modern health care has reached an unprecedented height. Hence, going for health insurance is a smart move by all means.
It is compulsory to have motor insurance every time you buy a vehicle. Whether you buy a two-wheeler, a commercial vehicle or a private car, the General insurance companies in India offer an all-inclusive an economical plans. In India, you can choose from two different types of car Insurances.
Third-party insurance is a basic policy that covers damages, losses, or injuries caused by a third party property or vehicle. On the other hand, comprehensive insurance offers enhanced coverage.
It includes coverage for 3rd party damages, as well as personal damage is any, caused to the insured car. Apart and these two types of Insurances, a number of companies also allow their policyholders to customize their car insurance policy.
In case you lose your passport, baggage, or similar belongings while traveling, this insurance policy would come to your aid. In fact, the General insurance plans that offer traveling insurance covers many more aspects of a trip. They include, but do not remain confined to expenses for tour canceled, flight delay or canceled, medical coverage, baggage delay, among others.
You can get some excellent customized plans for a nominal premium. And applying for them via the company website is quite easy! There are different traveling insurance policies for domestic and overseas tourists.
The policy providers might calculate the premium on the basis of the place you go, and it’s the distance from your residence. For more information on travel insurance click here.
This is a type of general insurance that covers different personal insurances, as well as protections, including losses to home, as well as its contents. It has various benefits that you might not realize on the surface. First of all, you enjoy a total coverage of both the structure and content of your property.
A fitting General insurance company to your aid can also help to choose a policy to suit your individual needs. Thus, you can protect your assets against just about any type of untoward happenings. On-time payout also makes it convenient for your family to make for the losses fast so that you can move back to your ‘normal’ life without much to do.
With the increase in the number of ailments, it is necessary to have the health insurance done for every individual from the best insurance companies in India.
Also while taking health insurance make sure of the fact that you are checking all the terms and conditions of the policy so that you do not have to face any problem during the claim.