- Written by PolicyBazaar
- Views: 304
- Published: 27 May 2014
General Insurance, also known as non-life insurance, comprises of a gamut of insurances that provide specific covers to the insured against specific forms of eventualities. The contrast between life insurance and non-life insurance is that while the former protects the insured against risks of death, the latter protects him/her against risks associated with life such as fire, burglary, theft, illnesses, accident, etc. By its very definition, it can be estimated how wide a category General Insurance is.
Forms of General Insurance:
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Two Wheeler Insurance
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Health Insurance is a complex product and the exclusions and additional riders and benefits makes it all the more complex. We assist you to understand the features, flexibilities and fine print of a plan. We get you the best health insurance quotes from the leading health insurers. Get a smart coverage at a smarter price now!
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Why Compare with Us?
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Every insurance company presents its best facet while selling a plan but it is the Claim Settlement that really decides how good the company really is. As a buyer you should ideally look for 3 factors while making a purchase –
- Claim settlement ratio – The number of claims settled by the company to the total number of claims filed in a financial year.
- Incurred claim ratio – The total amount spent on claims to the total amount earned as a premium by the insurance company in a financial year.
- Claim settlement turnaround time – It signifies the time span between the filing of a claim and settling of a claim. In other words, it is the time taken by the insurance company to settle a claim.
The basic outline of a claim process for the general insurance is -
Of all the forms of general insurance, only Health Insurance comes with tax benefits. As per Section 80D of the income tax act 1961, the premium paid for a health insurance plan qualifies for tax deduction from your total income. The upper limit for this deductible amount is Rs 15,000 and is extendible up to Rs 20,000 for senior citizens. So, if you pay the premium both for yourself and your parents, a maximum of Rs 35,000 will qualify for tax deduction from your total income.