All You Need to Know About General Insurance in India

Life is full of exhilaration and risks at the same time. Some unforeseen situations and uncertainties can sometimes put you in both financial and emotional stress. If you want to safeguard your belongings like your car, two wheeler, home, then, buying a general insurance policy is a great option to cover the financial loss. Financial loss arising out of natural calamities, accidents, casualties apart from death, legal actions and thefts, are also covered under various general insurance policies.

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    As per your requirements, try to look for the relevant insurance policy which gives you the necessary cover. Unlike a life insurance policy which is valid for long-term, general insurance is based on yearly renewal. The risks which are not covered in life insurance are covered under general insurance plans.

    Type of General Insurance Policies to Cover Other Diverse Assets:

    1. Health Insurance Policy

    Due to the sedentary lifestyle, buying a health insurance has become inevitable for everyone. A mediclaim policy would provide you cover from hospitalization expenses and also expenses churning out of diagnostic and screening tests before the medical treatment. Once you have assessed the inclusions and benefits, coverages and premium and then pick a policy meeting the requirements and requirements of your family.

    If you want, you can get coverage for every member of your family under one plan in a pocket-friendly manner, with a family floater health insurance plan. And if you have elderly parents then you can buy health insurance for senior citizens.

    Moreover, every health insurance company has network hospitals under their panel. You can avail the medical treatment without paying any cash, in a cashless facility, thus saving you from the last minute financial crisis. You can always pick hospitals which are in your vicinity and within your access.

    Almost every health insurance providers allow you to renew health insurance online, provided you do not have any pre-existing medical conditions. A lot of time and efforts are saved when you do the renewal online. 

    2. Motor/Vehicle/Auto Insurance Policy

    The smartest thing to secure your vehicle financially is with a vehicle insurance policy. It would recompense the expenses in case your car meets with an accident, or is stolen or is damaged due to any natural calamities such as floods, earthquake, etc.

    Under the purview of the Motor Vehicles Act of 1988, it is mandatory for all the vehicles plying on the Indian roads to be secured with a vehicle insurance policy. Vehicle insurance is of two types - Third Party Insurance and Comprehensive Insurance. Third party cover is essential; however, you can choose the type of coverage you require based on your requirement.

    There are many benefits of buying a motor insurance policy including risk cover from accidents, unforeseen damages, theft, and natural disasters. You get cashless services at registered centers, get free roadside assistance if your car gets stuck somewhere, towing support and similar services.

    And the best part is, almost all the insurers allow the vehicle insurance renewal online. It is required to be renewed every year. 

    3. Travel Insurance Policy

    Travel insurance covers your flight delays, baggage loss, hijack distress, medical emergencies also. There is a travel insurance plan for all – be it for international or domestic travel, travel for family, students or senior citizens. While planning your next vacation, do remember to buy a travel insurance for both leisure and business travel. 

    4. Home Insurance Policy

    It’s easier to secure your home against any man-made or natural catastrophes with a home insurance policy. You find your home to be the most peaceful and serene place.

    Under situations like fire, theft, flood, strike, riots, burglary and so on. You can check out home insurance, primary home insurance, and premium home insurance and super home insurance.

    5. Commercial Insurance

    To cover business-related risks, businessmen and owners of big enterprise always prefer to stay secure by buying a commercial insurance policy. It offers insurance cover to different business related requirements for different industries including - aviation, telecom, infrastructure, property, marine, pharmaceuticals, energy and so on. In events of burglary, machinery breakdown, housebreaking, risk arising from contractor’s end, the insurer would bear the financial loss.

    There are an array of other general insurance products such as corporate insurance, crop insurance for farmers, fire insurance, property insurance and likewise. You can buy any of them based on your needs and requirements.

    In a Nutshell:

    Life is uncertain and so are the risks associated with. For this reason, it is advisable that you get most if it secured with a general insurance policy. For a hassle-free execution and easy claim, you can check out different policies online which meet your needs. It’s always better to compare quotes from 3-4 insurance service providers and then zero down on one, that works better for you.

    Written By: PolicyBazaar - Updated: 29 July 2021

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