*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
The General Insurance sector has been witnessing major growth since the past few decades. Every year there are some new insurance products and policies are introduced to enhance the coverage and protection benefits and to ensure a better customer experience. Undoubtedly, a developed insurance sector is the foundation of a nation in times of unforeseen events like natural calamities, health emergencies such as COVID-19 pandemic that has hit the world’s economies in 2020.
There are a range of insurance products that General Insurance Companies in India provide to their customers. Amid COVID-19 pandemic, there have been great reforms in the health insurance, motor insurance and home insurance industry. However, travel insurance has taken a backseat.
There has been an upsurge in demand of home and property insurance as well and the medical insurance sector has already witnessed a 30% increase in the demand as a result of rising Coronavirus fears among the people.
Non-life insurance or a general insurance policy are further divided into the following categories -
During the challenging times of COVID-19 pandemic, the medical insurance sector has launched some great products. For example IRDAI has asked the general insurance companies to provide standard COVID-19 insurance policy with standardized coverage features across the industry with no deductibles.
In the welfare of the people who cannot afford to buy a Rs 10 Lakh or Rs 1 Crore Insurance and are looking for a basic health cover can buy a standard Arogya Sanjeevani policy with the sum insured up to Rs 5 Lakh. It also comes with standard features and benefits to ensure no fuss around the product.
To solve the financial worries of the people during the times of pandemic in 2020, the Insurance Regulatory and Development Authority of India has also introduced ‘Pay as-you-drive’ motor insurance policy. It is suitable for people who have multiple cars and do not drive much. They can per as per the kilometres driven by them and save themselves from paying an extra insurance premium every year.
General Insurance companies provide a range of insurance products that can prove to be beneficial in many ways. Some of the major benefits that they offer are listed below:
Both the General Insurance Companies and Life Insurance companies’ in India are experiencing a vibrant industry growth. Even the new players like Digit Insurance are making a remarkable presence with their new and innovative General Insurance Products.
With changing lifestyles and upcoming challenges there can be a trend shift in the Insurance sector including product innovations, online purchase, renewal and claim management, and other regulatory trends that may follow.
The Government of India has also made significant efforts to in the Insurance sector especially for below the poverty line through various campaigns as mentioned below -
The idea is to ensure insurance benefits to all in the rural and urban India, with a special focus to the deprived. Such schemes by the Government are promising for the lower-middle-income group who cannot afford to pay higher premiums. It will help give the necessary boost to the insurance sector and the overall economic stature of our country.