Key Reasons Why You Should Buy General Insurance in India

Insurance plans in India can be broadly classified into two types:

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      • Life Insurance
      • General Insurance

      The classification is quite simple to understand. Life Insurance is the insurance plan you buy to insure your life. You get the amount you paid as the premium in case of your untimely or unexpected demise.

      Any other insurance plan you buy apart from Life Insurance comes under General Insurance. By definition, General Insurance is the type of insurance that covers any kind of loss except death.

      Some of the common types of General Insurance plans we can avail in our country are:

      • Health Insurance
      • Motor Insurance
      • Travel Insurance
      • Home Insurance
      • Crop Insurance
      • Commercial Insurance

      Both the Life & General (non-life) insurance companies come under the regulation of IRDAI (Insurance Regulatory and Development Authority of India).

      There are around 57 insurance providers in India, 24 provide Life insurance while 33 offer General insurance plans.

      Among the 33 General insurance companies, we have four public, six stand-alone health insurers, 21 private sector companies, and two specialized insurance providers.

      In today’s world, the chance of an individual meeting with death is much less than falling ill, meeting with an accident or losing something valuable. That is the reason why General Insurance should take precedence and be on the priority list.

      Life Insurance pays the amount for which you have insured your life. But a lost life cannot be replaced. It is more of a supportive type of insurance. Whereas, General insurance will let you buy back or repair things that have been damaged or lost and restore your health.

      Let Us See Some of the Events General Insurance can Protect You From:

      • Health - Expected or unexpected events. Hospitalization and outpatient treatment.
      • Accidents - Damage to person or vehicle
      • Theft - You lost certain things due to theft or robbery
      • Earthquakes - An unexpected event that can incur substantial losses
      • Fire Accidents - Happen now and then due to some reason or the other. Sometime, damages may be significant.
      • Storms, Floods, and Cyclones - Can result in a collapsed building or damaged vehicle or loss of cattle
      • Expenses on legal actions
      • Third-party insurance - damage to the third party involved is covered to a certain extent

      Other Reasons to Choose General Insurance

      With many options to choose from and different companies offering different benefits and flexible opportunities and plans, one can handpick the policy that meets the requirements of an individual.

      Premiums are not very high for the general insurance plans in India. Most of the plans can be bought for below Rs. 10, 000 and any damage incurred to you would cost more than that. Even though in most of the cases, the insurance policy may not cover the entire damage or loss, but it can offset and reduce the burden to your pocket.

      The Indian General Insurance industry is ranked 18th among 88 nations, which is healthy and is dominated by public sector companies.

      Motor and Health insurance comprise nearly 70% of the Indian insurance industry.

      Safety and Trustworthiness

      The entire insurance industry in India (life, health, general) is watched over and tightly regulated by the IRDAI, which came into being in the year 1999.  IRDAI is an autonomous body that does regular inspections, enquires, audits, etc. An IRDAI certification is what you need to look for when buying a general insurance policy.

      The website of the IRDAI is a useful resource and will guide you well if you are looking where to start. It has all the information on different insurance companies, different types of insurance and an FAQ section as well.

      IRDAI also receives complaints and grievances from the customers and acts accordingly. In case you have a suggestion, complaint or a grievance, you can easily solve it.

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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