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Unfolding Truths Related to General Insurance

In simple words, general insurance covers all personal insurance plans except for life insurance.

Having the right type of general insurance policy provides coverage against any unforeseen event that may occur at any point in time anywhere and provide both financial security and financial aid.

With a plethora of insurance companies available in the market, you can consider buying any insurance policy, which fulfils your needs. Gone are the days when buying insurance policy was a tedious task. In today’s times, you can buy any type of general insurance policy online easily and in a hassle-free manner.

Insurance companies such as Religare insurance, HDFC ERGO insurance, Bajaj Allianz insurance, etc. are some of the prominent insurance providers that can be considered to zero down the desired insurance policy.

In case you are one of those who think that buying the general policy is of no use. Then let us unfold some truths in regards to buying a general insurance policy in India. Take a look below:

  1. Tailor Your Insurance Policy: Every individual is different and so are their living style, habits and much more. In case you are unaware you can buy the general insurance policy and customize it easily based upon your requirements. Regardless of whether you buy a policy from insurance companies such as Oriental insurance or TATA AIG insurance today almost every company offers the feature of customizing the insurance policy.
  2. Tenure of the Insurance Policy: A life insurance policy indeed has a longer validity however, in case of general insurance policy the plans offered need a renewal most likely on an annual or yearly basis. Besides, it depends upon you to choose the policy tenure. In the case of motor insurance policy, you might be offered a longer tenure such as three years with a good discount on the premium amount. Moreover, at the times of renewal of the insurance policy if required you are free to change your insurance company if you feel dissatisfied.
  3. Variety in Coverage: When it comes to various general insurance policies being offered in India you can avail coverage for a variety of aspects right from health, motor, travel to home. If required, you have the option to insure our running business, shop and all expensive contents and assets. Besides, in some cases, you also get the benefit of being protected against in case of incurred loss/damage arising out of third-party liability.
  4. Get Covered for Multiple Perils: General insurance policy is beneficial as it offers comprehensive insurance plans and provides extensive coverage against different perils. Moreover, you need not look for different insurance companies and get into the hassle of paying hefty and multiple insurance premium amounts. For instance, having a home insurance policy will shield you against any man-made calamity such as theft, and so on, natural calamities such as earthquake, flood, etc and any other malevolent act under a single insurance policy.
  5. Versatility in Insurance Policy: General insurance policies are just not restricted to a single individual. When it comes to health insurance plans, a family floater health insurance plan is offered, which essentially provides coverage to the complete members of the family. Likewise, any commercial vehicle insurance policy will offer protection against loss incurred due to theft, robbery and damage to the goods or any sort of machinery breakdown. A general insurance policy is a great way to uplift your savings and you will just need to deal with the specific insurance company and avail all the benefits offered within the policy.

What is the Importance of General Insurance in India?

In case you do not have a general insurance policy it essentially implies that in case of any hazard you will likely remain unprotected and will have to bear the unwanted monetary expenses from your pockets.

No matter how many precautions you take possibly some or the other day you might fall sick or ill or may meet with an accident, which leads to severe body injuries. Under circumstances like these, insurance becomes your round-the-clock reliable companion.

General insurance is like a safety net, which does not let your hard-earned money, your finances; your savings suffer under any eventuality. General insurance is like a vaccine that should be bought by and for every individual and safeguard against the possible adversities.

The right type of general insurance policy in India secures you and your close ones and covers an entire gamut if essential aspects such as travel, health, motor and home.

After all, it is rightly said that it is better to be safe than sorry.

What If General Insurance Did Not Exist?

It is a general human nature that we mostly do not value what we have until we do not have it or is not made available to us.

Listed below are three different scenarios to make you understand the importance of buying a general insurance policy in India:

Scenario 1: Imagine a situation wherein you are on an exotic international destination and you have lost your passport and your wallet. Your cards and cash everything is gone. A situation like this might sound scary.

However, in case you have a valid comprehensive travel insurance policy, it will provide you with complete coverage. You will get a duplicate copy of your passport and depending upon the cover you opt for you will be provided with an emergency cash advance. Having a travel insurance policy take care of your travel-related perils and does not leave you in distress.

Scenario 2: Another instance would be considering a situation wherein your family lineage has a history of heart ailments. And, you are also one of those who need to undergo an open heart surgery treatment soon. In today’s times, medical treatments are on a higher side. Besides, your health is also important and at any cost, it cannot be overlooked.

Therefore, it is imperative to have a health insurance policy, which will take care of the incurred medical-related expenses such as in-patient and out-patient-expenses, diagnostic charges, ambulance expenses and so on.

Regardless, of whether your family has an ailment history or not it is a smart choice to avail a health insurance policy not just for self but for your family as well. A health insurance policy will secure you and provide coverage under any medical-related emergencies.

Scenario 3: Supposedly you are on a road trip with your friends and your meets with an accident. You were not at fault; however, the damage has been incurred. The novice driver of the other vehicle flew away from the situation. Now, you are left with the broken headlight, damaged bonnet and dent.

Under a perilous situation like this, if you do not have a comprehensive car insurance policy, you will have to bear for the expenses. However, if you have a car insurance policy, you need not worry about the expenses as you would easily get coverage on the incurred loss or damage. Besides, you may also avail add-on covers such as engine protection, personal accident cover and enhance your car insurance policy.

Wrapping it Up 

With the above instances, it might be clear to you that having the right general insurance policy is of utmost importance. Besides, it is also necessary for us to understand that buying a general insurance policy is a necessity and not a luxury.

When it comes to financial planning, the general insurance policy should always be top of the list. Remember, the risks of remaining uninsured will always be disastrous and cost you more.