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General Insurance

About General Insurance

Insurance companies that do not come under the domain of life insurance are called general insurance.This insurance policy helps us protect ourselves along with our valuable belongings, such as, homes, cars and other precious stuffs. General insurance covers insurance property against fire, theft, burglary, etc., personal insurance covering health, travel and accidents, and other liability covering legal liabilities. This category nearly covers all forms of insurance except life.

General insurance policies are brought as they offer protection against unexpected possibilities like loss or damage of assets. Common forms of this policy are home, fire, motor, health, travel, accident, and other varied forms of non-life insurance. Unlike life insurance policies, the tenure of general insurance policies is not for a lifetime. Most of these policies are annual contracts but however, few products have a long term.

Benefits of General Insurance
  • In case of unexpected future events, there will be a financial security of life and assets
  • It lowers tax burden by implementing tax relief through deductions from income
  • It helps in financial planning for the future and encourages saving
Types of General Insurance
Motor InsuranceHealth InsuranceTravel InsuranceHome InsuranceMarine (Cargo) InsuranceRural InsuranceCommercial Insurance
It covers the damages and liability to a vehicle against different on-road and off-road emergencies. There are more comprehensive policies to secure against damage caused by natural and man-made disasters, including acts of terrorism. Motor insurance is compulsory in India as per the Motor Vehicles Act, 1988 and needs to be renewed every year. Common motor insurance categories include:

  • Car insurance
  • Two-wheeler insurance
  • Commercial Vehicle insurance
It covers the medical and surgical expenses of the insured due to illness. It includes pre-post hospitalization expenses, ambulance charges, daily cash allowance, etc. It helps secure own health and that of the loved one’s.Common types of health insurance policies include:

  • Individual policy
  • Family floater policy
  • Comprehensive health insurance
  • Surgery cover
It covers the unseen medical and non-medical crises during oversees tour, ensuring a worry-free travel experience. It protects the insured against hardships while travelling. Different types of policies include:

  • Individual travel policy
  • Family travel policy
  • Student travel insurance
  • Senior citizens travel policy
It covers for protection of house and contents in it depending on the scope of insurance policy chosen for. It protects the house against natural calamities, man-made disasters and threats. It also protects against risks and damages from fire, flood, earthquakes, theft, etc. covering the building and valuable assets in it.
These policies cover goods, freight and cargo against loss and damage during transit by rail, sea, road or air. Shipments are protected from the time goods leave the seller’s warehouse till they reach buyer’s warehouse. Common types of cargo policies include:

  • Open cover
  • Open policy
  • Specific voyage policy
  • Annual policy
It covers for the needs of agriculture and rural businesses. IRDA has specified annual targets for insurers to provide insurance to rural and social sector.
This offers solutions for automotive, aviation, construction, chemicals, foods and beverages, oil and gas technology, textiles, etc. It covers small and medium scale enterprises as well as multinational companies.