Topic 4: 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.

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, coverage 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 best 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.

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.

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 a hassle-free execution and easy claim, you can understand different policies from your advisor. It’s always better to understand and then zero down on one, working best for you.
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