General Insurance

Insurance in this modern era is a widely talked about the term. In fact, over the years, the awareness about insurance and the significance of it in the present context has been on the rise. However, a majority of people are still not aware of the importance of general insurance.

To help you do away with any confusion and to broaden your outlook about insurance, here is a compact guide on general insurance: –

Insurances and What They Mean

Different people define insurance is a different way. While some believe insurance is some kind of assurance against all odds, a few others take insurance as an investment. However, neither of these two is accurate as a perspective. Hence, before we get down to understanding general insurance for what it is and what it has to offer, let us first take a moment and understand what insurance implies.

The expression “insurance” signifies an instrument that offers the buyer financial coverage against losses about whatever it is purchased for. Thus, it wouldn’t be wrong to refer to insurance as a practice for risk management for unexpected yet contingent potential risks.

Types of General Insurance

The world of insurances is expansive, and there are various types of general insurance plans that are out there for purchase. These insurances are all available for various requirements, and anybody from an individual to an organisation or other similar entity can choose to buy any of these policies.

Presently, the general insurance policies that people buy to secure various assets against financial loss. General protections give cover to people against unanticipated or unforeseen incidents such as accidents and natural calamities. Medical coverage, auto or motor insurance, home insurance and travel insurance all go under this category.

Motor Insurance

This insurance policy is intended for motor vehicles and covers them against financial liabilities caused on or off the street. These damages could be man-made and caused during riots, road rage, and malevolent or could be caused during a natural disaster such as flood, hurricane, an earthquake. Both two wheeler insurance plans, as well as car insurance policies, fall under motor insurance.

Presently, both two-wheeler and car insurances online are of two types – third party liability insurance and comprehensive insurance. The third-party insurance policy covers losses identified to third party claims arising out of accidents which cause damage to or loss of property and/or injury or death of the third party. A comprehensive plan, on the other hand, includes third-party coverage; own damage cover and personal accident cover as well.

As per the Motors Vehicles Act 1988, all motor vehicle owners should at least have a third party liability to legally drive their vehicles on Indian roads.

Health Insurance

To help families and individuals meet the increasing costs of healthcare and avail quality medical aid general insurance companies presented health insurance policies. Under such a plan, policyholders shall receive coverage against expenses related to hospitalization, medical practitioner, nursing charges, ambulance facility, diagnostics, oxygen etc.

Daycare expenses, pre and post hospitalization expenses, and domiciliary treatment is also frequently secured under health insurance plans. Generally, health insurance plans are of the following types – Individual health plans, Family floater policies, Critical insurance plan, and senior citizen health insurance. However, depending on the health insurance provider there could be different composers as well.

Travel Insurance

While travelling, people are exposed to different possibilities, both financial and health-related. Loss of passport, baggage or even a delay in flight can make a problem for travellers. In this way, to help alleviate such losses, there’s travel insurance. What belongingness is covered under a travel insurance plan which is mention below:–

  1. Hospitalization expenses and individual accident cover up to a specified amount.
  2. Litigation expense related to work.
  3. Transportation fare if the insured were to lose their job, among many others.

Travel insurance plans available in India include individual plans, family plans, student plans and senior citizens plans.

Home Insurance

Residential properties are one of the most significant investments that an individual makes in their lifetime. Thus, to help ensure the security of the same, insurance companies offer home insurance plans covering your house and belongings.

A home insurance plan covers your house and substance against losses identified with both synthetic and natural causes. Loss of home appliance, personal computer and damage or loss of garages, swimming pool, terrace etc. is additionally covered under the home insurance plan.

Since you have a basic idea of what general insurance plans are and what all they cover, remember that you can buy any plan be it an auto insurance policy or health insurance plan online as well. But before you do that, it is vital that you compare the plans online and go through its inclusions, exclusions and policy terms before you select and purchase.

Redmil Group provides all the insurance services for their customer

“To understand correctly about the policy coverage, exclusions etc. read the Policy Wordings carefully.’’**

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