General Insurance Policy: The Basic Requirement Nowadays!

What are general insurance plans?

The general insurance policy is a non-life insurance plan wherein insurance is done for a range of products. Normally, general insurance in India is for homeowners, vehicles, marine, travel, medical, etc. When a buyer buy general insurance policy, she/he gets the advantage of payment reimbursement at times of any financial loss that occurred for the above-mentioned forms.

Usually, in the life insurance policy and other policies in the market, the tenure is nearly a lifetime. However, the general insurance agency has a tenure based on economic activity or for a shorter pre-defined period. Mostly, the time is a year, or for any particular product like for the automobile industry, the tenure is comparatively longer than a year.

The idea of a general insurance company!

Talking about the general insurance agency business plan, it is for the people suffering from any tragic loss due to any product, service, property, etc. For example, for a person having motor insurance suffers from a loss amid the insurance tenure, the general insurance agency pays the loss from the premium collected from the people.

Are you still confused about how it works? Well, suppose your family member requires an immediate kidney transplant and you have other expenses to meet too. Being from a mediocre family, how will you bear these expenses? Well, at such uncertain times, health insurance can share your burden that comes under the general insurance policy.

No doubt that the requirement of such insurance is minimal; however, such instant support can help you go through tough times easily. So why avoid it!

What is the need for a general insurance policy?

The core aim of every policy is financial help at the time of need and general insurance is one such policy too. Suppose you are driving back home after a late-night party and your cars’ bumper comes out after hitting the wall! Well, with such an uncertain loss, you will not be able to get a good sleep if you have tight budgets for the month.

General car insurance helps here! The amount you might be losing paying to the repairing agent is reimbursed with an insurance plan. With a general insurance plan for your car, you not only get financial help in times of need but you also feel having back support in crucial times.

The types of general insurance plans:

General insurance can be categorized as below:

General insurance health plans

Health care costs huge bucks and the charges are increasing every year. There are several negative health impacts in our daily life with the monotonous work culture we follow. A medical emergency can arise anytime, thus to pay the heft amount of medical expenses anytime, health insurance is indispensable.
Health insurance covers emergencies like medical and surgical health problems. When a person carrying health insurance is hospitalized of illness, the insured money is reimbursed. Most of the time cashless facility is available at hospitals and even if it is not, the money is reimbursed in a defined period.

Types of health insurance:

  • Surgery Cover
  • Comprehensive health insurance
  • Family cover
  • Individual policy

Home Insurance

The most common of all general insurance policies is home insurance. Most people invest in home insurance making it the biggest financial investment. Home insurance covers different scopes mainly saving people’s homes against natural calamities, fire, flood, or maybe a manmade disaster. The scope of the insurance differs ranging from different plans.

Home insurance aims to ensure that people save their hard-earned money for important things in life rather than re-using it to re-build their house after a natural calamity or any other harm.

Marine Insurance

Export and import carry out huge business activities around the world. The movement of goods from one country to another or maybe within the country have possible threats of damage and misplacement while shipment of the goods.

This is where marine insurance comes at rescue. The damage caused during the travel by air, sea, or train is covered in insurance. General insurance products are protected until the same reaches the buyers’ warehouse. Such insurance covers complete protection and ensures full coverage in case of loss.

The buyers, sellers, import and export merchants, and other probable contractors buy such marine cargo general insurance policies.

Such policies include:

  • Open cover
  • Open policy
  • Annual policy
  • Specific voyage policy

Travel Insurance

Traveling abroad? Your happy vacation can turn into a nightmare anytime! Got insurance?

Well, when you are traveling long, having insurance is necessary because of the loss of baggage, passport, or maybe a medical emergency, which can arise anytime.

Travel insurance covers medical and non-medical emergencies. To travel hassle-free without the threat of any ill experience, travel insurance helps you be safe from any possible misfortunes.

The types of travel insurance you can choose:

  • Individual travel policy
  • Senior citizen travel policy
  • Student travel policy
  • Family travel policy

Commercial Insurance

Commercial insurance covers a wide range of sectors. It includes insurance for aviation, pharmaceutical, telecom, textiles, manufacturing, logistics, etc. Such insurance covers small and big companies.

Commercial insurance types include:

  • Liability insurance
  • Energy insurance
  • Property insurance
  • Marine insurance
  • Employee benefits insurance, etc.

If we talk about what more to consider under general insurance, they can be mobile insurance, rural insurance, property insurance, corporate insurance, crop insurance, fire insurance, private accident insurance, etc.

General Insurance Companies in India: (Public and Private Sector)

  • New India Assurance Company Limited
  • National Insurance Company Limited
  • Agriculture Insurance Company of India Limited
  • Oriental Insurance Company Limited
  • United India Insurance Company limited
  • Aditya Birla Health insurance Co. Ltd.
  • Bajaj Alliance General Insurance Company Limited
  • Bharti AXA General Insurance Company limited
  • Cholamandalam MS General Insurance Company Limited, etc.