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General insurance policies are those which do not offer coverage for risks to the life of the policy holder. To put it simply, general insurance policies do not include life insurance plans. Rather, general insurance includes all those plans which cover associated risks.
There are several financial and other risks that people may face in sudden situations. Hence, there are various types of general insurance in the market for this purpose. They are health insurance, travel insurance, motor insurance, home insurance, personal accident insurance and commercial insurance.
While there are various types of insurance in India as discussed, here’s taking a closer look at some of the sub-divisions within these general insurance policies.
One of the prominent general insurance types available, these offer coverage for costs of medical treatments, surgeries, emergencies and other healthcare needs arising from an illness, accident or injury. There are several add-ons including maternity insurance, critical illness insurance and so on.
While any general insurance policy do not include life related risks, motor insurance plans cover third-party liabilities if any injuries/property damage happens due to your vehicle. There are comprehensive plans which offer coverage for damages to the vehicle itself.
These policies cover risks while traveling for any purpose, across both international and domestic journeys.
This offers coverage for disablement or death arising from accidents. Lump sum benefits are paid out in such cases to the nominees of the policy holder.
These cover financial losses owing to damages to the home and its contents.
These are policies offering coverage for various kinds of business risks including fire, property, marine, workmen’s compensation and commercial general liability insurance.
You should always choose those general insurance products that fit your needs and your lifestyle. Medical risks are common and you should safeguard your entire family against the future financial costs of the same by getting a health insurance at the earliest. If you own a vehicle, then it is compulsory to have third-party insurance at least. You can purchase other policies based on your needs. If you are a frequent domestic/global traveler, or are planning a big trip, then you can consider travel insurance. If you own a company or business, then you should take commercial policies into account. If you are worried about the safety of your home, then you can get home insurance, while personal accident insurance is another plan that is a must in today’s uncertain times.
Once you have chosen the plans that you need, compare them individually for various parameters including the coverage amount and inclusions, premium amount, tenure, renewability options, added benefits and exclusions.
Also Read: GIPSA Insurance
The buying process involves the following steps:
Also Read: Top General Insurance Companies in India
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