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Life is unpredictable, but one thing you can predict is the insurance for any loss you incur due to an accident or mishappening. It can be done by insurance. In India, we have broadly two types of insurance – life insurance and general insurance. Life insurance aims to secure the financial needs of the policyholder’s family in case of an untimely death, whereas general insurance safeguards the economic value of assets purchased.
Let us acquaint you in detail about what is General Insuranceand what are its definition, types, features, and benefits through this article. So, read on!
A General Insurance Policy is a way to secure the losses incurred on a home, car, or any other valuable possession during a traveling mishappening, theft, or any other risk. These plans offer the policyholder to cover the threats as per preference. Unlike a life insurance company, a general insurance company offers insurance on other things other than life.
Although there are several general insurance policies to choose from, we will now discuss the main four types of general insurance plans bought by people in India. So, have a look:
|Type of General Insurance||Main Coverage|
|Home Insurance||Coverage against man-made disasters or natural calamities that damage the home of the policyholder|
|Motor Insurance||Coverage against damages to a vehicle due to accidents and natural calamities|
|Health Insurance||Coverage against healthcare expenses of the policyholder and his or her family|
|Travel Insurance||Coverage for any loss of bags, medical problems, delays in flights, and any other bad experience during a trip|
All different general insurance plans boast different features, so let us have a look at the main features of the popular plans:
Now that you have read about what is general insurance and what are its types, it is time to learn about the importance of general insurance. Buying a general insurance policy is beneficial for the following prime reasons:
We talked about four main types of General Insurance plans, but there are some other types too like:
Make sure to arrange for the following documents before purchasing a general insurance policy:
Consider checking the following parameters while buying the best general insurance policy in 2023:
There are different types of general insurance policies, and all aim to offer coverage against financial risks. Choose a general insurance plan that meets your needs after thorough research about its features, benefits, and other details. Do not forget to compare different plans before buying one that offers extensive coverage with minimum premium payment.
Based on the features, premium, benefits, and claim settlement ratio, the following 5 general insurance companies have emerged as the best ones in 2023:
~ Bajaj Allianz General Insurance
~ Future Generali India Insurance
~ HDFC ERGO General Insurance
~ ICICI Lombard General Insurance
~ IFFCO Tokio General Insurance
The prime function of a general insurance policy is to get financial protection against any major or minor risk due to a certain or uncertain incident to valuables.
A potential general insurance buyer must consider the following things:
~ Claim process
~ A perfect combination of benefits and premium payments
~ Digital platforms to pay the premiums
~ Network hospitals/ garages (for health and motor insurance, respectively)
~ Easy renewals
~ Tax benefits
All general insurance companies in India cover the risk associated with motor, home, health, and travel from man-made or natural disasters like fire, theft, earthquake, flood, cyclone, and accident.
The right time to purchase a health insurance plan is in the early 20s because the premium amount will be less at that young age. One must buy motor insurance when purchasing a new vehicle to meet the mandatory norms under the Motor Act.
Based on the features, premiums, benefits, and easy claim process, we found three best general insurance companies in India:
~ Bharti AXA General Insurance
~ Cholamandalam MS General Insurance
~ IFFCO TOKIO General Insurance
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