What is General Insurance?
General insurance covers insurance of property against fire, burglary, theft; personal insurance covering health, travel and accidents; and liability insurance covering legal liabilities. This category of insurance virtually covers all forms of insurance except life. Other covers may include insurance against errors and omissions for professionals, credit insurance etc. Common forms of general insurance are motor, fire, home, marine, health, travel, accident and other miscellaneous forms of non-life insurance.
Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. The usual term lasts for the duration of a particular economic activity or for a given period of time. Most general insurance products are annual contracts. There are however, a few products which have a long term.
Types of General Insurance:
Motor insurance covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.
Motor insurance offers protection to the vehicle owner against:
- Damage to the vehicle
- It also pays for any third party liability determined by law against the owner of the vehicle
Common motor insurance categories include:
- Car Insurance
- Two Wheeler Insurance
- Commercial Vehicle Insurance
Health care costs are increasing every year. Sedentary lifestyle and stress at work negatively affect the health and can result in a critical illness or medical emergency. Such a scenario is sure to adversely affect one financially, due to the massive outlay of money on medical expenditure. A health insurance policy is the only way to mitigate the financial risks, apart from leading a healthy lifestyle. Health insurance guarantees peace of mind in times of crisis, and helps secure own health and that of one’s family.
Common types of health insurance policies include:
• Individual Policy
• Family Floater Policy
• Surgery Cover
• Comprehensive Health Insurance
International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from travelling.
Travel insurance, also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while travelling. Backed up by travel insurance, the whole experience is like no other.
Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do.
Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it.
Insurance solutions to meet the needs of agriculture and rural businesses form part of rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector.
Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.