General insurance is a broad category where any non-life insurance aspects are covered. These usually protect against the risks that are caused by natural calamities, medical emergencies, accidents, and diseases. Since these unforeseen circumstances can happen to anyone, it is important to protect yourself against them with general insurance.
General insurance policies usually apply for a year and one can renew them easily. Here are the most common types of general insurance and their importance:
- Motor insurance
Motor insurance is important so that a vehicle owner is protected against any accidents and uncertainties that may occur any time unexpectedly. There are two types of motor insurance depending upon the vehicle you own — car insurance and two-wheeler insurance. *
Also, according to the Motor Vehicles Act of 1988, it is mandatory for an individual to insure their motor vehicle. The importance of having a third-party motor insurance is that in case of an accident, where damages are caused to the third party or their vehicle, a third-party motor insurance will take care of its financial aspect. *
Comprehensive motor insurance ensures overall protection to the vehicle and the owner of the vehicle as well. It provides an individual with unexpected financial losses caused by natural or manmade disasters. Also, check for your motor insurance renewal every year to ensure your insurance does not expire.*
- Home insurance
A home insurance policy protects an individual’s most valued possession, their home. It financially covers the home and the contents within from any natural or man-made calamities. With a natural or man-made calamity, extreme damages can be caused to the house. Having home insurance provides financial cover by taking care of the expenses that would incur in repairing a house. *
- Health insurance
Health insurance offers protection to the policyholder against medical and surgical expenses. In recent years, health insurance has also offered customization and add-ons that safeguard a person from specific illnesses. *
During health emergencies, arranging funds can become difficult as hospitalisation is extremely expensive in the country. When an individual has health insurance, they have a financial backup that covers them whenever they need treatments. Also, health insurance offers reimbursement for several aspects of an illness. This ensures that the treatment of the policyholder is not hindered because of any economic reasons. To protect your health, it is important to make sure a timely insurance renewal so that policy coverage does not expire. *
- Travel insurance
Travel insurance is a type of general insurance that has been gaining popularity lately. Every individual wants to travel, and they are also aware of the risk associated with it. If one travels frequently, domestically or internationally, travel insurance is worth considering for protecting themselves against uncertainties. Travel insurance offers cover against accidental death, flight cancellation or delay, loss of baggage, and several other travel-related scenarios. Flight cancellations and delays are common occurrences and having travel insurance ensures that you get the financial cover for your loss of time.*
There are several types of general insurance. Depending upon your needs and the assets you own, you should consider buying them. It takes care of different needs with a view to financially protect the policyholder from unexpected damages. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.