What Are The Types Of General Insurance Provided In India?

By Author: Nitin Sachdev
Total Articles: 2
Comment this article

As the statement goes, prevention is better than cure. It applies to all aspects of our lives. While life insurance covers life threats, general insurance focuses on your valuable assets. Any damage to them through theft, flood, fire or natural calamity gets protected under the plan.

Your losses get reimbursed by way of repair or replacement. These are only applicable during the plan tenure. It is helpful to understand the things covered by the policy. It enables you to make an informed decision based on your needs. The coverage varies based on the general insurance companies.

Here are some of the common types of non-life insurance:

Motor insurance: It is a protection policy for your automobiles. It covers any damage to two-wheelers and four-wheelers. It is mandatory under the Motor Vehicles Act due to the increasing road accidents and traffic rule violations. You get to choose from third-party liability and comprehensive insurance plan. The former only covers third-party damage, while the latter assures losses of your vehicle too.

Marine ...
... insurance: This plan is ideal if you frequently transport contingencies through sea, ocean, air or rail. There are high chances of mishaps in marine travel. Various factors like high tides, weather conditions, overturning, natural calamities, piracy, etc., can cause accidents. This general insurance in India protects your commodities from such threats.

Health insurance: It assists you during medical emergencies. Your hospital bills, ambulance charges, doctor's fees, treatment fees etc., get covered under the plan. You can buy them for yourself and your family. Varied policy types cater to different groups like family floater schemes, senior citizen insurance, etc. They are a must in today's increasing medical inflation. You can quickly settle medical bills even with insufficient savings.

Engineering insurance: Construction is a field of uncertainties until the project completion. One mishap could stumble years of hard work and investments. It is a crucial insurance plan to safeguard the progressive structures in the making. It covers the losses incurred on construction projects, raw materials, equipment, machinery, contracts, etc.

Employee benefits insurance: Human resource is a valuable asset for many companies. You cannot afford to take their interests lightly. They are the driving force to your productivity and profits. Hence, if you are a responsible organisational owner, you should opt for this plan for your employees. It compensates for the losses due to workplace injuries, death or other mishaps.

It is easy to compare and buy general insurance online. Almost all insurers have websites stating their offers and terms. Purchasing these policies is a matter of few clicks on your device. The different types allow you to choose the best one catering to your needs.