Crucial Reasons To Buy General Insurance

By Author: Varun
Total Articles: 1
Comment this article

General insurance promises to cover the financial loss suffered due to damage caused to the insured assets. It protects your valuable assets from fire, theft, burglary, natural disasters, medical emergencies, or other unfortunate accidents. Since, life is full of uncertainties, insurance is something you should never overlook.
 
A general insurance policy offers you financial protection against losses or expenses incurred in the event of unfortunate happenings. There are several types of general insurance available in India, and you must opt for the ones that you need. The most common types of general insurance are:

Motor insurance
Home Insurance
Travel Insurance
Health insurance
Commercial insurance,
Crop insurance

 
Why should you buy general insurance?
 
Buying general insurance is crucial, as it can save you in case of the following events:

Expected ...
... or unexpected hospitalisation.
Outpatient treatments.
Earthquakes that might cause substantial losses.
Theft or robbery.
Damages caused by accidents involving persons or vehicles.
Fire accidents.
Storms, floods, cyclones, etc.
Expenses incurred on legal actions.
Third-party insurance.

 
Other Reasons to Buy General Insurance
 
Among all the reasons for buying general insurance, the main reason is the affordability and accessibility. With so many options on the market, you can choose from different companies offering different benefits and plans.
 
Also, the premiums are very affordable for general insurance in India. Most plans can be bought for below INR 10,000 or for any other damages that might cost you more than that. However, in some cases, the insurance policy might not cover the total losses, but it can reduce the burden.
 
In addition, the insurance industry is regulated by IRDAI. Thus, a general insurance company under IRDAI cannot be a fraud. If you have any questions or complaints, you can directly contact IRDA personnel to resolve them.
 
What are the advantages of buying general insurance?
 
While life insurance takes care of you and your family, general insurance helps lead a risk-free life. Below are some advantages of buying general insurance -
 

Cover Hospital Bills

 
General health insurance can help you pay for hospital bills in case of a medical emergency. With the rising incidence of health issues and steep medical inflation, buying health insurance has become one of the most important investments. By paying a premium of about Rs. 10,000 in a year, you can avail coverage of Rs. 10 lakhs or more.
 

Avoid car damage cost

 
If you have car general insurance, you do not have to worry about the costs related to repair or replacement of parts. Your insurer will take care of the bills, and offer you the necessary financial aid. This saves you from a huge financial burden in the case of accidents or damage of any nature.
 

Safeguard your business and property

 
General insurance covers your property and business. This is another very important insurance policy that property owners must not neglect. Having your property insured can protect you against financial losses incurred in the event of a natural calamity, fire breakout, theft, or burglary.
 
How to buy general insurance?
 
Buying general insurance is easy with the availability of online services. Today, you can easily buy any type of general insurance from the comfort of your home using online services.
 
However, before you make the purchase, you must spare enough time to research the insurance companies and the plans they offer. Compare different plans to find the one that best suits your needs. Before completing your purchase, check out the add-ons that can be beneficial for you.
 
Once you finalise the plan you want to purchase, here’s how you can buy general insurance in India:

Login to the portal of the insurance provider you have selected.
Enter the necessary details.
Once you enter the details, you can opt for add-ons.
Lastly, you need to make the payment.
The policy document will be sent to your registered email address.

 
Before purchasing general insurance, you must understand the insurance company's features and advantages. Also, you must compare the premiums and coverage to ensure you buy the affordable one with proper coverage.