General Insurance

   

    

                                                        

General Insurance or Non life Insurance policies provide payment depending on the loss of financial event if insured. This doesn’t cover life and hence the name General insurance. It is called as property and casualty insurance in the U.S. and Canada and Non-Life Insurance in Continental Europe.

The main products of General Insurance includes,

Motor Insurance

Home Insurance

Personal Accident Insurance

Health Insurance

Travel Insurance

Risk covered under this Insurance;

Any insurance covers certain risk and for which they provide solution. In general the common risk covered under this are,

ü  Loss arising due to damage or lost,

ü  Damage caused by ourselves against any third party,

ü  Accidental death or injury

We can see a brief on these insurance types now,

Motor Insurance – It is generally issued while buying a bike, car and any vehicle. Many had accepted that this is mandatory at least for the sake of showing it to the Traffic police and to some for getting money from Insurance companies in case of any accident.

Home Insurance - All insurance are risk protection instrument and follows the principle of ‘prevention is better than cure’, this Home insurance specifically for risk protection from burglary, damage due to riots, vandalism, earthquake etc. This insurance protection provides complete coverage for your building as per the value and content that are insured by you.

Personal Accident Insurance – Personal accident insurance are generally provided nowadays along with 2 wheeler or 4 wheeler policy renewal, but your life is more worth than 1 or 2 lakhs. Get a comprehensive policy which can provide compensation during the time of accident and which takes care of hospital costs. This is mainly needed as no one follows the traffic rules in India and no one cannot be sure on their safety, until they reaches home or office safely.

Health Insurance – Health insurance is one of the essential insurance needed for every one along with term insurance. You may be provided with one in your office which may not be sufficient and it may not be comprehensive. It is better and advisable to get one comprehensive health insurance policy separately.

Travel Insurance – Travel insurance may be helpful when you are going on a travel to a new destination. Problems arising out of baggage miss, losing your documents, any medical emergency etc can be covered under this Travel insurance.

Opinion differs among who had taken any of these insurance based on its usage to their life, but remember this is risk protection rather than an investment. Don’t worry if you had traveled safely and returned without any medical complications or loss of documents with your travel insurance because this provides protection that you will be safe at any point of time till you return to your home.

Similarly never worry when your health insurance is not useful as you are not using, say thanks to yourself for not getting any health complications as some of the disease may continue for lifetime though you can protected with health insurance.