General Insurance


General insurance typically refers to types of insurance policies that are categorized as non-life policies. The term encompasses a wide range of insurance policies; from property insurance to personal insurance to policies that cover liabilities and other legal hassles. General insurance is different from life insurance policies in terms of the policy duration. While life insurance policies span entire lifetimes, general insurance policies only provide coverage for a certain period of time.

Forms of General Insurance

  • Home Insurance
  • Commercial Insurance
  • Marine Insurance
  • Health Insurance
  • Motor Insurance
  • Travel Insurance

Home Insurance

The age-old phrase ‘home sweet home’ is still relevant in modern times, and would most likely be relevant forever for humans. Indeed, there’s nothing and nowhere quite like home. However, our homes, just like pretty much everything else, are vulnerable to both natural and man-made disasters. Should an accident happen, one might have to bear a lengthy and incredibly heavy financial burden, along with an overwhelming emotional one.

For this reason, home insurance has particularly gained in popularity. There are many variations on home insurance as well these days. You can protect not just your home, but also the furnishings on the inside. Home insurance policies typically provide cover for losses incurred due to a variety of man-made issues like burglary and arson, along with a wide variety of natural calamities such as earthquakes, tsunamis and hurricanes..

The sole purpose of home insurance is to help homeowners save their finances for various other necessary expenses in life, instead of having to rebuild their homes in case something does happen.

Commercial Insurance

Commercial Insurance is a form of general insurance that has various sub-types. They include financial lines insurance, energy insurance, liability insurance, employee benefits insurance, and many more. All in all, these forms of general insurance ensure that business operations of various organizations keeping running smoothly and are covered from any unexpected damages. Commercial insurance policies can be customized to suit the needs of all types of business; small, medium and large.

Cargo Insurance

In a world that seems to be teeming with commercial activity, goods of all kinds are moved from one place to another, and may be then on to another. Various routes are used, as goods are transported by air, sea, and road. The importance of export and import in the modern world simply cannot be overstated. In such a situation, the cargo being exported and imported needs to be covered, and that’s where cargo insurance comes into play.

The insurance policy kicks into action as soon as the goods start making their way to the buyer from the seller’s location. The policies typically cover goods as long as they are in transit. Any kind of damage or financial losses incurred during transit are covered, and that’s how cargo insurance policies have helped hundreds and thousands of importers and exporters around the world.

A common feature of cargo insurance policies is deciding on the party who is to be responsible for insurance of the cargo, which typically done on the basis of the sales contracts. Apart from the cargo, the policies may also cover third-party interests if the terms of sales have certain conditions.

Health Insurance

Quality healthcare services around the world come at a cost. Costs associated with healthcare and medicine are increasing steadily with every year, and as a result, it becomes incredibly difficult to manage finances if one or more members of the family face serious healthcare issues.

In spite of growing awareness about health and fitness problems, there are numerous sectors where employees remain physically inactive throughout the day, but are mentally stressed out. This kind of a cocktail is sure to have an impact on the body’s immune system, which makes it more prone to illness and disease.

From costs associated with purchase of medication to surgical costs and expenses related to extended periods of hospitalization, health insurance policies typically cover all aspects of healthcare and medicinal needs.

Motor Insurance

Motor vehicles are major investments for their owners, and they need to be protected just as much as homes and health do. Insurance policies for motor vehicles used to be tricky many years ago, as motor accidents may also involve victims (inside the vehicle as well as outside), and this used to cause numerous controversies surrounding third-party insurance.

However, the Indian laws of today make both motor insurance and third-party insurance absolutely mandatory for vehicles. In fact, motor insurance policies have to be renewed every year, and any vehicle caught by traffic police without proper insurance papers would be punished severely.

The most comprehensive and thorough motor insurance policies are those that include proper cover for not just the vehicle, but also the driver and any victim(s) in case of an accident involving others. Vehicles with valid motor insurance papers typically enjoy benefits such as cashless servicing, towing assistance and roadside assistance.

Travel Insurance

Travelling is probably the most enriching experience in all our lives. However, there are risks associated with travelling too, and if those risks come to life, the travel experience would be anything but enriching. Travel insurance policies have been designed in order to protect you, your family and your belongings when you travel against risks such as medical emergencies, loss of baggage and important identification papers among others.

Travel insurance policies have been designed not just for leisure travel, but business travel as well. In the modern day, you can pick from a wide range of travel insurance policies. There are options for individuals, there are options for covering an entire family, and there are options to provide protection for students and elderly citizens as well. All in all, a comprehensive travel insurance policy allows you and your family to travel without having to worry about unexpected costs that may arise out of accidents and mishaps.


COMPANIES OFFERING GENERAL INSURANCE IN INDIA

  • The New India Assurance Company Limited: One of India’s insurance giants, The New India Assurance Company Limited provides a vast range of insurance policies, and has offices in 28 countries. The company’s products include personal insurance policies like Group Mediclaim Policy, Householder’s Policy, and commercial insurance policies like Bankers Indemnity Policy, Shopkeeper’s Policy, and industrial insurance policies like Machinery Breakdown Policy, Burglary Policy, and social insurance policies such as Janata Personal Accident Insurance and Universal Health Insurance Scheme for APL families.

  • National Insurance Company Limited (NIC): India’s oldest insurance provider is also one of the country’s most innovative, having brought in revolutionary changes to the insurance sector by allowing for insurance product customization. Some of NIC’s products include Private Car Insurance Policy, Overseas Mediclaim Employment and Studies, National Hero Accident Suraksha Policy, Electronic Equipment Insurance, Standard Fire and Special Perils, and Gramin Suraksha Bima Policy.

  • Bajaj Allianz General Insurance Company Limited: A private insurance player that has made its mark in the insurance sector in recent years, Bajaj Allianz also offers people a wide variety of insurance policies that include health insurance options like Bajaj Allianz Extra Care and Bajaj Allianz Critical Illness, travel insurance policies such as Bajaj Allianz Travel Elite Plan and Bajaj Allianz Student Travel Plan, and home insurance policies like House Holders Package Policy and My Home Insurance.

  • Future Generali India Insurance Company Limited: From health insurance schemes like Future Criticare and Future Health Suraksha – Family Floater to motor insurance options like Future Generali Two Wheeler Insurance to travel insurance policies such as Future Student Suraksha and Future Travel Suraksha, Future Generali is yet another private insurance company that has been an immense contributor to the insurance sector over the years.

IMPORTANCE AND ADVANTAGES OF GENERAL INSURANCE

  • Greater Focus on Work and Aspirations: If all your focus is directed towards the uncertainties in life, you are bound to get stressed out. However, if you have the right insurance policies to cover you and your family, you can shift your concentration back on to your work and aspirations to make your life a more fulfilling one.

  • Bigger Profit Margins for Businesses: There are numerous insurance policies that are aimed at lightening the load of financial worries from the shoulders of businessmen. Businesses that aren’t covered usually have to pay up for their damages themselves. However, with a comprehensive policy from a quality insurance provider, a business owner stands to keep more profits than spend them.

  • Increased Savings: Most people who don’t invest in insurance policies end up spending most of their savings on expenses that could have been easily covered by an insurance policy. Thanks to general insurance policies these days, almost all kinds of possible mishaps are covered, thus allowing people to save more of their money.

  • Always Prepared for Emergencies: Instead of constantly worrying about when the next emergency would strike, it’s better to be prepared for one and not worry about them constantly. The latter attitude is difficult to adopt if you don’t have the right insurance policies to cover you. But if you do, you can be relaxed but at the same time, thoroughly prepared for the hard times should they knock on your door.