Different Types Of General Insurance Policies

We own a lot of valuable assets, such as our home, car, etc. and protecting them is our responsibility. Any event such as damage, loss, or theft can be expensive. We take all the courses in order to secure them. Buying insurance is one of the ways how we can secure them. We can get reimbursed for the repairs of the damages.

Insurance is of three types- health, life, and general. Any insurance that is non-life is general insurance. You can get cover for valuables other than life with a general insurance policy. It gives you cover for the damage, loss, and theft of valuables.

Differences	General Insurance	Life Insurance
Meaning	Cases that are not covered in life insurance are insured in general insurance	It covers risks for life. It also offers investment plans.
Term	It is normally purchased for a year.	It is a long-term investment
Claim	It can be claimed after an unforeseen event	The sum assured can be claimed after maturity of the policy or death of the insured

What is General Insurance?

Imagine you and your family are out of your house. You are having a great time. However, a fire breaks out in your house when you aren’t there. The fire causes damages to a lot of valuables in your home.

In such a case, you can’t do anything to protect them. However, you can get reimbursement for repairing them. It is where general insurance comes into the picture. When you purchase a general insurance plan such as home insurance, the insurer will offer you financial help for the repairs of the damages. You must know which policy you need to buy to protect your different assets. You’ll know the premium you must pay and the cover you will get when you buy a type of general insurance. There are different types of general insurance that you can purchase to secure your valuables, such as a car or house. You must know about all the types of general insurance policies to secure valuables that you own.

Below are the types of general insurance policies-

• Health Insurance
• Motor Insurance
• Home Insurance
• Travel Insurance

Health Insurance:

Health insurance plays a very big role to reduce the cost of medical expenses. Health insurance helps you by giving cover for a medical emergency. Expenses that you must pay due to accidents or illnesses are covered in health insurance. Events such as pre and post hospitalisation, illness, health check-ups, etc. are covered in a health insurance policy.

You can also buy cover for organ donation, maternity benefit, etc. The premium is based on age, lifestyle, coverage type, health history, etc. play role in the premium.

There are two types of health insurance- individual health insurance policy and family floater policy.

Motor Insurance:

You can get your car or bike insured with motor insurance. The insurer will cover the damage or loss to your motor. The damage can be due to natural or man-made calamities.

Events such as accidents, damages, theft, vandalism, flood, fire, etc. are covered in a motor insurance policy. You can also purchase riders with the policy. There are different types of motor insurance riders, such as zero depreciation cover, breakdown assistance, etc.

For example, you are driving to your office. However, a bike hits your car. There are some damages to your car that will cost Rs. 10,000. You can save money on your car’s expense as the insurer will have to pay for it.

Home Insurance:

Our house has some of the most expensive valuables. A home insurance policy protects your house and its valuables from the damages caused due to natural or man-made calamities. You can get insurance for events such as loss or damage of valuables, fire, etc.

For example, you buy a home insurance policy with a cover of Rs. 50 Lakhs. However, someone robbed your house. In such a situation, you can claim for the loss. The insurer will have to pay you for the loss.

Household appliances, computers, mobile phones, furniture, etc. are covered in home insurance.

Travel Insurance:

You can purchase travel insurance when you are traveling in the country or outside. A basic health cover will not help you with any medical expenses if you are out of the country. However, you can pay them with travel insurance. In case you are hospitalized or lose your baggage, you can claim for its expense.

Travel insurance can cover events such as loss of baggage and passport, medical emergencies, flight delays, accidental deaths, etc.

Some other types of general insurance policies are-

• Commercial Insurance
• Rural Insurance
• Marine Insurance
• Crop Insurance

Just like securing the future of your loved ones is necessary, it is also crucial that you protect your tangible assets by investing in general insurance.  Be it your home, bike, car, or travel, every possible risk related to these will be covered under the policy. So, when are you planning to buy one?