What is General Insurance?
General insurance helps us protect finical risk and the things we value, of our homes, our cars and our valuables, the financial impact of risks, big and small – from fire, flood, storm and earthquake, theft, car accidents, travel mishaps – and even from the costs of legal gainst us. We can choose the types of risks we want to cover by choosing the right kind of policy plans with the benefits we need. When you buy an insurance policy, you pay premium. That money joins the premiums of many thousands of other policyholders and goes into a big pool of funds. If things go wrong or loss of things, your insurer may either repair or replace the items that have been lost or damaged, depending on the terms and conditions policy. You may also have the choice of receiving a cash settlement or the amount of money agreed in your policy benefits.. Buying peace of mind not only policy. It’s only natural to wonder what you would do if you were in the same situation. Could you recover financially without insurance? Sure, the risk of these things happening to you may seem small. But if it did happen, the impact it could have on your finances, your lifestyle and potentially your future, could be huge. Whether you’re a born worrier or an unflagging optimist, a plan-every-detail person or someone who is happy to go with the flow, purchasing an insurance policy (which you hopefully never have to use) buys you something priceless – peace of mind. Taking out insurance means that you are not facing these unexpected risks alone. A general insurance policy typically has a period of a few years.
Q: Home insurance
Home and household insurance protects your home and the items inside it. A home insurance policy would also cover natural and man-made circumstances. The contents that are covered under a home insurance policy would depend on the type of policy you buy.
Q: Other types of general insurance
Marine insurance Commercial insurance Rural insurance Crop insurance
Q: 7 benefits of buying general insurance
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General Insurance will give protection from all the unforeseen events
As you all know that life is full of risks and insecurities. We don’t know what will be going to happen to us even in the next few minutes. Now we are fine but in the very next moment maybe some unforeseen incident can happen to us. There are some of the things that are very important for our family. They are home, cars, shops, etc. In this matter, the general insurance will play an important role in our life.
What are the types of General Insurance?
The followings are the types of general insurance and they are: Health Insurance Most people try to save money for the future for the treatment of any illness. But due to the increase in the expenses of the treatment, sometimes they cannot afford the expenses. So for them, only health insurance will play a vital role. The health insurance will give coverage or fund for medical or surgical expenses of an individual. Vehicle Insurance Accidents can happen at any time in life. Due to the increasing number of the two-wheelers and the four wheelers accidents are happening more nowadays. So vehicle insurance is a type of insurance that provides financial protection against damage of bikes or body injuries happened due to accidents. Travel Insurance Travel Insurance is a type of insurance that provides coverage against loss of baggage and loss of passports. This insurance covers all the risks which are involved with travelling either within India or to abroad. Home Insurance Home is the most comforting place for anyone. Thus, the homed insurance company will provide a fund in case of loss of your shelter. The loss can be due to man-made or from the natural disasters.
Q: Motor insurance
Insurance for the damage or theft of your motor vehicle, two-wheeler, three-wheeler or four-wheeler, is covered under this type of insurance. The damage caused to the vehicle can be caused natural or man-made circumstances, the extent of which would change from policy to policy. Under the Motors Vehicle Act, motor insurance is mandatory in India. New mot or vehicles come with a third-party insurance right from the showroom itself.
Q: Travel Insurance
Another popular type of general insurance is travel insurance, which covers your trips abroad. Travel insurance can be taken to cover loss or theft of your valuables as well as documents. Some travel insurance policies also cover flight delays and medical emergencies. Travel insurance can be taken for personal as well as business trips.
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What is the importance of general insurance in our life?
We can be the sufferer of a natural disaster like an earthquake, floods, storm, landslides, etc. Apart from the natural disaster, the other types of issues can also happen to our life. For example, we may get involved in some of the legal issues or problems and we don’t have a way out. So in this situation, general insurance and such policies will play a crucial part to provide help in that situation of life. General insurance is very much important in our life to protect ourselves and our family from the bad events occurring in our life.
What are the increasing demands and scope of the General Insurance?
Health sector According to the health sectors, 2% of the expenses of health are being covered by Health Insurance. 17 – 18% urban people and less percentage of rural people get the coverage of health insurance. Contribution of Government All the public and the private sectors are helping the government to add all the low-income people under the scheme of “Pradhan Mantri Fasal Yojona. We should try to invest in general insurance policies apart from the other schemes to protect our life.
Updated on Sep 23