What are the types of general insurance that I need?

February 12, 2020

different types of general insurance

It is a sound advice to be prepared for financial emergencies by the means of a good insurance policy. How many emergencies can one prepare for and are there specific insurance policies that can help you with them? The answer to this query is that there are, in fact, various types of general insurance that can help you be prepared for almost any unexpected circumstance.

Health Insurance:

  • With changing lifestyles and diets, people today are more prone to being diagnosed with a variety of lifestyle illnesses than ever. These include diabetes, cardiovascular diseases, stroke and types of cancer. It is estimated that 75% of the world’s population is suffering from one or the other form of a lifestyle disease [1].
  • With health concerns like this as well as the rising costs of medical care, individuals and families can find themselves in a difficult position. A medical emergency can quickly turn into a financial crisis. In order to avoid such a situation, it is important to avail of a trusted health insurance plan to cover for various medical expenses.
  • It is best to avail of a comprehensive health insurance plan that covers hospitalisation charges, as well as comes with other optional riders for disability and other medical conditions.

Motor Insurance:

  • In India, owning a vehicle is more than just a means of travelling from one point to another. It is a prized possession and a mark of prosperity. People spend a long time saving up for a car or a two wheeler in order to make their family’s lives easier and more convenient.
  • Which is why every vehicle owner must have a motor insurance. In India, 467,044 road accidents took place in the year 2018. India comprises 1% of the world’s vehicles, but accounts for 6% of worldwide road accidents. Motor insurance is typically of two types - two wheeler insurance and car insurance - although there are insurance plans for commercial vehicle owners as well. With motor insurance, your much-valued vehicle is protected against any damage from natural or man-made causes. It is also protected against any man-made causes such as riots, burglary and theft.
  • Apart from compensating for loss and damage, motor insurance is also important to minimise any liabilities. In fact, according to the Motor Vehicles Act of 1988, it is mandatory for vehicles to have at least third party liability insurance. Certain motor insurance plans offer even more, such as personal accident cover and cover for co-passengers.

Home Insurance:

  • What is general insurance if not a type of insurance to protect our most valuable asset? Which is why it is essential to have home insurance, a type of insurance plan to protect our most valuable asset - our homes - from any losses or damages.
  • Only 30% of Indian homeowners have a home insurance policy. Home insurance covers a variety of assets. It covers any damages sustained by the structure of the house, such as the foundation, roof and walls. But it also covers any personal properties that might be situated inside the home, ranging from furniture to valued items such as jewellery.
  • In case of natural events such as fire, earthquake or man-made events such as burglary or riots, your house and your belongings are sure to be covered.

Travel Insurance:

  • With rising incomes, it is becoming more common for Indians to travel not just abroad, but often to various exotic locations. However, the exciting experience of travel can also bring with it certain unexpected challenges. These include trip cancellation, Visa issues and loss of luggage. In some cases, one might even find oneself in the midst of a medical emergency while travelling in a foreign country.
  • To cover for these unexpected travel-related issues, it is advisable to avail of a reliable travel insurance plan. There are a variety of travel insurance plans available for travellers of all ages. As a frequent traveller, you also have the option of availing of travel insurance for multiple trips.

One of the most important features of general insurance is that it provides protection from risks and events that might come out of the blue. Medical emergencies, burglaries and natural disasters are just some of the factors that might cause damage to the things we value in our lives. Therefore, it is important to be covered with the appropriate general insurance policy for your situation.

For some of the most reliable general insurance products in the market, you can review the various general insurance policies available at ICICI Bank. Ranging from car insurance, home insurance, travel insurance to health insurance, ICICI Bank has a trusted array of general insurance products for all types of coverage needs. You can renew your general insurance in just 3 easy steps as well as register and track your claim status online.

Customers can apply for General Insurance, here.

Non-customers can apply for General Insurance, here.

 

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