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THE
ORANGE
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Blog
2 mins Read | 1 Year Ago

What is General Insurance and why do you need it

What is General Insurance and why do you need it?

Life can be unpredictable, which is why the most practical option for leading a risk-free life is opting for an insurance. However, while choosing a General Insurance you might come across several questions like, what is a General Insurance in India, or you might wonder what are its benefits. If you have thought about securing an anxiety-free life, then you must equip yourself with a General Insurance that's right for you.

What is General Insurance in India?

Insuring about anything, except human life is known as general insurance. It helps us protect the things we value the most, like our cars, homes and other such valuables. It significantly differs from a life insurance policy, as Life Insurance is a long-term policy and General Insurance is particularly based on per-year renewal. And all the risks that aren't included in a Life Insurance are covered in the plans of a General Insurance.

General insurance is a contract where the particular company provides you with the particular amount, as promised. It comprises personal insurance like accident, liability insurance, which includes all the legal liabilities, property insurance that are against burglary or fire, and Health Insurance.

Need of General Insurance:

The concept of a General Insurance may be alien to many, which is why they fail to see why it is essential to have a General Insurance. Some reasons for equipping yourself with General Insurance are:

  • Protection from financial losses
  • To ensure your own and your dependent’s health
  • To safeguard your family
  • Saves you from mental pressure
  • Helps to lead a stress-free life.

Types of General Insurance:

After understanding what is a General Insurance, as offered in India, it is crucial to be aware of the different types of General Insurance and when you might need them. Different categories of General Insurance:

  1. Health Insurance – A Health Insurance protects from heavy medical costs in situations of emergency. Having a health insurance is inevitable because of the sedentary lifestyle. Mediclaim policies provide you with the hospitalisation expenses and even other expenses from screening tests and diagnosis that one incurs before a medical treatment. The Health Insurance offered by ICICI Bank also provides maternity cover. With a vast range of other benefits, it not only provides comprehensive protection for you but also covers the hospitalisation expenses of all your family members

  2. Travel Insurance - Travel insurance is usually required for international travel. In case of an emergency, this policy also covers medical expenses abroad. Most of the insurers hand over the list of hospitals from all over the world where the person can avail the cashless treatment. Travel insurance or overseas medical or visitor insurance is a special kind of facility that is provided by the insurance company in India to cover up against all unforeseen circumstances, while you are travelling abroad. Expenses covered under the Travel Insurance are:
    1. Loss of passport
    2. Baggage loss
    3. Personal accident
    4. Trip cancellation
    5. Risks while visiting foreign countries
    6. Trip delay.
  3. Home Insurance - It is regarded as the biggest asset of an individual's life, as the value of the asset increases, with an increase in the investment. This insurance has proven to be a backbone that protects against damages that seem unpredictable and that may hamper the house. It protects against burglary, natural disasters, theft, terrorism and so on. It also pays for the construction cost. However, it doesn't cover the cost of the land on which you are building your house
  4. Motor Insurance - A third-party insurance is compulsory, however, a cover for the owner's protection should also be taken. In case of natural disasters and man-made risks, insurance covers are available. This insurance consists of three different categories and they are:
    1. Two-wheeler Insurance
    2. Insurance for commercial vehicle
    3. Car Insurance.

What are the benefits of General Insurance?

A Life Insurance Policy covers the expenses of your family when you are not around. On the other hand, a general policy helps you to lead a risk-free life. After clearing the concept of General Insurance we also need to know what are the benefits of General Insurance? The benefits of General Insurance are:

  • Cast aside the expenses of a car accident
  • Cover up the hospital expenses
  • To secure your assets
  • Comprehension protection and health-related expenses
  • Travel expenses and worries.

Conclusion

Unforeseen circumstances can push you into an emotional and as well as financial stress. The above-mentioned policies are the different types of General Insurance and it is completely up to you to pick an insurance plan you need, according to your requirement. In day-to-day life, comprehending general policies and their benefits and then having one is very crucial, as it eases up lots of unwanted pressure and saves you from unnecessary financial burden as well.

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