Insurance Contracts that do not come under scope of life insurance are referred to as general insurance. Kinds of general insurances are fire, marine, motor, accident, and different miscellaneous non-life insurance.
Insurance can be broadly classified into three types. These include life, health, and general. General insurance is purchased to get coverage for anything other than life and health. It protects you against damage, loss, or theft of the insured valuable. The premium you pay and the coverage you get with general insurance depends upon the type of policy you buy. A general insurance policy usually has a validity period spanning a year or few more years.
Motor insurance provides coverage for damage, loss, or theft of your vehicle. This type of general insurance in India is further divided on the basis of the vehicle they cover two-wheeler, three-wheeler, four-wheeler, GCV. The coverage can be for damage caused to the vehicle by natural or man-made circumstances. The exact terms and conditions differ across different policies offered by various insurance providers.
Home insurance offers coverage for your house and the items inside it. Like motor insurance, this type of general insurance in India provides financial protection for damage caused by natural and man-made causes. The contents that are covered under a home insurance policy would depend on the type of policy you buy.
Another popular type of general insurance in India is travel insurance, which covers your trips abroad. Travel insurance provides financial protection in case of loss or theft of your valuables along with your documents. Certain travel insurance policies also cover flight delays and medical emergencies. Travel insurance can be taken for personal as well as business trips. Other types of general insurance include marine insurance, commercial insurance, rural insurance, among many more.
It Helps an Individual in Mitigating the Losses & Gives Peace of Mind. This Also Helps the Corporates in Risk Management & Hence, Minimize the Losses.
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