General Insurance
Insurance in India: How it works!
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What is General Insurance?
General insurance includes car, home, or travel. It acts like protection for things other than the health or life. A car, home, a travel, and much more can be covered. After some bad incident such as an accident, theft, or damage, it comes into action and provides means to repair or replace those issues. It is something in case of an unfortunate condition that might cost a good amount of money.
Sort of General Insurance:
Motor insurance
Motor Insurance: It is an insurance policy that covers your automobile and safeguards against accidents and theft.
Health Insurance: Health insurance covers your medical costs. It enables you to get the medical services and treatment that you require when you fall ill or are injured.
Travel Insurance: Travel insurance covers all unforeseen events while traveling, including trip cancellation, the need for medical treatment, lost luggage, etc.
Home Insurance:
Home insurance protects your home and personal belongings from theft, fire, and other disasters such as natural causes that bring damage.
Marine Insurance
Marine insurance will ensure protection against the losses, including the destruction to the ship and goods. This is usually observed on sea voyages.
Rural Insurance:
It offers protection to the farmers and rural population by protecting their rural agricultural assets, livestock, and property.
Mobile Insurance:
Cell cover comprises repairing or replacing the damages caused to your smart phones, stolen, lost in theft, etc., accidents, and any kinds of damages.
Bike insurance
Bike insurances protect your bicycle through protection from theft, or bike related damages, or if anyone gets injured from cycling-related accidents.
Commercial covers the insurance for business-related industries in which the losses cause monetary by damage to properties of goods, liability towards claims raised against the company business operations interruptions, etc.
Types of General Insurance Policies
General Insurance with Critical Illness Cover – In the dreadful event that the policy holder dies during the term period, this general insurance program includes a life cover wherein the sum is paid back as a lump sum amount.
The basic life policy generally includes a paid-for cover for life.
Basic Plan- It is the most basic form of General Insurance where it offers life cover with the death benefit that will be given to the nominee as a lump sum if the insured dies within the period. The paid life cover falls under the basic plan for life insurance.
Life Cover with Accidental Death Benefits – This General Insurance cover has a life insurance component under which the sum assured amount is paid in case the policyholder dies during the policy term. The life cover basic plan comes with paid life cover.
What are the Types of General Insurance Policies?
1)General Insurance with Critical Illness Cover – In case of death, a life cover will be received as a lump sum when the insured person dies, in the sad event, during the policy term itself. The plan of life insurance policy purchased forms a basic type of life cover.
2)Basic Plan- The basic General Insurance plan has a life insurance policy which is a one-time amount if the policyholder dies within the time of the policy. The basic life insurance plan contains paid life cover.
3)Life Insurance with Accidental Death Cover – This General Insurance plan includes a life insurance policy that pays an amount in case of the death of the policyholder during the policy period. The basic life insurance policy comes with a paid life cover.