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What Are The Different Types Of General Insurance ?

What is a General Insurance? 

An insurance that covers almost everything other than life insurance is known as a General insurance like health insurance, travel insurance, motor insurance and home insurance.  It covers all sorts of unexpected risks like road accidents, unfortunate incidents during journey, legal liabilities, critical illness, natural and man- made calamities, accidents due to fire and water, theft, etc.  

  • Generally, they are not long duration policies.
  • A sum of money called premium is paid regularly to the insurance company to avail the benefits of general insurance.
  • Unlike life insurance, they do not earn maturity benefits, but only cover the financial losses associated with the unexpected event.

Different types of General Insurance policies?

  • Health Insurance: It is an indemnity cover for expenses related to future medical needs like hospitalization, treatment, surgery and other related things. Health insurance policies are designed in several ways to meet the requirements during different types of medical situations like Mediclaim policy, Critical illness plan, Hospital Daily cash benefit plan and Family floater plan. 
  • Travel Insurance: It is an insurance cover that takes care of the expenses related to the unexpected incidents that a traveler may have to face while on a trip. This includes missed flight, loss of baggage and important documents, accident or illness during the journey, emergency evacuation, trip interruption or cancellation and many more. It is generally a short duration insurance cover and lasts till the trip lasts. The different types of travel insurance include individual or family or group travel insurance, student travel insurance and international and domestic travel insurance. 
  • Motor Insurance: This insurance cover is for two wheelers as well as four wheelers like cars. It covers the financial as well as legal liabilities connected with the road accidents. It is of two type- third party motor insurance and comprehensive insurance. 
  • Home Insurance: It protects the structure and the content of the house financially from all kinds of possible threats that may cause damage to it like fire, water, theft, natural calamities like earthquakes, floods, cyclones as well as personal liabilities. Generally, It lasts for a year but in some cases it can be up to five years. 

The coverage under general insurance can be broadened by taking add ons. 

How to choose a General Insurance company? 

There are many General insurance companies in India who are providing services to the customers. Some of the well known general insurance companies of India working in Public and private sectors are-

  • The Oriental Insurance
  • Bajaj Allianz General Insurance
  • HDFC ERGO General Insurance
  • Apollo Munich Health Insurance
  • Max Bupa Health Insurance
  • Tata AIG General Insurance
  • Star Health and Allied Insurance
  • SBI General Insurance
  • Royal Sundaram Alliance Insurance
  • Reliance General Insurance 

In order to choose a general insurance company, one should always look for a few things like -the coverage under the plan, premium charged, duration of policy, claim settlement ratio, customer service and customer’s review.

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