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At different stages of our life, we collect different kinds of assets such as Property, Four-wheeler, Two-wheeler, etc. Apart from these physical assets, Health is also one of the crucial assets of your life. So, when we opt for Life Insurance to protect our family’s future in case something unfortunate like Death happens, we should also have something that can protect these assets. So, what should we do about this? Well, that’s where General Insurance can help you! With the help of general insurance, you don’t have to worry about your finances in case you face economic losses during the term of your policy.
Also known as Non-Life Insurance, general insurance is an agreement between the policyholder and the insurance company that commences only after the payment of the premium. The individual who holds a financial value in the covered asset (depending on the insurance you are taking) pays the premium for the policy. In case of any loss, the insurance company will protect the insured person from any kind of financial liability up to the predefined limit.
So, what are the features of general insurance you should know? We will tell you the same, along with the different types of general insurance. Keep reading!
Table of Contents
Let’s Know about the Features of General Insurance
We are showing some of the prominent features of general insurance that will help you understand better. Have a look!
- General insurance is of different types — Health Insurance, Motor Insurance, Fire Insurance, Property Insurance, and Travel Insurance. So, you can cover different risks attached to these assets with these different types of general insurance.
- With any of the general insurance on your name, you can be assured about the financial security in a condition when you face any losses. Your insurance plan will cover your financial losses up to the limit defined in the plan. Let’s say an individual has a Car Insurance of INR 5 lakh. He bumped into a pole and damaged his bumper, for which the repair charge was INR 15,000. Since he already has a plan, he can get that bumper repaired without having to pay for the same.
- In the general insurance policy, you will need to pay the premium for one year until the renewal.
- With a general insurance plan, you don’t need to break your savings in the case of loss of an asset.
Different Types of General Insurance that you Should Know
As we told you earlier about the different types of General Insurance, it’s time to know them in detail. We are showing them one after another. Please check!
Health Insurance
One of the most popular general insurance plans is the Health Insurance. Considering the rising medical bills, you don’t want to ruin your finances in the case of a medical emergency. With this, you can get coverage against any medical expenses. You can choose to get Health Insurance both for yourself and your family. There are different types of health insurance plans that you can choose, such as Individual Health Plans, Family floaters, Critical Illness, Senior Citizen Plans, etc. A premium of a Health Insurance Plan depends on several factors such as Age, Sum Insured amount, Coverage Benefits, Medical History, Type of Policy, etc.
We are showing some of the top health insurance plans in the below table that you can check!
| Health Insurance Plan | Features |
|---|---|
| HDFC Ergo My Health Suraksha Silver Smart Plan | Sum Insured amount of INR 3 lakh to INR 5 lakh |
| Star Health Family Health Optima | Maximum Sum Insured of INR 25 lakh |
| Niva Bupa Health Companion Individual Plan | Maximum Sum Insured of INR 1 Crore with |
| HDFC Ergo Optima Restore Plan | INR 50 lakh maximum sum assured amount, Pre-hospitalization cover after 60 days, etc. |
| Aditya Birla Activ Assure Diamond Plan | Maximum sum assured amount of INR 2 crores, etc. |
Note: All these Health Insurance Policies provide coverage against various diseases including the COVID-19 related illnesses.
Motor Insurance
Motor Insurance is also one of the types of general insurance that individuals choose to cover the damages that occur to the vehicle. Every individual should have motor insurance if he/she has any vehicle. Motor Insurance is of generally two types that are Third Party Liability and Comprehensive Plan. While third-party plans cover the financial losses suffered if you harm any individual or property, the comprehensive plan can cover the financial losses on the vehicle itself.
Want to know some of the popular Motor Insurance Plans in the market? We are showing them below. Do check!
| Motor Insurance Plans | Features |
|---|---|
| Tata AIG Car Insurance Plan | Comprehensive Motor Cover, 12 Additional Risk Covers, On-road Emergency Cover, etc. |
| New India Car Insurance Plan | No-claim Bonus Discount, Hassle-free claim settlement, Personal Accident Cover, etc. |
| Bajaj Allianz Car Insurance | Instant Policy Availability, Instant Assistance, Accidental Coverage, etc. |
| HDFC Ergo Car Insurance Plan | Cashless Claim Service, No-claim bonus, etc. |
| Bharti Axa Two-wheeler Insurance | Personal Accident Cover of INR 15 lakh, Third Party Cover, etc. |
Property Insurance
Individuals spend their hard-earned money on buying the desired property. In case your property or the contents in it are damaged, you can opt for a property insurance plan and prevent any financial losses, which could be the case otherwise. With this type of general insurance, you get coverage against any natural or man-made disasters to your property. There are different options of Property insurance that you can choose from – Structured Insurance, Contents Insurance, and Comprehensive Policy. The premium of your property insurance depends on several factors such as type of policy, age of your property, location, etc.
Some of the top property insurance plans are mentioned below that you can check.
| Property Insurance Plans | Features |
|---|---|
| HDFC Ergo Home Shield Plan | Long term cover, up to 30% discounts, Portable Electronics Coverage, etc. |
| New India Insurance Griha Suvidha Plan | Cover of Contents including Furniture, Fixtures, Domestic Appliances, Jewellery, etc. |
| Royal Sundaram Gruh Suraksha Plan | Building Insurance up to INR 5 crores, Cover up to INR 1.7 crore for household articles, etc. |
| SBI General Long Term Home Insurance Plan | Up to 30 years tenure, Coverage against a wide range of perils, etc. |
| Oriental General House Holder Insurance Plan | Coverage against loss or damage to the property, jewellery, valuables, etc. |
Travel Insurance
If you are someone who likes to be insured when you are traveling to some other place, travel insurance may suit you well. Individuals can choose travel insurance to protect any financial loss or theft of your valuable assets along with their important documents. Some plans also provide coverage against any flight delays or trip cancellation. Insurance companies offer different types of Travel Insurance Plans such as International Plans, Domestic Plans, Student Plans, Senior Citizen plans, etc. Remember that the premium of your travel insurance plan will depend on the destination, number of members traveling, their age, duration of the trip, etc. Have a look at the top travel insurance plans below.
| Travel Insurance Plans | Features |
|---|---|
| HDFC Ergo Easy Travel Insurance | Coverage against Medical treatment, check-in baggage loss or delay, passport loss, etc. |
| New India Assurance Travel Insurance | Coverage for medical expenses, Repatriation expenses, personal accidents, etc. |
| Religare Travel Insurance | Cover against any pre-existing medical condition up to 10% of the sum insured, etc. |
| Royal Sundaram Travel Secure Insurance | Medical Expenses, dental sickness, laptop loss, termination, etc. |
| SBI General Travel Insurance | Coverage against Flight Hijack, Missed Connecting Flight, home burglary, etc. |
Fire Insurance
Fire Insurance is also one of the popular General Insurance plans among customers. This plan covers the financial losses to the property or any other specified assets due to the fire, lightning, floods, storms, cyclones, impact damage, etc. Individuals can choose from different types of fire insurance plans such as Valued Policy, Floating Policy, Specific Policy, Comprehensive Policy, etc. A Fire Insurance Plan will also cover the costs related to the repair or replacement of the insured asset against fire or any other causes.