WHY GENERAL INSURANCE IS IMPORTANT
General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small –from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps – and even from the costs of legal action against us. And we can choose the types of risks we wish to cover by choosing the right kind of policy with the features we need..
With any luck, you will never need to draw on that pool. But if you happen to be one of the unlucky ones affected by an unexpected calamity, perhaps through severe weather or accident, that pool of funds can be used to help you up to the limit you have selected in your policy.
If things go wrong, your insurer may either repair or replace the items that have been lost or damaged, depending on the terms of your policy. You may also have the choice of receiving a cash settlement for the amount of money agreed in your policy.
CATEGORIES OF GENERAL INSURANCE
MOTOR INSURANCE
Motor insurance covers all damages and liability to a vehicle against various on-road and off-road emergencies. A comprehensive policy even secures against damage caused by natural and man-made calamities, including acts of terrorism.
Motor insurance offers protection to the vehicle owner against:
1. Damage to the vehicle
2. It also pays for any third party liability determined by law against the owner of the vehicle
Some attractive benefits of motor insurance include roadside assistance, cashless servicing at nation-wide network of workshops and garages, personal accident cover, towing assistance.
PERSONAL ACCIDENT INSURANCE
Personal accident insurance or cover provides compensation, in the form of a fixed sum of money, to you or your family members if you sustain injuries caused by an accident that results in death, permanent total disablement, permanent partial disablement or temporary total disablement.
TRAVEL INSURANCE
International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in flight, medical emergency etc. Such eventualities will surely take the fun away from travelling. Travel insurance, also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while travelling. Backed up by travel insurance, the whole experience is like no other.
Different types of travel insurance policies include:
1. Individual Travel Policy
2. Family Travel Policy
3. Student Travel Insurance
4. Senior Citizens Travel Policy
HOME INSURANCE
Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of home seems like a logical thing to do. Home insurance protects the house and/or the contents in it, depending on the scope of insurance policy opted for. It secures the home against natural calamities and man-made disasters and threats. Home insurance provides protection against risks and damages from fire, burglary, theft, flood, earthquakes etc. covering the physical asset (building structure) and valuables (contents) in it. Home insurance ensures that one’s hard-earned savings are utilized to meet important needs instead of using them for rebuilding the house if some harm was to come to it..
COMMERCIAL INSURANCE
Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.
Common types of commercial insurance are : Property Insurance, Marine Insurance, Liability Insurance, Financial Lines Insurance Engineering Insurance, Energy Insurance, Employee Benefits Insurance, International Insurance Solutions.