General Insurance Policies

what is general insurance

Types of General Insurance Policies:

  1. Health Insurance: A health insurance is an agreement between the insurer and the insured for the limited term. Under the agreement, the insurer promises to pay for the medical costs of the policy holder or his family in return of the premium amount paid by the policy holder. It covers expenses that arise due to illness which can be related to hospitalization costs, medicines costs or consultation fees. Health insurance plans are broadly categorized as Mediclaim Plans and Critical Illness Insurance Plans.
  2. Motor Insurance: Motor Insurance policy is the one where cars, trucks and other road vehicles are insured by the insurer. Motor Insurance provides financial protection against any physical damage caused to the vehicle on account of accident, theft, fire, and natural calamity. It also provides protection against loss due to a third party liability like injury or death during an accidental damage. Motor Insurance is mandatory in India.
  3. Travel Insurance: A travel insurance is the one which covers the financial losses due to medical expenses, trip cancellations, and flight accidents, lost luggage or any other loss that can occur before, during or even after the trip. Travel insurance is a must whether you are travelling domestically or internationally, are a regular traveler or occasional or once in a lifetime traveler. Travel insurance is generally arranged for at the time of booking the trip.
  4. Home Insurance: Also known as homeowner’s insurance, home insurance is a property insurance that covers the financial losses caused to the residential property of an individual on account of damage due to perils like fire, lighting, theft or due to any natural calamity like earthquake, floods etc., in case of special cover.
  5. Fire Insurance: A fire insurance is a contract between the insurer and the insured where the insurer, in return for the premium, agrees to indemnify the insured in case of any financial loss due to destruction or damage to the property or goods caused by fire, during a specified period of time.

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