General Insurance

General insurance plans are aimed at protecting people and their possessions from misfortunes and calamities such as theft, robbery, floods, fires, accidents, etc. Online general insurance plans offer coverage for your financial assets such as a home, car, and even your health. If your assets suffer a loss due to a contingency specified in the plan, the insurance company compensates you for this loss. There are many types of general insurance products available in the market, and the need for them can differ depending on several factors. All of this has been discussed below

Why do you need general insurance?

You are likely to have many goals in life. As you grow in your career and achieve these goals, such as buying a car or a home, etc., it is also crucial to keep these assets secured. Your health too is one of the most valuable aspects of your life and ensuring that you have the means to protect it is important. This is where general insurance steps in. Here are some reasons why you need a general insurance policy:

It offers financial security

Financial stability does not end with buying possessions. You may buy a house and increase your net worth, but can suffer a major downturn if that house gets damaged or destroyed in a fire. General insurance can help you recover from such setbacks.

It reduces risk

When you buy general insurance plans, you transfer the financial risk to the insurer. Your responsibility is to only pay the premiums. The insurer takes care of the damage and is obligated to compensate you in case of a mishap.

It can be compulsory in some cases

The need for the best general insurance policy has been mandated by law. For instance, as per the Motor Vehicle Act of 1988, all vehicle owners need motor insurance.

What are the different types of general insurance plans in India?

Health Insurance

Health insurance is one of the most crucial general insurance products. It safeguards you from the financial repercussions of a medical issue. Health insurance not only covers the treatment for critical illnesses but also offers features such as cashless hospitalization, annual check-ups, and special tests.

Motor Insurance

As per the Motor Vehicles Act of 1988, all operating vehicles are mandated to have motor insurance. This can be used to cover your vehicle against accidents, theft, damage, vandalism, fire, etc. Motor insurance has been further bifurcated into comprehensive and third-party insurance plans.

Home Insurance

A home insurance policy safeguards you from natural as well as man-made disasters such as floods, robbery, etc. Considering the fact that a home is likely to be the most expensive asset that you own, getting it insured is highly recommended.

Travel Insurance

Travelling, especially outside the country, is not as easy as it seems. The cost of flights, hotels, etc. can amount to a significant sum. A travel insurance policy can cover you against the costs arising out of trip cancellations, flight delays, loss of baggage, theft, and more. Some travel insurance plans also offer protection against health costs.

What are the benefits of general insurance plans?

It protects you and your loved ones

General insurance products, such as travel insurance or health insurance, offer security to you and your family. The scope of such products is not just limited to your assets but also the insured individuals.

It shares your burden

Incidents like an accident, theft, fire, etc. can be extremely stressful. Even if you leave the financial damages aside, there are several other mental and physical implications of such situations. General insurance can lend you a helping hand in these times and take away your financial worries.

It protects your savings

It takes years of careful planning and strategizing to save. And an unprecedented incident can force you to use these savings. This can hamper your lifestyle. However, general insurance plans can safeguard you from such financial downturns.

It offers peace of mind

Knowing that your most valuable assets are covered under the insurance will provide you with peace of mind. You will be able to depend on the general insurance company in case of adversity.

Frequently Asked Questions

Yes, these two products are entirely different. While general insurance offers protection to a number of components like your assets, health, etc., life insurance is primarily a cover for life.
There are many general insurance companies in India that offer varied kinds of plans. But it is advisable to pick a brand with a dependable and credible name. The final choice can depend on several factors such as your needs, age, the value of the asset, etc.
Policy renewal is a part of insurance. With changing lifestyles, age, health, and requirements, the need for a plan also alters. This is why it helps to renew your plans from time to time. Moreover, in the case of motor insurance, it is also compulsory.
The premiums for such plans vary depending on the type. It will also differ based on the value of an asset in case of motor or home insurance. Similarly, health insurance plans charge premiums based on a person’s age and medical history. Travel insurance, too, can depend on the place of visit, etc. You can get a quote on the Religare’s website to estimate the cost of a plan.
There are many online general insurance plans available in the market. It helps to do thorough research and pick a comprehensive and reliable plan. You can also check out Religare’s online general insurance plans.