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.

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.