Why general insurance

General or Non-Life Insurance offers you two kinds of distinct benefits: A General Insurance policy cover reimburses the insured for a financial loss caused due to certain events as stated in the respective general insurance policy. Some of the non-Life Insurance plans that are important for individuals are: Motor insurance : Having an automobile is more of a necessity and not a luxury. Share this blog Facebook. Menu Buy. Passenger Carrying Vehicle Ins. Compulsory Personal Accident Insurance.

Cyber Insurance. E Secure Insurance. Commercial Vehicle Isurance. Corporate Insurance. Goods Carrying Vehicle Ins. Passenger Carrying Vehicle Insurance. Customer Claim Intimation. Track Claim Status. Claim process. Corporate Claims. Third Party Claim. Claim Form. Email policy copy. Update contact details. Protecting yourself from medical emergencies should ideally be a priority since your health not only impacts you but can also have a large impact on your family.

The cost of treating various diseases can be fairly high and can have a significant impact on your finances. Further, it is also possible that your health emergency might impact your ability to optimally perform your professional duties, thereby leading to reduced income.

This will only further amplify the financial burden on you and your family. This financial burden can also become an emotional burden on your family. A comprehensive health insurance policy can help you reduce this burden and ensure that you do not need to compromise on treatment. A motor insurance policy covers any liability that might occur towards a third-party in case of an accident or any other event in which an injury or damage is inflicted upon a third-party or to their property due to your vehicle.

It can also cover damage to your own vehicle including accidents, wear and tear, or even theft of the vehicle. In India, it is mandatory to purchase third-party motor insurance.

While there are multiple types of motor insurance policies that cover everything from loss and damage to even daily transportation costs in case your car is stolen or in the garage for repairs, the two main categories based on the extent of coverage include:.

A travel insurance policy will cover several financial risks that might come up when you travel. These travels could be for leisure, business related, or even when you travel for studies. Further, travel insurance plans cover both foreign as well as domestic trips. While many people like to make impromptu travel plans, there are many of us who like to plan their travels in advance and work through every detail of the plan.

Either way, there are some unplanned events that can crop up during travel like loss of baggage, delayed flights, medical emergencies on foreign shores, or even trip cancellations. These events can not only impact your travel plans but can also lead to unanticipated costs. A travel insurance policy can help you cover these expenses and, in some cases, also ensure that the right medical assistance is available to you on foreign shores. A home insurance policy is essentially a policy that covers the financial loss that can occur in the event of damage caused to your house.

That money joins the premiums of many thousands of other policyholders and goes into a big pool of funds. 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. Reshape Tomorrow Tomorrow is different.

Let's reshape it today. Corning Gorilla Glass TougherTogether. ET India Inc. ET Engage. ET Secure IT. Suggest a new Definition Proposed definitions will be considered for inclusion in the Economictimes. Funds for Future Appropriation These are funds from the policyholder's accounts that are not allocated among them for reasons like delays in approvals etc. Group Policy Group policy provides coverage to a group of people which can be a professional or an informal group.

Definition: Insurance contracts that do not come under the ambit of life insurance are called general insurance. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset.

Like life insurance, general insurance products come at a price in the form of premium. Related Definitions. Browse Companies:. Mail this Definition. My Saved Definitions Sign in Sign up.