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Due to the unpredictability of life, one must always be prepared to face surprises, both good and bad. While the pleasant surprises are easier to handle, emergencies can be tough on you and your family without proper contingencies.
Thankfully, insurance companies offer financial assistance in almost all kinds of emergencies, provided you avail such coverage beforehand.
Insurance in India is divided into two parts – life insurance and non-life insurance. These latter policies are classified as general insurance plans, which comprise several different types of coverage.
While not every single individual requires all types of general insurance policies, owning the essential ones is highly recommended.
A general insurance company is an enterprise, which creates, markets and supports the various non-life insurance types to customers. Policyholders must pay the premium for a general insurance plan to such a company.
In return, these companies offer a financial benefit to these individuals when certain pre-requisite conditions are met.
These conditions differ based on the kind of general insurance policy one chooses. The most common types of general insurance include the following:
Each of these general insurance types is necessary for certain situations. Still, not everyone requires each one of them, barring health insurance.
Medical insurance is one of the most important insurance coverage that one should pick, regardless of their age, health condition and other factors.
Insurance aggregators are web-based entities that enable consumers to browse and purchase insurance policies from different carriers. They also serve as brokers who provide access to varying forms of insurance, comparison services, and the ability to buy insurance online. They assist in determining the right pricing strategies, address customer concerns, and operate under IRDAI for fairness and transparency.
General insurers play a crucial role in the insurance market, underwriting products for customer purchase, developing a wide range of insurance products, determining premium rates and paying claims. They transact customer business through agents, brokers or electronic commerce sites and provide car, health, home and travel insurance.
The General Insurance Market in India, valued at ₹3 trillion (USD 36.5 billion) in 2023, has grown significantly despite a slowdown in 2023. Key segments include health insurance (CAGR 12.8%), motor insurance, and property/travel insurance. Regulated by IRDAI, the market benefits from digital transformation.
The Government of India has already started implementing schemes like Pradhan Mantri Fasal Bima Yojana (PMFBY) for crop insurance and the Ayushman Bharat scheme for Health Insurance. The sector has also led to the mobilisation of large FDI inflows because of the liberalisation of the regulations on capital controls to overseas investors.
The general insurance market in India remains on a stable path of growth due to factors such as the growing awareness of the consequences of insurance among people, the support of the government and regulatory authorities, and the influence of the 3rd wave of technological advancement.
The Insurance Act of 1938 is the foundational legislation for India's insurance sector, regulating insurance business, company registration, and policyholder protection. The Insurance Regulatory and Development Authority Act, 1999 (IRDA Act) established the IRDAI, the main regulatory body overseeing the sector's regulation, promotion, and orderly growth.
The IRDAI issues regulations for insurers, reinsurers, and intermediaries, such as:
Contract Act, 1872: Governs the formation and enforcement of contracts, including insurance contracts.
The Insurance Regulatory and Development Authority of India (IRDAI) is the primary regulatory body responsible for ensuring compliance, protecting policyholders' interests, and promoting insurance market development. The Securities Appellate Tribunal (SAT) handles appeals against IRDAI orders.
During the COVID-19 pandemic, the IRDAI issued guidelines to ensure business continuity and protect policyholders, such as extending grace periods for premium payments and expediting COVID-19 claim handling. The IRDAI also promotes digital initiatives to enhance efficiency and accessibility, including e-KYC and digital policy issuance.
Here are the critical updates from the Insurance Regulatory and Development Authority of India (IRDAI) in its new master circular:
These changes are in pursuit of better customer satisfaction, more efficient claims handling and generally, better compliance with governance requirements in the general insurance market.
When choosing a general insurance company, consider these factors:
Purchasing general insurance from the insurance company directly has various benefits. It often means a lower insurance premium because of the exclusion of intermediaries and the availability of certain perks and deals. Direct insurers always explain details, charge comparatively fewer and hidden charges, and are easily accessible with round-the-clock services.
They have custom underwriting, quick bog claims, and new solutions. Also, they develop easy-to-use digital solutions and follow the legal requirements regarding fee structures and all-around assistance. In general, when insurers buy directly, they improve costs, understanding and access to make insurance more effective.
Choose Digit for your General Insurance requirements because:
Reliability: Backed by Fairfax, ensuring financial stability.
IRDAI Approved: Adheres to industry standards and regulations.
Understand the difference between insurance companies, aggregators and brokers.
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