Types of General Insurance

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I/We, hereby declare that the statements and particulars given in this Proposal form are complete, true and accurate and I/We agree that the Insurance company will not be liable under the insurance contract if it is found that any of my/our statements or particulars or declarations in this proposal form or other documents are incorrect /misleading /Fraudulent in any respect on any matter to the grant of a cover or submission of claim in future.
I declare that the premium paid under this transaction to Go Digit General Insurance Limited is being paid by me i.e. the proposer/policyholder through a bank account or a Credit/Debit Card or a Prepaid Payment Instrument or a UPI wallet (Wallet), held by me in my name as a primary holder (referred to as “source account”). I confirm that it is not a third party payment made by any other person on my behalf. I understand that in the event of a policy cancellation, the refund of premium as per policy terms and conditions may be credited back to such source account and such electronic transfer will constitute full and final discharge of the Company’s obligation.
I/We declare that the rate of NCB claimed by me/us is correct and that no claim as arisen in the expiring policy period (copy of the policy enclosed). I/We further undertake that if this declaration is found to be incorrect, all benefits under the policy in respect of Section I of the Policy will stand forfeited.
I hereby affirmatively warrant that the Assured named herein/owner of the vehicle insured holds a valid Pollution Under Control (PUC) Certificate on the date of commencement of the Policy and the same has been shown to the agent/authorized person of intermediary. I further undertake to renew and maintain a valid and effective PUC Certificate during the duration of the Policy period. If the PUC certificate is not found valid on the date of loss, I understand that the Company reserves the right to cancel the policy.
I/We, hereby agree that in Case of Break in Insurance, the policy would be issued subject to acceptance of risk after evaluation of the Vehicle Inspection report. Own Damage cover (Section – I) would not commence unless the satisfactory Vehicle Inspection report has been received by us. If the Company does not receive the Vehicle Inspection report or the report is adverse, the Company, at its discretion, will cancel Policy as per the Motor Tariff.
I/We further declare that l/we will notify in writing any change in the details so furnished hereinabove occurring after the proposal has been submitted but before communication of the risk acceptance by the Company.
I/We authorize the Company to share information pertaining to my proposal including medical records for the sole purpose of proposal underwriting and/or claims settlement and with any Governmental and/or Regulatory authority.
I/We agree to receive communication from Digit, even if my number is registered as DND with NDNC or under the TRAI guidelines for unrequested telecalls.

I/We, hereby declare that the statements and particulars given in this Proposal form are complete, true and accurate and I/We agree that the Insurance company will not be liable under the insurance contract if it is found that any of my/our statements or particulars or declarations in this proposal form or other documents are incorrect /misleading /Fraudulent in any respect on any matter to the grant of a cover or submission of claim in future.
I declare that the premium paid under this transaction to Go Digit General Insurance Limited is being paid by me i.e. the proposer/policyholder through a bank account or a Credit/Debit Card or a Prepaid Payment Instrument or a UPI wallet (Wallet), held by me in my name as a primary holder (referred to as “source account”). I confirm that it is not a third party payment made by any other person on my behalf. I understand that in the event of a policy cancellation, the refund of premium as per policy terms and conditions may be credited back to such source account and such electronic transfer will constitute full and final discharge of the Company’s obligation.
I/We further declare that l/we will notify in writing any change in the details so furnished hereinabove occurring after the proposal has been submitted but before communication of the risk acceptance by the Company
I/We authorize the Company to share information pertaining to my proposal including medical records for the sole purpose of proposal underwriting and/or claims settlement and with any Governmental and/or Regulatory authority
I/We agree to receive communication from Digit, even if my number is registered as DND with NDNC or under the TRAI guidelines for unrequested telecalls.

All About General Insurance

Leaving with family for a weekend getaway? Just think of all the assets you possess like your home, car, jewellery and other valuables. What if you lose all of it due to some fire, theft or a natural calamity? It would be all gone even before you might think about saving it.

Safety is the prime concern and avoiding any mess falls as the next. At times, you might end up facing some unexpected losses for which you were completely unaware. What then? Do you definitely look for some security system? Or just leave things on destiny?

Well! Nothing would work except a security system that backs us. In other words, we need an insurance cover.

“To insure is to protect and indemnify. It does not mean Prevention of loss”.

What are the different types of Insurance?

There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. As an individual, you will be covered under the Life insurance policy. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy.

On the other hand, a General Insurance Policy will pay for the losses that may occur during the policy period only.

What is a General Insurance

How does the concept of General Insurance work?

Insurance is a concept that applies to a large group of people which may suffer the same risk in the same conditions or region. The money collected as the premium can be called as a pool and when anyone faces a loss, the person is paid from that pool.

Still perplexed at how does a general insurance policy come into play? Consider that your mother suffered a heart attack suddenly and she needs a transplant. At the same time, your daughter’s college fee was due. It definitely is a huge expense to be made at the same time and none can be preferred over the other. In this time of stress, the family’s health insurance policy can save your burden and the fees can be paid from the savings. A General Insurance Policy here works to save your burden for money.

Once we've understood what General Insurance is, let us understand how and when will the policy apply.

A Digit’s disclose on how does a loss occur?

The loss may occur due to perils like fire, storm and flood, earthquake, theft, accident, health, travel, and other similar factors.

So now, we know that there exists an asset which is exposed to risk. And in case of the occurrence of losses (subject to the limit of the policy) plays the insurance which pay for the damages.

Why do we need General Insurance?

Imagine you're driving back home in your car and suddenly, a taxi hits you from behind. Your car has a dent and its bumper has come off too. Now you need about Rs. 2000/- for the dent and Rs.7500/- for the bumper to be able to fix it all.

A car insurance policy, in this case, will play well. You can get the amount reimbursed under the insurance policy. Your car is the asset here in which you have a financial interest. But remember, an insurance policy will pay only as per its predefined conditions.

Difference between General Insurance and Life Insurance

General Insurance

Life Insurance

Applicability of claim

Arun took a Fire Insurance Policy for his factory. The Sum Insured for the factory was Rs.1 cr and the premium was Rs. 10 lakhs. In case of fire or loss due to any peril, the insurance company will pay the claim amount after the deductible (as applicable).

Arun took a Life Insurance Policy for Rs. 1 crore. He had to give an annual premium of Rs. 20000 for 50 years. After 10 installments, Arun met with an accident and passed away. Arun’s family received an amount of Rs.1 crore. The reimbursement under the life insurance is made either at the time of maturity or death.

Amount of Reimbursement

Sheela got her car insured for Rs.5 lacs. She got her car banged and her car’s bumper came off. The repair charges for the bumper was Rs.15,000/-. The insurance company will pay off the amount after the deductible. General insurance works as per the policy limits and conditions.

Sheela chose to buy a Life Insurance Policy worth Rs.50 lakhs. The total time for which she had to deposit the premium was 10 years. After 10 years, she received Rs. 50 lakh. The Life Insurance Policy is an investment policy which is paid on maturity of the policy.

Functional Period

Prakash bought a Fire Insurance for his factory and got the building, equipment, and other fixtures. The policy was issued on 2.03.2019 and will be renewed on 1.03.2020. The General Insurance Policies are issued for a period of 1 year.

Prakash bought an Endowment Policy which will pay him some proceeds on the maturity or otherwise pay some amount to his family members in the event of Prakash’s death. The Life Insurance Policy is issued for Life Time or till the time of the maturity period.

Payment of Premium

Madhur bought a car and got its insurance also. The next year, he sold his car. He bought a bike and did not get the renewal for the car. Under the General Insurance Policy, the premium will be paid for one year till the renewal. Madhur sold his car and hence, no renewal or no payment of premium.

Madhur bought a Money Back Policy for 20 years. He will have to pay the premium for 20 years with money being received after every 3 years. The premium will be paid till the total term of the policy, that is, 20 years. Under the Life Insurance Policy, the premium will be paid for the total term of the policy.

Insurable Interest

Rikant bought a Tata Safari in the year 2018. He got its insurance at the same time.The next year, he sold the car to Shweta and the policy was renewed again as the vehicle will be in use. The policy was renewed by Shweta and not Rikant. Under the General Insurance Policy, the insurable interest of the policyholder should be present at the time of renewal and the loss.

Rikant took a Term Plan and got his policy issued from ABC Life Insurer. It is important for Rikant to be present at the time of contract. Under the Life Insurance the individual who has the insurable interest should always be present.

Types of General Insurances in India

Almost everything is insurable. However, General Insurance in India is bifurcated as Fire, Engineering, Marine and Miscellaneous Insurance. Let us look at them as per the use and general acceptability. Following are the different types of General Insurances in India:

Digit Insurance also offers insurance policies for Mobile, Bicycle, Shop Protection, and others.

Health Insurance

The Health Insurance cover from Digit offers protection for the medical expenses incurred due to hospitalization caused because of an accident or illnesses. Although every policy is different, based on who it's being purchased for, it mainly covers:

The cover can be extended to cover the following with some predefined conditions:

The premium for the health insurance is charged on the basis of:

Travel Insurance

Travel Insurance covers your financial liability, if any, when you travel within or beyond the Indian boundaries. The financial liability may arise due to medical or non-medical emergencies.

The duration of the travel for one time can be 180 days at the maximum. The policyholder can take more than one trip in a year. Your Travel Insurance will cover:

Digit’s Travel cover comes with worldwide support and special features like:

Motor Insurance

A Motor Insurance Policy is mandatory to be able to drive legally in India. Broadly there are two types a) Third-Party Liability b) Comprehensive Package Policy.

A Third-Party Policy covers for losses faced in a situation where your vehicle damages any third-party such as a public property, person or third-party vehicle. The same is the minimum requirement to be able to drive legally in India, as stated by the Motor Vehicles Act.

A Comprehensive Package Policy covers both third-party damages and liabilities and damages/losses caused to you and your own vehicle. The losses may arise due to an accident, theft, fire, natural calamities, and others.

Digit Insurance provides some add-ons under its Comprehensive Package Policies for Cars and Bikes that act as additional shields to your vehicle, such as:

Home Insurance

You build your home with your toil and hard earned money. Everything you buy is a priceless possession for you and hence it needs to be protected. A Home Insurance Policy protects your valuable and other assets. It is a comprehensive package policy that covers all valuables.

Digit Insurance gives protection for Home against Burglary, Loss/Damage of Jewelry, Fire and Natural Disasters.

Commercial Lines

The lines of insurance that affects the business operations in the real terms are categorized under the Commercial Lines of Insurance. Type of the insurance covers that one can buy may include:

Depending on the type of occupation, risk exposure, and the money involved, the insurance could be different for each industry or business. For example; an insurance that is specific to a cement plant, versus one for an IT company will be different. The premium charged for a cement plant will be higher than a showroom of air conditioner. Therefore, Insurance is completely based on the level of the risk exposure. A worker in the cement plant is more prone or susceptible to injury than to the one who is working in the showroom.

Mobile Insurance

Simple as it reads. A mobile insurance protects the phone from accidental damage. Under the mobile protection cover, Digit Insurance compensates for repair of accidental screen damage to your phone. The buyers can have mobile insurance for both an old or new phone. A very affordable insurance protection for the most expensive phones you buy.

Bicycle Insurance

Not just the cars and two wheelers, people are now passionate for expensive bicycles also. Call it a fashion or change of lifestyle, Bicycle Insurance is another sought product these days. Digit Insurance offers cover against Personal Accident, Theft, Accidental Damage, and Hospital woes.

“Insurance is to manage Cash Flow after a loss occur”.

Types of General Insurance

Types of General Insurance

All About General Insurance

What are the different types of Insurance?

What is a General Insurance

How does the concept of General Insurance work?