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“To insure is to protect and indemnify. It does not mean Prevention of loss”.
General Insurance is a type of insurance policy that covers the financial loss suffered due to the loss or destruction of the insured asset. Insurance is our saviour from any unexpected situation that might disrupt our normal life and well-being. There are two types of Insurance, viz. Life Insurance and General Insurance.
While people have slowly realised the importance of Life Insurance and have become aware of it, they are still unaware of the varied list of General Insurance products that cover a diverse range of risks. Thus, it is imperative to dive into the topic of General Insurance and understand the different types of General Insurance Policies available in the market.
Essentially, a general insurance policy covers only non-life risks. It has the following features:
Almost everything under the Sun that you can call an asset can be insured. However, in India, General Insurance is majorly classified into the following types:
As the name says, this type of insurance covers the expenses incurred due to any illness or medical emergency.
There are various types of health insurance available based on their coverage:
All the above types of health insurance further have different products under them based on their usage and many other factors. Here is a list of major types of health insurance products available in India:
If you own a vehicle, you will know that motor insurance is mandatory in India. The policy ensures that the vehicle has complete protection against physical damage from natural or artificial calamities and third-party liabilities arising from the insured vehicle.
Based on the type of vehicle they cover, Motor Insurance is broadly categorized into:
The different types of Motor Insurance Policies available in the market under the ones mentioned above are as follows:
There are many add-ons covers that can be added to your motor insurance policy to ensure that you are covered against any eventuality. Some add-on covers you can avail of are - Zero depreciation cover, Loss of personal belongings cover, Pay-as-you-drive cover, Daily conveyance cover, etc.
Travel Insurance provides financial protection to you and your family when you are visiting any place in the country or abroad. It covers emergencies like loss of baggage, loss of passport, hijacking, medical emergencies, delayed flights, accidental deaths, adventure sports etc.
The major types of travel insurance are:
The above types further have a list of different products under them like Individual Travel Insurance, Family Travel Insurance, Senior Citizen Travel Insurance, Corporate Travel Insurance, Multi Trip Travel Insurance, Single Trip Travel Insurance and Schengen Area Travel Insurance.
Another category of insurance is Property Insurance. A Property Insurance Policy provides financial reimbursement to the owner/renter of a building and its contents. It also covers damage caused to anyone other than the owner/renter if that person is injured on the property.
Some products available in the market under property insurance include:
A Commercial Lines Insurance policy ensures that the business does not face any financial burden because of any financial and business risks. Apart from covering the damages to the property or employee injury, it also covers public or employer liability.
The policy is offered to commercial and business entities like large corporate houses, SMEs, and MSME industries.
Commercial Insurance, as an umbrella segment, has a number of Insurance types based on the type of asset covered, viz.:
Apart from the above major categories of General Insurance, there are a few more types as below:
There is no denying the fact that modern-day devices are making our lives simpler, richer and smarter. However, in case of any damage, they are usually expensive to be repaired. As the name suggests, asset insurance provides financial coverage for tangible and intangible assets.
Products available under asset insurance include:
Intellectual Property Insurance: Offers financial coverage for the litigation costs related to the defence or enforcement of copyrights, patents, and trademarks.
The much-needed insurance cover for your furry babies because they need it as much as we do!
Pet Insurance provides financial coverage for your pet’s health and well-being requirements, such as any medical condition, such as pregnancy complications, dental treatments, and insect-borne diseases.
Not just that, it also covers a lot of other conditions like pet theft, loss or damages to a third party because of the pet, accidents, overseas coverage and many more, depending on your insurance provider.
Currently, pet insurance is available in the market across the following categories:
Bite-size Insurance, also known as small-ticket insurance/sachet insurance, is a non-comprehensive plan which focuses on specific needs. They are available at a lower premium and can be availed without documentation/tests. Since these insurance plans are specific, they have limited but focused coverage. In fact, Bite-Size Insurance is a category and not a type. It is unrestricted across all categories like health, travel, property etc.
Below are a few common Bite-Sized insurance products available in the market:
Here is an overview of how general insurance works:
Any individual needs to have a general insurance policy owing to the risks posed by accidents, medical emergencies, natural calamities, and other unforeseen circumstances.
The policy provides financial protection in case such situations arise in our lives. We cannot predict an accident or calamity; however, we can be better prepared to handle them.
Here are a few benefits that General Insurance provides:
Over the years, the Insurance Regulatory and Development Authority of India (IRDAI) has made insurance mandatory across various sectors. For instance, it is asking health insurance providers to make policies available to all age groups, including those with mental health issues and pre-existing diseases.
Through these activities, the IRDAI aims to promote financial security and social welfare to all society. Additionally, this regulatory body is adopting these measures to comply with international standards and regulations.
Here is a list of the top general insurance companies in India:
Listed below are the major differences between General Insurance and Life Insurance:
Now that you have a clear idea of the types of general insurance, you can choose a policy that best suits your requirements. However, please ensure to research details like the policy coverage, terms and conditions, premium amount, etc., before making your pick.
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