Basically, an insurance that does not lie in the ambit of Life Insurance is General Insurance.
General Insurance provides coverage against any financial loss incurred due to any loss or destruction of the insured asset. It safeguards your assets like a Bike, Car, Home, Travel, Health, or even your beloved electronic gadgets from any loss.
1. Health Insurance
A Health Insurance is your savior against the expenses incurred due to any illness or medical emergency.
There are various types of health insurance available based on their coverage:
These 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:
- Senior Citizen Health Insurance
- Maternity Health Insurance
- Aarogya Sanjeevani
- Super Top-Up Insurance
- OPD Insurance
- Personal Accident Cover
2. Motor Insurance
You must have a Motor insurance policy not just because it is mandatory in India but also because 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:
- Third-party insurance Policy: Pays the financial liability to the third party affected in the mishap, ensuring you do not face legal hassle due to the accident.
- Comprehensive Insurance Policy: Apart from covering third-party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s vehicle due to an accident, fire, artificial and natural calamities, riots and other such instances.
- Own Damage Policy: With Own Damage Cover, you receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.
Additionally, you can purchase some add-ons like Zero depreciation cover, Loss of personal belongings cover, Pay-as-you-drive cover, Daily conveyance cover, etc. to ensure that you are covered against any eventuality.
3. Travel Insurance
Travel Insurance is your financial safeguard when you are travelling. It covers loss of baggage, loss of passport, hijacking, medical emergencies, delayed flights, accidental deaths, adventure sports etc.
The major types of travel insurance are:
Under the above types, there are different products like Individual Travel Insurance, Family Travel Insurance, Senior Citizen Travel Insurance, Corporate Travel Insurance, Multi Trip Travel Insurance, Single Trip Travel Insurance and Schengen Travel Insurance.
4. Property Insurance
A Property Insurance Policy provides financial reimbursement to the owner/renter of a building and its contents.
Some products available in the market under property insurance include:
5. Commercial Insurance
A Commercial Lines Insurance policy ensures that the business does not face any financial burden because of any financial and business risks. It provides coverage to business, its employees and ownership.
Furthermore, Commercial Insurance has several Insurance types based on the type of asset covered, viz:
- Liability Insurance: Provides coverage against damage to any third party and offers the following types of Policies:
- Engineering Insurance: A comprehensive insurance that provides complete protection against all risks associated with engineering and machinery, like the risk faced by the ongoing construction project, installation project and machines and equipment in project operation. It includes the following insurance products:
- Crop Insurance: Crop Insurance covers the financial losses that a bad crop season, crop failure or any other related menace might bring in for the agriculturists.
Apart from the above major categories of General Insurance, there are a few more types as below:
6. Asset Insurance
Asset Insurance provides financial coverage to your assets like Mobile, TV, and other appliances or electronics so that their expensive repair doesn’t hit your pocket.
7. Pet Insurance
Pet Insurance covers your furry baby’s health and well-being requirements, such as any medical condition, such as pregnancy complications, dental treatments, and insect-borne diseases. 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.
8. Bite-Size Insurance
Bite-size Insurance, or small-ticket insurance/sachet insurance is available at very low premiums and focuses on specific needs. More than being a type, it is a category of insurance that is unrestricted across all categories like health, travel, property etc.
A few common Bite-Sized insurance products available in the market are:
- Online Fraud Protection
- Cab Ride Insurance
- Backpack Insurance
- Marathon Insurance, and many more.