Would you want to drive your car freely, but carefully, without the fear of having to pay high damage claims if an unfortunate accident occurs involving pedestrians or other outside individuals? Would you want to be away from your home without any fear of a theft at your home causing immense losses? If your answer to these questions is yes, then you should be going for general insurance policies of different types. General insurance protects individuals and companies from financial losses that may arrive in the event of undesirable risks materialising. Health insurance, also a part of general insurance, is aimed at protecting individuals from unforeseen healthcare costs ruining their finances.
The biggest protection offered by non-medical general insurers to individuals is the protection from losses due to Occurrences such as fire, storm, burglary, earthquake and explosion, whether accidental or natural. In case of companies, there are insurance plans that can protect them from loss of goods and the damage to business premises.
If your car or motorcycle meets with an accident and gets damaged, the insurance company pays the sum insured or the value of the vehicle which ever is less. If the vehicle or motorcycle is partially damaged, the cost of repairing is compensated, subject to a maximum of the insured value.
With increasing mobility of Indians, travel insurance holds significant importance too, particularly for visits to foreign countries. Besides covering unforeseen medical expenses abroad (that are very costly), travel insurance can protect you for pre-quantified amounts or post-event actual amounts, from damage or theft of personal possessions including travel documents, flight cancellations, long delays in departures and other events.