Skip to main content

All about General Insurance

General Insurance covers anything other than the risk over the life of an individual. It most commonly covers the risk against health, motor, travel, household, fire and many more.

Most general insurance policies are issued annually, that is the general insurance company provides the cover for a year which has to be renewed annually by paying a one time premium. A medical policy of an individual, for instance, is an annual contract.

Whereas, in some cases the policy is provided for a short time span such as a travel insurance policy which covers an individual only during the duration of the travel.

Major insurance policies that are covered under general insurance are:

  • Health Insurance

Health insurance policy, the most commonly of which is a mediclaim policy covers unexpected medical emergencies of an individual. Subject to the policy, it provides cashless facility by covering all hospitalization expenses along with pre and post medical expenses. It also provides tax benefit to the insured. Despite these facilities, every health insurance policy have certain exclusions which are covered only after the insured bears a waiting period.

  • Motor Insurance

Legally, every vehicle running on road should be insured. A motor insurance policy covers the damage to the vehicle and the third party during an accident. A comprehensive motor insurance plan covers the vehicle insured along with the third party that might suffer during the road accident. A motor insurance policy provide a cover to you and your family by a personal accident cover and also protects you from the liability towards the third party.

  • Travel Insurance

A travel policy covers the insured with the unheralded emergencies that may take place while travelling. These emergencies may vary from loss of luggage to the medical emergencies faced by the traveller. A travel insurance policy usually covers Medical expenses, accidental death or disablement benefit, delayed departure, trip cancellation and loss of baggage.

  • Home Insurance

It is a type of insurance that covers your most valuable asset, your house. It covers loss of home and its contents. A home insurance policy covers all your household components be it refrigerator, air conditioners or television sets. It protects your house from unexpected emergencies, keeping you safe.

Despite the above, organisations get their goods, commercial vehicles, godowns, shipments, offices, laptops and many more covered under general insurance.

FAQ'S

  • Can I take two policies and get claims from both?


In case an individual holds two policies, the claims raised would be shared by both the policies. Under no circumstances, a person can get more than the actual value of the bills against which a claim is raised.

  • How much should I ensure for?


Normally the sum assured should be the market value at the time of purchasing the insurance product.

  • How do I pay the premiums?


A general insurance policy usually is an annual contract where the insured has to pay the premium once in a year in order to renew the policy each year. Other than this, few policies are short term such as travel health policies, which require a one time payment and are valid for the duration of travel.

  • Why are there different premiums for different people?


Premiums, commonly referred to the payment made against purchasing a policy is usually different depending upon the sum assured. Higher the sum assured, higher would be the premium that a person would have to pay. Similarly, it also depends upon the age of a person in case of a mediclaim, and many other factors.

  • How do I get my Claims?

The claims are either cashless, as in the case of a health policy or the payment can be reimbursed by the general insurance company on production of bills paid by the policy holder.
 

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...
Read more

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...
Read more

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...
Read more

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Read more

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now