General insurance has evolved to become as important as life insurance. A look at some categories which can no longer be over-looked…
Insuring your belongings can help you cushion yourself against financial losses. While life insurance takes care of your loved ones, it is equally important to safeguard your treasured possessions. Here's a quick look at the 'must-haves' under general insurance…
Travel insurance
Accidents can happen anytime – worse if they happen when you are in a foreign land. You may get sick and meeting your medical
bills in a foreign currency can be quite frustrating! Besides, there may be other tricky situations such as accidents, loss of baggage or passport, trip cancellation, flight delays, plane hijack, etc. Whether you travel for leisure, business or studies, travel insurance comes handy to safeguard your trip against contingencies and that too, at a fraction of the cost of your trip.
Home insurance
For most of us, the home is the safest place to be. Nevertheless, they are exposed to nature's fury or man-made disasters. Earthquakes, storms, flood, lightning, fire, etc. can strike any time. So also, incidents such as theft,
terror strikes or riots cannot be ruled out completely. In such cases, home insurance is vital to protect your haven and its valuables against any adversities – either natural or man-made.
Motor insurance
No matter how cautiously you drive, there is always a likelihood of a mishap. Opting for the 'comprehensive cover' over the mandatory 'third party cover' will let you enjoy a peaceful drive. 'Third party cover' covers any bodily injuries to the third party, damage caused to third party property and compensation in the event of death. The comprehensive cover includes the 'third party cover' over and above incidents such as theft, fire, natural calamities (e.g. floods, earthquake, etc.) and accidents caused on the road or in transit, like in a train, etc.
Home loan cover
Home loan cover takes care of your outstanding loan amounts. In case of your untimely death, the outstanding loan amount would be paid to the lender, thus protecting your family from the burden of debt.
Health insurance
Hospitalisation expenses can eat up a good-sized portion of your savings. Health insurance can take care of your hospitalisation costs and other incidental expenses like ambulance, bed charges, doctor fees, medicines, medical tests, etc. Some policies even provide cover for certain specified preexisting diseases, day-care treatments, domiciliary hospitalisation, pre and post hospitalisation expenses and expenses incurred by the donor during transplant of major organs. Cashless hospitalisation lets you avail of the treatment without making any upfront payment. A single comprehensive policy can take care of the medical expenses of your entire family.
Before you pick your insurance, you need to examine the benefits of each insurance provider in order to make an informed decision.
SUMMING UP
General insurance is as important as life insurance. It insures your home and car against financial losses arising due to unforeseen events. Health insurance, travel insurance and home loan cover are also available.
