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

How much to invest in gold ?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India) Let your motivation dictate the share of the yellow metal in your portfolio Enough has been said and written about gold as an investment option. The latest argument is that the craze for gold among Indian households is endangering our country's balance of payments. The policymakers are busy trying to find ways of discouraging investment in gold, but if households keep the common good in mind, they would be paying the market price for gas cylinders as they do for, say, their mobile phone bills. After all, private decisions are driven by private motives. So, how should a household look at gold from its own perspective? Gold is primarily acquired for its merit as a store of value. Even if the worst crisis hits a family, the gold that it holds could be put to use anywhere in th...
Read more

Save Tax With Mutual Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300       Mutual funds are ideal as long term investment avenues for retail investors. To encourage investments in this avenue, the Government of India offers investors a spate of tax benefits thus ensuring maximum benefit from mutual funds held beyond a year. Sample some of the key benefits and refer to the table for a detailed list of tax rates for different types of schemes ·        Avail deductions under Sec 80C of the Income Tax Act by investing up to a maximum of Rs. 1 lakh in designated Equity Linked Savings Schemes (ELSS). Such investments have a compulsory lock in period of 3 years. ·        First time retail investors in equity with a gross total income of up to Rs. 12 lakh can invest up to Rs. 50,000 in specific MF schemes un...
Read more

LIC's JEEVAN SHIKHAR

  LIC's Jeevan Shikhar is a participating, non-linked, saving cum protection single premium plan wherein the risk cover is ten times of Tabular Single Premium. The proposer will have an option to choose the Maturity Sum Assured. The premium payable shall depend on the chosen amount of Maturity Sum Assured and age at entry of the life assured. This plan also takes care of liquidity need through its loan facility. The plan will be open for sale for a maximum period of 120 days from the date of launch. 1.   BENEFITS   : a) Death Benefit: On death during first five policy years: Before the date of commencement of risk   :   Refund of Single Premium without interest. Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes. After the date of commencement of risk   : "Sum Assured on Death" equal to 10 times the tabular single premium shall be payable. On death after completion of five policy years but b...
Read more

Rajiv Gandhi Equity Savings Scheme (RGESS) set for launch this week

The finance ministry is set to notify the Rajiv Gandhi Equity Savings Scheme ( RGESS ) this week.   Though Finance Minister PChidambaram had approved on September 21, the scheme announced in this year's Budget, and had said that the revenue department will notify the scheme and the Securities and Exchange Board of India ( Sebi ) would issue relevant circulars within two weeks, it is yet to become operational.   A senior finance ministry official said the revenue department was expected to notify the scheme any day now to attract retail investors to the equity segment.   He added that Sebi was not required to issue any circular for the operationalisation of the scheme and that after the issuance of the revenue department's notification, investors would be able to avail of the benefits of the scheme.   The official accepted that implementation of the scheme had been delayed due to the deliberations on inclusion of mutual funds ( MF ) in it.   ...
Read more

IDFC Nifty ETF

IDFC Mutual Fund has launched IDFC Nifty ETF . The fund seeks to provide returns tha, before expenses closely correspond to the total return of the underlying index, subject to tracking errors. The minimum investment is `5,000 and the NFO closes on 30 September. ------------------------------ ----------------- Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saver Mutual Funds to invest in India for 2016 Best 10 ELSS Mutual Funds in india for 2016 1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Religare Tax Plan 4. DSP BlackRock Tax Saver Fund 5. Franklin India TaxShield 6. ICICI Prudential Long Term Equity Fund 7. IDFC Tax Advantage (ELSS) Fund 8. Birla Sun Life Tax Relief 96 9. Reliance Tax Saver (ELSS) Fund 10. Birla Sun Life Tax Plan Invest in Best Performing 2016 Tax Saver Mutual Funds Online Invest Online Download Application Forms For further information contact Prajna Capital on 94...
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