General insurance

A general insurance policy is a non-life insurance product that consists of many general insurance policies. Common forms of general insurance in India are autos, mediclaim, homeowner's insurance, marine, travel, and others. According to the loss sustained as a result of a specific financial occurrence, the policy offers money to the policyholder. All other types of insurance fall under the general insurance category.

Types of General Insurance Policies

Motor Insurence

Motor insurance is one of those types of general insurance policies that cover all damages and liability to a vehicle against various on-road and off-road emergencies. Even harm brought on by man-made and natural disasters, such as acts of terrorism, is protected by a thorough insurance. Common motor insurance categories include:

  • • Car Insurance
  • • Two Wheeler Insurance
  • • Commercial Vehicle Insurance

Health Insurance

Health care costs are increasing every year. Stress at work and a sedentary lifestyle both have a detrimental impact on health and increase the risk of a serious illness or medical emergency. Given the enormous amount of money that would be spent on medical expenses, such an event would undoubtedly have a negative financial impact. Aside from maintaining a healthy lifestyle, a health insurance coverage is the only option to reduce financial risks. Health insurance helps secure one's health and the health of their family and guarantees peace of mind in difficult times. Common types of health insurance policies include:

  • • Individual Policy
  • • Family Floater Policy
  • • Surgery Cover
  • • Comprehensive Health Insurance

Travel Insurance

International travel, whether for pleasure or business, can become a nightmare if one encounters unforeseen circumstances like lost luggage, misplaced passport, airline delay, medical emergency, etc.
Different types of travel insurance policies include:

  • • Individual Travel Policy
  • • Family Travel Policy
  • • Student Travel Insurance
  • • Senior Citizens Travel Policy

Along with the aforementioned plans, some insurance providers also provide unique options like a corporate travel coverage or a comprehensive policy for travel to particular regions like Asia and/or Europe.

Home Insurance

A person's home is frequently their most prized item and one of their biggest financial investments. It would seem reasonable to protect the home's physical structure and contents.

Marine Insurance

Importing and exporting products across international and domestic borders is a part of business. The movement of products carries a high risk of accidents, which may cause shipments to be damaged or destroyed. Both importers and exporters suffer large financial losses as a result of this. Goods, freight, cargo, and other interests are protected from loss or damage during transit by rail, road, sea, and/or air under marine cargo insurance. From the moment the items leave the seller's warehouse until they arrive at the buyer's warehouse, shipments are secured. Marine cargo insurance offers total financial security for items being transported and provides compensation for any losses incurred. The party is in charge of making sure that the items follow the terms of the sales contract. Buyers, sellers, import/export merchants, buying agencies, contractors, banks, etc. can all purchase a marine cargo insurance coverage. The typical coverage of this kind of general insurance policy is the cargo, but it can also be expanded to cover a third party's interest after the transfer of ownership, subject to the terms of the sale.
Common types of policies:

  • • Open Cover
  • • Open Policy
  • • Specific Voyage Policy
  • • Annual Policy

Rural Insurance

Rural insurance includes options for addressing the needs of rural enterprises and agriculture. For insurers to provide insurance to the rural and social sectors, IRDA has set annual targets.
As per these regulations, insurers are required to meet year-wise targets:

  • • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
  • • In terms of the number of lives under social obligation

Mobile Insurance

A mobile insurance plan, as the name of this type of general insurance policy indicates, protects your phone against unintentional damage. The insurance provider will cover the cost of repairing the cracked screen on your smartphone under the terms of your mobile insurance policy. The choice to buy a mobile insurance plan for both new and used mobiles is up to the mobile buyers.

Commercial Insurance

Commercial insurance comprises solutions for all segments of the industry emerging out of business operations. Insurance options for the sectors of the automobile, aviation, building, chemicals, food, manufacturing, oil and gas, pharmaceuticals, electricity, telecom, technology, textiles, transportation, and logistics. It includes huge corporations, small and medium-sized businesses, and international corporations.
Common types of commercial insurance:

  • • Property Insurance
  • • Marine Insurance
  • • Liability Insurance
  • • Financial Lines Insurance
  • • Engineering Insurance
  • • Energy Insurance
  • • Employee Benefits Insurance
  • • International Insurance Solutions

Other Types of General Insurance:

  • • Property Insurance
  • • Personal Accident
  • • Householder
  • • Shopkeeper
  • • Corporate Insurance
  • • Commercial Insurance
  • • Fire Insurance
  • • Crop Insurance