One of the most noticeable possessions of a human being is his or her vulnerable assets. Everyone needs a protection for monetary crises in life. To save this vulnerable life from much harm one should always possess at least a single general insurance types of policy as it provides sufficient coverage. That is why; people tend to buy general insurance products. These insurances give a sufficient amount of coverage for the damages and losses of the individual.

What are general insurance types

What are general insurance types?

Who does not know about life insurance policies in India? Only a very few numbers of people are unfamiliar with life insurance. But insurance does not only means life insurance. There are a lot of other types of insurances which are called general insurance types.

A general insurance types policy is actually a non-life insurance. Under such policies, we get the protection of both own self and the things we value in our life. For instance, cars, houses, office, business properties, and so many more things which are non-living things fall under this category.

Why one need to have a general insurance?

General insurance covers for the valuable products we possess in our life. Thus, having a general insurance meaning is to have a strong pillar like protection over our head. Such insurances claim to pay for the monetary loss of their policyholder. These insurances are bound to pay for the harms due to natural calamities like a storm, flood, excessive rain, earthquake, and many more. It also covers for the expenses of legal actions taken against the policyholder, sudden fire burning, theft, robbery, any kind of accidents, and so many more reasons.  So, to escape these unnecessary expenses in our daily life one should buy a general insurance. Having such general insurance meaning is to be on safer side and also be tension free.

For this purposes, people need to buy general insurance types policies.

Types of general insurances in India

Types of general insurances in India:

General insurance types work by supporting the policyholder with the cost of unpredicted threats. To escape such threats we need general insurance types in India.

Let’s have a look at the types of general insurances in India

  1. Commercial Insurance: –

    Under such general insurances the company covers almost all sectors of industrial business operations and start-up, both small and medium enterprises, MNCs and many more. There are many other types of insurances under commercial insurance. These are

  • International Insurance Solutions
  • Engineering Insurance
  • Energy Insurance
  • Marine Insurance
  • Property Insurance
  • Liability Insurance

Home Insurance:

  1. Home Insurance: –

    People are tending to invest the most significant amount to build their house. So, everyone out there would want to save it from unexpected natural calamities or theft and robbery. For that purpose, we need to buy this type of insurance. Under this type the insurance company covers…

  • Home
  • assets
  • property
  1. Rural Insurance: –

    Such insurances are generally for rural people along with their poultry, cattle, farming, and other businesses. These are as follows…

  • Agricultural properties
  • Livestock
  • Horticultural crops
  • Plantation crops etc.

Travel Insurance

  1. Travel Insurance: –

    Under such insurance policies the company gives the coverage of loss or damage of luggage, trip cancellation, trip delay due to airlines fault etc. Such insurances include…

  • Comprehensive policy
  • Student travel insurance
  • Corporate travel policy
  • Senior citizens travel policy
  • Individual travel policy
  • Family travel policy etc.

Health Insurance

  1. Health Insurance: –

    Such insurances cover for medical emergencies, surgical crises, hospital expenses, and many more. These policies include…

  • Comprehensive Health Insurance
  • Surgery Cover
  • Family Floater health policy
  • Individual health insurance
  • Senior citizen health insurance etc.
  1. Motor Vehicle Insurance: –

    Such insurances cover for a car accident, Two-wheeler vehicle accidents, damages and many more. Such insurances include…

  • Commercial vehicle insurance
  • Two-wheeler insurance
  • Four-wheeler insurance
  • Car insurance etc.
Benefits of general insurance policy:

Buying a general insurance meaning is to buy the peace of mind. Who does not want to live life tension free?

These general insurance types are there to get that peace of mind. As none of us know about the unpredictable future which leads us to continuous anxiety. But these general insurance types are here for your rescue. Let’s know in brief about the uncountable benefits of having a general insurance for our valuable non-living things.

  1. Under general insurance, the health insurance comes with an exemption of tax.  Because of section 80D of Income Tax Act, 1961 health insurances are tax-free or one can file a tax return to get it back.
  2. It gives you coverage for the expenses that you get due to unpredictable natural calamities such as storm, flood, earthquake etc.
  3. It covers sudden accidents, Fire burning at the business place, home, and office.
  4. It also covers for the theft, robbery and many more.

Therefore, to live life anxiety free everyone should rethink of buying general insurance types of policies.

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