Types of General Insurance

We hear about so many insurance policies and the various terms in it. But how many of
us truly understand what the different types of general insurance policies mean and what
they protect? There are essentially two types of insurance, life insurance and general
insurance. While life insurance is a coverage that pays out a certain amount to the
beneficiaries in event of death of the insured, general insurance protects against the
unforeseen losses and damages other than those covered by life insurance.
Also known as non-life insurance, general insurance offers a gamut of insurance covers
against eventualities such as illness, property damage, motor accidents, etc. Assets have a
value of their own and are susceptible to damages. The specific general insurance cover
can protect the economic value of the asset and prevent huge financial loses. or
e!ample, a home insurance policy can protect your home and the valuables inside from
calamities and theft. "n this article, we look at the different types of general insurance
policies and the cover they provide.
General Insurance Types and Features
Motor Insurance
#ou love long drives and speeding on the highways. But have you secured your lovable
ride? $otor insurance, that includes car insurance and two wheeler insurance, covers all
damages and liability to the vehicle. $oreover, according to the $otor %ehicles Act,
&'((, driving a motor vehicle without insurance in a public place is a punishable offence.
A motor vehicle can be covered either by a )iability *nly policy which is a statutory
re+uirement and covers the legal liability for in,ury, death, and-or property damage
caused to a third party in the event of an accident caused by or arising out of the use of
the vehicle, or a package policy which includes the )iability *nly policy and also covers
the damage to owner.s vehicle, usually called *./. 0over.
The common motor insurance plans include1
Car insurance: A comprehensive coverage against physical damage and bodily in,ury to
the car, and also covers against third-party liability.
Two wheeler insurance: A comprehensive two-wheeler insurance policy provides
hassle-free protection to your bike or scooter against physical damage, theft and third
party liability.
Commercial vehicle insurance: 0ommercial vehicle insurance is a )iability *nly policy
for commercial vehicles across the various classes of vehicles like goods carrying
vehicles - private and public carrier, passenger carrying vehicles, miscellaneous and
special types of vehicles.
Health Insurance
"ll health can result in a ma,or halt in your life and work. $oreover, the escalating price
of health care costs means that you would be shelling out a massive amount of money to
bear the brunt of these costs. This is the reason why you would need health insurance to
cover your medical e!penses following hospitali2ation from sudden illnesses or e!penses
caused by accidents. This also includes cashless facility in empanelled hospitals, pre and
post hospitali2ation e!penses, and ambulance charges. 3ere are some of the common
types of health insurance policies1
Individual 4A health insurance policy, such as Ba,a, Allian2 3ealth 5uard "ndividual
policy, provides cover for an individual with cashless hospitali2ation and other features.
"n case you feel that the sum insured of your e!isting health insurance plan does not
suffice for e!penses due to illness or accidents then opt for a cover such as the 6!tra 0are
health insurance policy to e!tend your health insurance.
Family Floater Policy 4 A policy such as the 3ealth 5uard amily loater *ption covers
family members under a single plan. The fi!ed sum insured can be availed by individual
member or as a sum total for treatment of one person.
Surery Cover 4 A 7urgical 8rotection 8lan provides a fi!ed benefit amount for
specified surgeries and helps you to take care of the e!pensive medical treatment in a
hospital. This benefit plan that is used for the surgical treatment of serious illnesses such
as cancer, kidney failure, and heart attack can be availed as a standalone plan or a rider.
Comprehensive Health Insurance ! A high value comprehensive health insurance
policy, such as 3ealth 0are 7upreme with a wide range of sum insured, add-on covers,
special benefit covers such as maternity benefits and dental treatments, fulfills all the
healthcare needs and ensures complete peace of mind, regardless of the situation of life
you are in.
*ther health insurance covers1
8ersonal Accident
3ospital /aily cash Allowance
0ritical "llness
Travel Insurance
/espite all your planning, a trip abroad can go wrong due to medical eventualities, and
non-medical contingencies such as loss of baggage, trip delay and other incidental
e!penses. Travel insurance covers the insured against these misfortunes while traveling.
0atering to people from all walks of life, Ba,a, Allian2 offers three different plans -
Travel 0ompanion, Travel 6lite and 7tudent Travel. 0hoose a basic plan or go for
e!tended covers as per your re+uirements.
The different travel insurance policies include1
"ndividual travel policy
amily travel policy
7enior citi2ens travel policy
7tudent travel insurance
"n addition, there are insurance companies that offer special plans such as a corporate
travel policy or a comprehensive policy for travel to a special place such as Asia.
Home Insurance
#our home is a priceless possession and possibly one of the largest financial investments
that you have made. "t needs to be safeguarded from unforeseen events. Along with your
home, property insurance also protects the valuables and other assets that are the interest
of the insured. A comprehensive cover, such as $y 3ome, for your house as well as the
contents ensures that your home is well protected.
Commercial Insurance
0ommercial insurance offers solutions for all sectors of the industry ranging from
automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil
and gas, pharmaceuticals, power, technology, telecom, te!tiles, transport and logistics.
7ome common types of commercial insurance include1
8roperty insurance
$arine insurance
)iability insurance
inancial lines insurance
6ngineering insurance
6nergy insurance
6mployee benefits insurance
"nternational insurance solutions
Want comprehensive information of the general insurance policies? 0lick here9