General Insurance: An Essential Form of Protection
Known to cover both private sector as well as state organisations, financial protection in India is known to be one of the most essential pre-requisites in one’s life. Whether it is in the form of general (non-life) of even life insurance policies there are many different plans that a person can opt for. Not only is it an essential component of one’s life, but it is also mandatory by law to be insured against certain liabilities. This is done in a measure to provide compensation in case there is any sort of liability that may arise.
Although life insurance policies are known to be the most popular plans that are availed for by people, general insurance (non-life) policies are also very popular. Some of the different types of plans include home, car, business, medical, travel, and health insurance. So, any policy that is has a non-life asset to it, but holds a financial value and needs to be covered by loss falls under this category. These policies also cover against burglary or theft, fire and machinery against breakdown.
Home Insurance: This covers the financial liability that may arise in case of unforeseen events for one’s private residence.
Car Insurance: This type of coverage protects a person against any form of loss due to accidents, theft or traffic collisions.
Business Insurance: Aimed at protecting one’s business against any form of loss, this policy refers to the equitable transfer of the risk of loss from one particular entity to another in exchange for a particular payment. It is also known as a form of risk management that is used to hedge against the risk of a contingent or uncertain loss.
Medical Insurance: This form of protection aims at insuring the person against any form of risk that may incur as we result of incurring medical expenses for an individual.
Travel Insurance: Aimed at covering medical expenses, mishaps during vacations or any financial default of travel for domestic or even international trips, these policies are meant for travel purposes.
While the internet was earlier used for different product research, renewal of policies and even payment of premiums; it has become increasingly popular for people to purchase their plans online via a secured website. This is also a result of increased transparency, advantage and ease of saving money.
There are many different general insurance companies in the country and their services are easily available online via their websites. Therefore people can compare different policies online so as to find that matched their budgets and requirements. Moreover, by comparing different plans online on different portals it is easier for people to gain an insight of what is available in the industry.
It is extremely important to purchase these different plans and policies as one’s earned and accumulated wealth which has been used to purchase expensive items such as a vehicle, home, etc. need to be protected from financial loss.
It is always important to compare the different plans that are offered by the different providers before opting for a specific plan.