Different Types of General Insurance in India

Things do not always go the way we expect them to. Theft and fire can take away all your belongings; to keep yourself protected, get general insurance. You can avail of various general insurance plans; select one based on your needs. Before buying a plan, it is important to learn about the different kinds of insurance.

General Insurance Policy

General insurance does not cover life and health issues. It helps protect the economic value of tangible assets. The buyer gets money in exchange for losses due to a certain event. Types of general insurance include accident, motor, marine, and more.

Why Do People Buy General Insurance Policy? 

You all probably have different goals for your lives. If you get better at your job and get a car, house, etc., you need to keep things safe.

Financial Stability

Owning a tangible asset is not sufficient; it is important to keep it safe. You can get rich by buying property, but what if it burns down, or theft occurs? General insurance helps keep such risks at bay.

Lessen risks

We all try to stay away from danger. Getting a general insurance policy is the best way to keep it at bay. Ensure to pay your insurance premiums on time.

By Law

In some cases, we need to have insurance as stated by law. The Motor Vehicle Act of 1988 says that every driver must have insurance.

Different Types of General Insurance

Health Insurance

Health insurance is one of the most common types of insurance. You don’t have to worry about rising healthcare costs if you have health insurance. Health insurance pays for all medical care costs, such as doctor visits, hospital stays, and surgery. As long as the payments are up to date, you can use the coverage benefits.

Motor Insurance

We save up to purchase a car or bike to make life easier for us and our families. General insurance helps cover the costs related to accidents, theft, and damage. Motor insurance pays for damages and lessens your financial risk. The Motor Vehicles Act of 1988 says that all vehicles must have insurance that covers damage. Some motor insurance policies provide personal accident and co-passenger coverage.

Home Insurance

Home insurance protects your home and its contents. It allows you to cover the damages caused by natural disasters, fire, theft, loss of jewelry, etc. It covers both natural disasters and those made by humans.

Travel Insurance

It’s fun and exciting to travel, but sometimes weird things happen. Many of us love to travel to all sorts of faraway and often unknown places. If you are planning to travel within the country or on a foreign trip, do not forget to take out travel insurance. This pays for medical bills, trip changes, lost luggage, or a domestic or international flight accident.

Getting good travel insurance is the best way to prepare for surprises on the road. Travel insurance plans are available for people of all ages.

How to Claim General Insurance Policies? 

Health Insurance Claim

There are two methods to make a health insurance claim. You can either pay without cash or get paid back. Cashless claims can only be made at hospitals in an insurance company’s network. Holders need to get permission before they start their medical treatment. Depending on the situation, you must notify your insurance company within 24 hours. They send all bills and paperwork to the insurance company.

You can also file claims for hospitals that are not part of the network. You should inform their insurance company and send in all their medical bills. First, you have to pay the bill right away. Once your claim is accepted, you get your money back.

Travel Insurance Claim

Travel insurance claim forms must be sent to the insurance company within 24 hours of the event. You can call the toll-free number or send an email to do this. Fill out the claim form correctly and include the required documents.

Motor Insurance Claim

Call the provider’s toll-free number to claim the car insurance. For cashless maintenance, you must make an appointment with the surveyor and bring your car to an approved network garage to get the claim. If you choose the cash option, you must pay for repairs and send invoices and a claim form to the company to get paid.

Tax Benefits in General Insurance 

General Insurance also helps you take advantage of the tax benefits. Section 80D of the Income Tax Act of 1961 allows tax deductions for health insurance premiums. You can avail of a tax deduction of Rs. 25,000 for the premium paid for health insurance. This also gives you the additional benefit of Rs. 25,000 for the tax deducted from the medical insurance policy of your parents.

Conclusion

A general insurance policy protects you from all risks that don’t involve life insurance. There are many types of general insurance. Each type of coverage has its pros and cons. It’s important to know what each type of coverage offers and its limits and to ensure that your needs are met. It is important to choose the right insurance. Visit the Piramal Finance website to learn more about different types of general insurance and to look at their products and services, such as personal loans, credit scores, and credit cards.