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General insurance, also known as non-life insurance, comprises of motor insurance, health insurance, home insurance, shop insurance, marine insurance, travel and every other form of insurance. It is defined as any insurance which is not deemed to be life insurance.
General insurance is non-life insurance. Any insurance plan which does not fall under the category of life insurance is a part of general insurance. India has multiple numbers of general insurance providers. The most common type of general insurance plans are:
As per the Indian Motor Vehicles Act, 1988, third party liability insurance is mandatory for all vehicles operating on Indian roads. It is advisable to purchase a comprehensive motor insurance plan for giving complete protection to your vehicle. Here a few instances which are covered under motor insurance:
Health insurance is a type of general insurance which provides cover against any medical/health/accidental/emergency related incidents. Health insurance plans can be customized as per your budget and risk. Also, health insurance plans offer cover up to the insured amount. Here a few instances which are covered under health insurance:
Travel insurance is a type of general insurance which provides cover against travel-related perils such as loss of baggage/passport, medical emergencies, flight cancellation, etc in a foreign or domestic country. It is advisable to purchase a travel plan 15 days before your trip begins. Here a few instances which are covered under travel insurance:
Home Insurance is a type of general insurance which provides cover to your home against damages from theft, burglary, natural calamities like floods, fire, earthquake, storm and manmade events like riots, arson etc. Here a few instances which are covered under home insurance:
In conclusion, it is important to have an insurance plan for yourself and family. An insurance plan is a great back-up plan in case of a financial emergency.