What is General
Insurance

General insurance is a type of insurance policy that covers the financial loss suffered due to the loss or destruction of the insured asset.

General insurance covers loss in case of home, travel, vehicle, and health from fire, floods, accidents, man-made disasters, and theft. A General Insurance policy cover reimburses the insured for a financial loss caused due to certain events as stated in the respective general insurance policy. Broadly speaking, an insurance cover that does not come under life insurance is considered to be general insurance.

Different types of General Insurance

Property Insurance

A Property Insurance Policy provides financial reimbursement to the owner/renter of a building and its contents. It also covers damage caused to anyone other than the owner/renter if that person is injured on the property.

Some insurances available under property insurance include:

Home Insurance

Home Insurance policy provides an all-encompassing protection for your home. Your home is your prized possession and it must be given the most trusted protection it deserves. It gives you the benefit of affordable coverage for your property and possessions against almost any eventuality.

Shop Insurance

Covers the shop property and contents inside.

Burglary Insurance

Covers any loss or damage due to unlawful breaking and entering of insured premises.

Office Insurance

Office insurance provides coverage for the risks that can impact office operations like fire, burglary, misuse of office data, loss of money due to cheating of employees etc

Fire Insurance

Provides coverage against damage caused by any fire to property or assets.

Motor Insurance

An automobile today is more of a necessity and not a luxury. Any person who drives a motor car has to get his car insured. Driving a car without proper car insurance is illegal. Hence, having a Car Insurance is pre-requisite to be able to drive your car.

Types of Motor Insurance:

Third-party insurance Policy

Pays the financial liability to the third party affected in the mishap, ensuring you do not face legal hassle due to the accident.

Comprehensive Insurance Policy

Apart from covering third-party liabilities, these plans also cover the expenses incurred for repairing the damages to the policyholder’s vehicle due to an accident, fire, artificial and natural calamities, riots and other such instances.

Own Damage Policy

With Own Damage Cover, you receive the same benefits as a comprehensive policy without the third-party liability portion of the policy.

Factors affecting premium of Motor Insurance

  • IDV (insured declared value). The higher this amount, the higher will be your premium.
  •  Age of the vehicle.
  •  Type of plan, i.e. comprehensive or third-party liability insurance.
  •  The variant, make and model of the vehicle.
  •  Applicable no-claim bonuses/discounts.
  •  Location
  •  Add-on coverage
  •  Size of the engine
  •  Vehicle usage purposes, i.e. commercial or personal

Travel Insurance

Even after making a proper plan for your trip, there are chances that you may encounter emergency medical situations, baggage loss, or expenses regarding a delay in the flight or any other mode of transport chosen. It provides coverage against loss of baggage and personal documents, emergency medical expenses, repatriation of human remains, etc. There are various types of travel plans like a student plan, domestic travel plan, senior citizen travel plan etc.

Factors affecting premium of Travel Insurance :

  •  Pre-existing ailments
  •  Travel duration
  •  Policy holder’s age
  •  Number of members in the plan
  •  Destination of travel
  •  Coverage type, i.e. basic or comprehensive
  •  Sum insured amount
  •  Coverage for adventure activities and the like

Commercial Insurance

It provides protection against the risks related to any business. Apart from covering the damages to the property or employee injury, it also covers public or employer liability. The policy is offered to commercial and business entities like large corporate houses, agriculturists, SMEs, and MSME industries.

Commercial Insurance, as an umbrella segment, has a number of Insurance types based on the type of asset covered.

The different types of commercial insurance plans that are available are commercial vehicle insurance, marine insurance, property insurance, plant and machinery insurance, cyber security insurance, Workmen Compensation, Product Liability Insurance, Public Liability insurance, Professional Indemnity Insurance, etc .

The coverage of commercial insurance is huge. Businesses must identify the risks associated with their business, and the insurance companies would normally be able to cover the risk in some or the other form of insurance.

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Frequently Asked Questions

What is General Insurance?

Insurance policies which do not fall into the category of life insurance are known as general insurance. This type of insurance covers a vast spectrum of risks such as automobile, property, health, travel, and personal accidents. In India, general insurance is regulated by the Insurance Regulatory and Development Authority (IRDAI) and the policies offered can be purchased from both public and private sector insurance companies.

What are the different types of General Insurance plans available in India?

An array of General Insurance options can be found, including Health Insurance, Motor Insurance, Travel Insurance, Home Insurance, and Personal Accident Insurance. All types of business risks are also covered under general insurance such as professional liability, workmen compensation, cyber insurance, management liability, fidelity guarantee etc.

Why is general insurance important?

It is crucial to have general insurance as it provides coverage against unforeseen incidents like accidents, theft, natural calamities, and liability claims for both individuals and businesses, thus providing safeguard from financial losses. The coverage offered includes protection against numerous risks such as harm to property, bodily harm, and legal fees.

How do I know when to buy general insurance?

Knowing when to buy general insurance depends on your personal circumstances and needs. Generally, it is recommended to purchase general insurance policies to protect against unexpected and costly events, such as accidents or natural disasters. Basically, insurance should be taken for any asset that has value and huge loss is expected in the event of harm or damage occurring to that asset.

What are the tax benefits of general insurance?

General insurance offers many tax benefits to individuals and businesses alike. Section 80D of the Income Tax Act allows for the deduction of health insurance premiums for individual taxpayers. For businesses, the cost of general insurance premiums can be claimed as a business expense thereby reducing the net taxable income.

Are there any eligibility criteria to buy general insurance?

Yes, there are eligibility criteria to buy general insurance. The criteria may differ based on the type of insurance. For instance, for health insurance, the age limit may vary from 18 years to 65 years, and the individual should not be suffering from any pre-existing medical conditions. For other types of insurance the basic criteria is the insurability of the asset being insured, which means the asset has a verifiable value, ownership and significant financial loss is expected in case of damage or destruction of the asset proposed to be insured.

Is it ok to buy travel insurance online?

Yes, it is definitely okay to buy travel insurance online. The convenience and ease of purchasing travel insurance online have led to its growing popularity over time.

What is motor car insurance?

A motor car insurance policy covers various risks that car owners may encounter while driving such as accidents, third-party liability, theft, and personal injury. Car owners can secure financial protection against vehicle theft or damage costs through a motor car insurance policy.

Which type of car insurance policy should I buy?

When looking for a suitable car insurance policy, taking your individual requirements and affordability into account is crucial. If you're looking for greater protection and coverage, a comprehensive policy may be the way to go. This type of policy will not only cover damages to your own vehicle in the event of an accident, but also third-party damages and injuries. Alternatively, if you have an older car that is paid off and not worth that much, a liability-only policy may be more appropriate. This type of policy will only cover damages and injuries to other parties in an accident, but may save you money on your premium.

How can I avail discounts in insurance premium?

There are several ways to get discounts, such as maintaining a clean driving record, bundling multiple policies with the same company, and installing safety devices in your car or home. Another way to save is by paying annual premiums instead of monthly instalments.

What is Insured declared value or IDV?

The maximum amount an insurance company will provide in the event of a vehicle being stolen or irreparably damaged is known as the Insured Declared Value (IDV). This value is calculated based on the manufacturer’s listed selling price of the vehicle along with the cost of any additional accessories that were added to the car.

What is risk in insurance?

In insurance, risk refers to the likelihood of an event occurring that might lead to a loss. The insurer charges a premium that is directly proportional to the level of risk involved in an event. The idea behind insurance is to spread the risk among a large group of policyholders so that the financial cost of any individual loss is shared.

What is claim in insurance?

Insurance policyholders can file a claim with their insurer in order to receive compensation or coverage for any losses or damages they have experienced in accordance with the policy's specifications. An insurance claim is made after an event that's covered by the policy, such as an accident or injury, death, illness, damage to property, or theft.

What is maturity claim?

Maturity claim refers to a type of insurance policy where the policyholder receives payment when the policy matures, which typically occurs after a certain period of time. This type of policy is commonly used in life insurance, where the insured party is paid out the value of the policy upon reaching a certain age.

How do I file a claim under a policy?

Before filing a claim under your policy, it's crucial to follow a set procedure. Familiarize yourself with your insurance policy to comprehend the extent of coverage and payments that you qualify for. Once you have determined that your claim is valid as per the policy guidelines, contact your insurance company or agent as soon as possible. Provide them with all necessary information related to the claim, such as the date and time of the incident, the extent of the damage or injury, and any other details that may be relevant. They may require additional documentation, such as medical or police reports, so be sure to gather and provide all necessary paperwork. After you have filed your claim, the insurance company will commence the task of scrutinizing and examining your claim and processing the payout.

How can Deal Plexus help me to get an Insurance Plan?

Deal Plexus provides comprehensive insurance advice to individuals, groups, and businesses to help them to buy relevant insurance plan that suits their needs.

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