Why You Should Opt For A General Insurance

Why You Should Opt For A General Insurance

What is general insurance?
Any insurance apart from life insurance is general insurance. Majorly they can be categorized into three groups:

Property Insurance: Provides for both residential and commercial property. It covers property against perils such as fire, flood, earthquake, storms and so on. It also extends coverage towards valuable assets within the premises.

Personal Insurance: Provides against ailments and accidents. Health insurance policies and accidental generally form the part of personal insurance. The family health and individual health plans are available depending upon your family type and need.

Motor Insurance: Provides for all types of vehicles. In our country, it is must to have motor if you possess any kind of vehicle be it two-wheeler or four wheeler, commercial vehicle or personal vehicle.

What is the need of general insurance?
It is required to protect your belongings and property against any loss arising due to natural and man-made factors. You invest your lifetime savings in buying your house and assets and it is but wise to ensure their protection. Also, family health is the call of the hour keeping in mind the lifestyle being followed.

How much insurance amount would suffice?
While opting for sum assured ensure it covers the asset’s worth. In case you need to replace or repair the asset the amount should not fall short.

If I have two policies would I be entitled claim from both?
If it is an indemnity policy wherein the compensation is paid against the actual loss, the loss would be divided between both the companies. Insurance is meant to pay for the losses and not to make profit.

In case you have accidental policy cover with sum assured then that amount is paid to you by both of your policies irrespective of the loss occurred. It may be possible that total sum assured of both the policies is collectively.

How is the premium decided?
-The premium is decided as per the sum assured.
-How is claim settled in family health policy?

The health policies provide the cashless hospitalization and reimbursement option. If treatment is sought in network hospital the claim is directly settled by the company, otherwise you can file reimbursement.