Types of General Insurance Plans

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Types of General Insurance Plans

19/07/2018 businesses 0

General Insurance plans cover all types of insurances but Life Insurance. Unlike Life insurance, General insurance plans have a fewer term. It covers all damages to your assets from thefts, robbery, fire, accidents etc. There are a few categories of general insurance.

Motor Insurance – These Insurance plans cover all damages and liability related to a vehicle related on and off road emergencies. A comprehensive insurance plan covers all damages to vehicles from natural and man-made damages.

It offers two types of coverages for your vehicle.

  • Comprehensive motor Insurance – Covers all damages to your vehicles.
  • Third party only motor insurance – Provides coverage only to the third party damages involved in the accidents.

According to Motor Vehicles Act, 1988, all the vehicle owners must have a valid insurance cover for their vehicle. Otherwise, the owner has to pay the penalty.

Health Insurance – With the increase in health care cost, there is a need for an insurance plan to cover all the expenses related to medical emergencies. The coverage plan offers pre and posts medical expenses, hospital rent, regular medical checkups, and critical illness treatment expenses. Many of the insurance plans offer cashless treatment for your medical expenses at network hospitals

Home Insurance – Home insurances offer protection against all types of natural and man-made disasters to your in-house and out of house properties. Most of Indians spend all of their savings in building the house. By insuring your house with an insurance plan, you save money you would have spent on the damage related expenses.

Travel Insurance – If you are a frequent traveler or a new traveler, you should insure yourself with an insurance plan. The plan provides coverages for your lost luggage, coverages for your delay in flights, medical emergencies, accidents etc.

Commercial Insurance – Commercial insurances include solutions for all sectors of industry arising out of the business operations. The industries include aviation, constructions, chemical, food, beverages, manufacturing etc.  Common types of commercial insurance include property insurance, marine insurance, Liability insurance, employee benefits insurance, energy insurance etc.

Different Plans in General Insurance and Its Benefits

There are many varieties of general insurance plan available. The main type of insurance is health insurance in India. There are different varieties of health insurance available.

Individual health insurance policy –  This type of policies provide coverage to critical illnesses and offers benefits like pre and post hospitalization and other cashless benefits. The sum assured is for only a single individual.

Family health plan – All the family members come under a single policy. The sum assured is for all members included in the plan. Generally, these types of general insurance are more expensive than the individual insurance policy.

Senior citizen health insurance – These types of insurance plans are available for the senior citizens above 60 years and offers health coverages during old ages. According to the government of India, every senior citizen should have a health insurance plan for themselves.

Surgery and critical illness insurance plan –  These plans act as free riders for treatment like kidney failure, cancer treatment, joint replacements and some other critical diseases.

Maternity insurance cover – Medical insurances now cover charges for pre and post-natal care. Some insurance policies include vaccination and other related plans for the new babies. You have to enroll in the insurance plan at least 6 months before you avail the benefits.

Personal accident cover – These are generally offered as riders. The sum assured is paid for hospitalization and related expenses for the injuries related to accidents.

Preexisting disease cover – Some of the insurance plans do not provide coverage for pre-existing diseases. The insurance holders have to wait for a few years before availing the benefits of the insurance plans. However, some insurance plans offer a short period before the general insurance plan covers for your diseases.

Some of the Most Popular Plans of General Insurance in India

The Indian general insurance market provides some of the best insurance plans in the health insurance category. Some of the best general insurance plans include HDFC ERGO General Insurance, ICICI Lombard General Insurance, SBI General Insurance, Bharti AXA General Insurance, etc. in the private sector; National Insurance, GIC, Oriental and United India Insurance in the public sector and Apollo Munich, Max Bupa, Cigna TTK, Universal Sompo, etc. in the stand-alone health insurance sector. You can get a detailed analysis of the same when you compare it on Coverfox.com.

Most of the health insurance plans offer lifetime renewal with a waiting period of 4 years and over 3500 network hospitals. All the insurance plans are available at a different premium payment.

Getting a general insurance is a win-win situation for everyone who enrolls in a plan. You get coverages for all your assets through the plan. If you have not already enrolled in a plan, enroll yourself today with a low premium payment and get all the benefits in the long term.