Public insurance plans are a financial compensation contract
instead of any loss other than death. It insures all except life. You will be
reimbursed for financial harm caused by home, car, bike, travel, health
liabilities. The insurance provider offers to pay you a fixed amount to cover
damage to your vehicle, medical treatment for health problems, burglary or fire
accidents, or even financial travel difficulties.
There is a difference between insurance types- one is life
insurance and non-life insurance, or general insurance is another. You will be
covered as an individual under the Life insurance policy.
Reimbursement under
the policy may be withdrawn in case of the policy 's death or maturity.
In short, general insurance provides financial protection on
all the properties against liability, death, fraud, and other liabilities.
There are general
insurance products for all kinds of assets, such as vehicles, health, home,
travel, and fire. Let us learn about them in detail.
Motor Insurance
Motor insurance is like your vehicle insurance, except it is
for your health. It is a general insurance policy that provides financial
security for your car from damage due to accidents, injury, robbery, fire, or
natural calamities. You can even insure your commercial vehicles under a motor
insurance policy.
Having your vehicles insured is compulsory in India. So,
that means you need your two-wheeler and four-wheeler insurance. Motor
Insurance covers both third-party insurance and comprehensive car insurance.
Health Insurance
The health-care costs are covered by general insurance in India. It
charges or reimburses the amount that you pay to treat any accident or illness.
It includes:
The treatment of critical ailments
Hospitalisation
Medical bills before or post hospitalisation
Procedures like Cataract operations
Travel Insurance
During your trip in a foreign country or within the country,
a travel plan will reimburse you or pay you for any financial losses arising
from medical and non-medical emergencies.
Travel insurance usually covers:
Emergency medical expenses
Loss of baggage
Loss or misplacement of passport
Flight delays
Hijacking
Accidental death
Home insurance
Home insurance is a cover that covers or compensates for
damage to your home caused by natural calamities, human-made disasters, or
other hazards.
This includes arson, robbery, fraud, floods, earthquakes,
and sabotage liabilities. It not only gives your home financial security, but
it also takes care of the property's valuables.
Fire Insurance
Fire insurance covers or compensates for damage to your
property or goods caused by the fire. Such general insurance includes the costs
of removing, reconstructing, or restoring the insured property and the
associated buildings.
