Here’s why one must always buy a general insurance?

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General Insurance

In the current world with a fast-paced lifestyle, there’s risk wherever we go. These risks are connected with everything around us or whatever we own. Thus, it’s essential to secure all those things we own and people we love.

Things we own like a vehicle, house or business are always at risk to perils. Same goes for people in our lives; a critical illness or accidents can put us under tremendous financial crisis. Even while you’re travelling, there is risk of accidents, loss of luggage, or medical expenditure.

These risks make it important for us to secure our family’s health, and insure valuables like home or vehicles. If you haven’t considered getting insurance, it’s time to think about it. You can easily buy a general insurance policy Online.

What’s general insurance?

Insurance for everything except human life comes under general insurance. Various types of general insurance include health insurance, accidental insurance, insurance of property against fire or burglary etc. There are various other types of insurance for business as well as personal issues.

The main reason to go for insurance is to safeguard our possessions and assets against financial loss. It is only natural when you have amassed a certain amount of property, you need to protect it as well. In fact, in some cases law necessitates insurance for some of the assets like a vehicle. The basic idea behind such enforcement is to allow us to be capable of compensating someone if we cause loss to them.

Who needs to buy a general insurance?

Anyone owning an asset can opt to protect it with an insurance. Also, all of us have the option to insure our health or the health of people dependent on us. The buyer of the policy is the one who is supposed to bear the financial losses in case of a pertinent event. This is known as insurable interest.

The total amount for which you’ve got the insurance for is known as the sum assured. This amount is calculated based on the market value of the insured asset or the cost involved in replacing the object in case of its destruction, damage or loss. Accordingly, a premium is calculated. There are various schemes and products available in market, you can choose one that fit your needs the best.

Types of available policies

Motor insurance:

Motor insurance is for a vehicle you own whether it is a two-wheeler or a four-wheeler. The insurance is mandatory by law as soon as you buy the vehicle and it covers not only the damage to the vehicle in case of fire, riots, earthquakes, cyclones, flood, accidents, or in case of theft, but also the compensation to others if your vehicle has caused them a loss.

Health insurance:

Health insurance is meant to cover medical expenses in cases of health emergencies or other illnesses covered under the policy. Companies offer different kind of plans based on the needs and means of each individual. In the current scenario where health expenses are increasing rapidly, health insurance has become a necessity.

Travel insurance:

Travel insurance is chiefly beneficial during international travel. It also covers the expenses of medical expenses in emergencies. Many companies provide a list of hospitals offering cashless treatment against the insurance. Other benefits of travel insurance include payments against flight cancellation or delay, loss of luggage or passport, or personal liability. The policy also covers the life of the person and pays a small sum to the nominee in case of death during travel.

Property Insurance:

This insurance covers loss to the property in cases of fire, or natural calamities like flood, earthquake, etc. There is also insurance available for burglary and theft.

There are several others types of insurances available against all kinds of assets or business that you may own. In any case, it’s always recommended to read all the terms and conditions of the policy before finalizing it. Also note that most insurances are non-refundable.