![]() ![]() The general insurance cover that is mandatory is third-party liability car insurance. Health insurance is a must-have cover, given the ever-increasing healthcare charges, while travel and home insurance can help save you from a lot of grief. Mandatory General Insurance a User Should Have As far as the premium of general insurance is concerned, the premium is paid if the policy is renewed in the next year. Because the contract of life insurance is long-term in nature, the premium is paid all through the term of the policy or until the minimum premium paying term.On the other hand, in the case of general insurance, the claim or the actual loss amount is reimbursed when a specific event occurs. In the case of life insurance, the benefits and the sum assured is paid on the maturity of the policy or in the event of the policy holder’s death.General insurance policy is a short-term contract whereas life insurance is a long-term contract.Life insurance is different from general insurance on various parameters: It is one of the most important financial instruments. If a situation occurs wherein the policyholder has a premature death within the term of the policy, then the nominee gets the sum assured by the insurance company. Life insurance provides coverage for your life. ![]() Difference between General Insurance & Life Insurance When it comes to health insurance, one can opt for a standalone health policy or a family floater plan that offers coverage for all family members. A health insurance plan covers hospitalization expenses up to the sum insured. Health insurance is a vital tool for risk mitigation and helps you deal with medical emergencies. You may also be offered cashless hospitalization if you are hospitalized while travelling. When you are travel internationally and suffer losses because of loss of baggage, trip cancellation, or delay in flight, a travel insurance policy safeguards you. Additionally, it provides coverage against any third-party liability in the case of third-party property damage, bodily injury, or death. It is also important to note that third-party motor insurance is mandatory as per the Motor Vehicles Act, 1988.Ī comprehensive insurance policy safeguards your vehicle against fire, earthquake, theft, impact damage, etc. However, you must take into account one fact that it does not cover any of your vehicle’s damages. When your vehicle is responsible for an accident, third-party insurance takes care of the harm caused to a third-party. It comes in two forms, third-party and comprehensive. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. ![]() A home insurance policy essentially covers man-made and natural circumstances that may result in damage or loss. Home and household insurance safeguard your house and the items in it. Read on to know more about them:Īs the home is a valuable possession, it is important to secure your home with a proper home insurance policy. Today it is crucial to know about the different types of general insurance because of the numerous benefits they offer. A general insurance policy pays for the losses that are incurred by the insured during the period of the policy. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance. General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. 4 Different Types of General Insurance in India ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |