General Insurance

General insurance is the insurance of assets and financial assets. It is a contract that offers financial compensation for losses other than death. It ensures everything except life. It covers financial losses due to liabilities related to your house, car, health, travel, property, etc. the insurance company promises to cover the damages to your vehicles, medical treatments, losses due to fire or theft, even the financial problems during travel.

• Health insurance
• Fire insurance
• Motor insurance
• Property insurance
• Home insurance
• Commercial insurance
• Marine insurance

HEALTH INSURANCE – It is a plan that covers all the medical expenses which you incur if you fall ill, or gets injured, and need medical assistance. Health insurance plans prove themselves very beneficial, as the expenses are very high.

Some common features of health insurance plans –

• Health plans can be taken care of yourself as well as your family.
• An expense incurred on room rent, nurse’s fees, ambulance, surgery, daycare treatments, etc.
• Even can claim for deduction of up to Rs 1 lakh by paying health insurance premiums for yourself and your family or the dependent family.
• Different types of health insurance plans exist in the market as follows:
  • Senior citizen plans
  • Critical illness plans.
  • Family floater plans
  • Individual health plans
  • Top-up and super top-up plan for supplementing an existing coverage, etc.

FIRE INSURANCE – It covers all the damages caused by fire and other related perils. It covers the replacement, reconstruction, and repair damages of insured property as well as the surrounding structures. Also covers damages of the third party.

Some common features of fire insurance plans:

• The policy covers the costs of repair, or replacement, or reconstruction of the insured asset.
• Different types of fire insurance include the following:
• Valued Policy – insurer first value the property and then undertakes to pay compensation up to the value in case of fire loss or fire damage.
• Floating Policy – it covers the damages of properties lying at different places.
• Comprehensive Policy – also known as an all-in-one policy. It has a wide coverage that includes damages due to fire, burglary, theft, etc.
• Specific Policy – it covers a specific amount only which is less than the real value of the property.

MOTOR INSURANCE – It’s like health insurance as health insurance is for health likewise motor insurance is the insurance of vehicles. These plans are mandatory as per the law.

Some common features of motor insurance:

• There are two types of policies available in the market:
• Third-party liability – mandatory in nature
• Comprehensive – voluntary in nature.
• Comprehensive plans also cover the damages suffered by your vehicle itself.

PROPERTY INSURANCE – Any building or any immovable structure can be insured through property insurance. This can be either a residential area or a commercial place. There are several types of property insurance:

• Home Insurance – damage to your home or contents inside due to fires, storms, explosions, burglaries, and other events.
• Shop insurance – liabilities occur due to natural calamities, or due to accidents, with these plans immediately undertake shop for repairing.
• Office insurance – include expensive equipment, such as computers, servers, and much more.
• Building insurance – if you own a whole building then home insurance is not enough. Instead of building insurance will be more beneficial.

HOME INSURANCE – It covers the financial losses that you suffer in case of your home or its contents are damaged. It provides coverage against natural and man-made disasters that cause a loss to your house property. It covers all the natural calamities like floods, earthquakes, storms, etc. even it covers man-made calamities like fire, theft, riots, etc.

Home insurance further categorized into three categories:

• Structure Insurance – covers the structure of the home.
• Content Insurance – covers the content of your home.
• Comprehensive Policy – covers both structure and content of home.

MARINE INSURANCE – It covers the export and import of goods. All the matters related to matters within national borders, and across international borders. The movement of goods is loaded with the risk of mishaps, which can result in damage or destruction of shipments.

Marine cargo insurance covers goods, freight, cargo, and other interest against loss or damages during shipment by road, rail, sea, air.

Common types of policies:

• Open cover
• Open policy
• Specific voyage policy
• Annual policy

COMMERCIAL INSURANCE – it encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for construction, chemicals, foods and beverages, transport, textile, power, technology, oil and gas, beverages, etc. it covers small as well as medium scale enterprises, a large corporation as well as multinational companies.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.