General Insurance

Insurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance.

The tangible assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset.

One of the main reasons why one should go for insurance is to protect one’s belongings and assets against financial loss. When one has earned and accumulated property, protecting it is prudent. The law also requires us to be insured against some liabilities. That is, in case we cause losses to another person, that person is entitled to compensation. To ensure that we can afford to pay that compensation, the law requires us to buy liability insurance, so that the responsibility of paying the compensation is transferred to an insurance company.

Why you should buy General Insurance:

General Insurance is needed :

General insurance is a practical option for anyone who likes to lead a risk-free life. Risk is associated with practically everything and, so, it is important to secure all the things that we own and value.

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It protects you and your family financially in the event of an unexpected serious happened that could be very expensive.

In addition, you are more likely to get routine and preventive care if you have general insurance.

Who needs General Insurance:

Anyone who owns an asset can buy insurance to protect against losses due to fire or theft, and so on. Each one of us can insure our and our dependents’ health and well-being through hospitalisation and personal accident policies. To buy a policy, the person should be the one who will bear financial losses if the said events occur. This is called insurable interest.

The amount you insure for is called the sum assured. Normally, a policy should cover the value of the asset — either the market value while insuring, or the cost of replacing the asset should it be lost or destroyed. The premium will depend on the sum assured. You can avail of a range of products to suit your insurance needs.