General Insurance

General Insurance is also termed as non-life insurance. It helps you to protect yourself and the things you value the most for instance your home, car, and other valuable things. It also safeguards you from the financial impact from minor to the major scenarios- fire, flood, storm, earthquake, travel mishaps. You can choose the types of risks you want to cover with the right kind of general Insurance policies.

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Why is General Insurance Important?

Imagine you’re driving to the office in your car and suddenly, a taxi hits you from behind. Your car has a dent and the rear window is shattered too. Now you need about Rs. 2000/- for the dent and Rs.5000/- for the rear glass.

n this case, a car insurance policy plays well. You can get the amount reimbursed under the insurance policy. Your car is the asset here in which you have a financial interest. It is also important to remember that, an insurance policy will pay only as per its predefined conditions.

Common Types of General Insurance

Almost everything is insurable today. However, General Insurance is commonly divided as Fire, Engineering, Marine, and Miscellaneous Insurance. It also changes according to different countries geographically.

General Insurance - Kode Core

Digit Insurance also offers insurance policies for Mobile, Bicycle, Shop Protection, and others.

  • Health Insurance
  • Travel Insurance
  • Motor Insurance
  • Marine Insurance
  • Home Insurance
  • Commercial Insurance

The Health Insurance cover offers protection for the medical expenditures incurred due to hospitalization caused because of an accident or illnesses.

Common types of health insurance include individual health insurance, family floater health insurance, comprehensive health insurance, and critical illness insurance.

Although every policy is different, based on what it is being purchased for, it mainly covers:

  1. Accidental Hospitalization (pre & post)
  2. Accidental illness and hospitalization
  3. Daycare procedures
  4. Psychiatric Support
  5. Annual Health Check-ups

The cover can also be extended to cover some exceptions with predefined conditions such as Maternity benefit with Infertility benefit, organ donation, critical illness, etc.

This covers your financial liability when (if any) when you travel within or beyond the Indian boundaries. The financial liability may arise due to both medical or non-medical emergencies.

Travel insurance can be commonly grouped into individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance.

The duration of the travel for one time can be 180 days at the maximum. The policyholder can take more than one trip in a year. Your Travel Insurance will usually cover:

  1. Loss of Baggage
  2. Loss of Passport
  3. Hijacking
  4. Medical Emergencies
  5. Delayed Flights
  6. Accidental Deaths
  7. Adventure Sports

A motor Insurance Policy is mandatory to be able to drive legally in some countries. Motor Insurance can be divided into two groups, two and four-wheeled.

 

There is commonly two types of Motor Insurance

  1. A Third Party Policy Cover
  2. A Comprehensive Package Policy

 

A Third-Party Policy covers for losses are faced in a situation where your vehicle damages any third-party such as public property, person, or third-party vehicle. The same is also a minimum requirement to be able to drive legally in some countries, stated under the Motor Vehicles Act.

 

A Comprehensive Package Policy covers both third-party damages and liabilities and damages/losses caused to you and your vehicles. The losses may arise due to an accident, theft, fire, natural calamities, and others.

Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea, and/or air.

You build or buy your home with your toil and hard-earned money and it becomes a priceless possession for you. A Home Insurance Policy protects your valuable and other assets. It is a comprehensive package policy that covers all valuables.

 

Certain Insurance gives protection for Home even against Burglary, Loss/Damage of Jewellery, Fire, and Natural Disasters.

The lines of insurance that affect the business operations in the real terms are categorized under the Commercial Lines of Insurance. It encompasses solutions for all sectors of the industry arising out of business operations. The type of insurance covers that one can buy may include:

  1. Property Insurance
  2. Engineering Insurance
  3. Liability Insurance
  4. Marine Insurance
  5. Employees Benefit Insurance

Depending on the type of occupation, risk exposure, and the money involved, the insurance could be different for each industry or business. For example; an insurance that is specific to a steel plant, versus one for a software company will be different.

 

The premium charged for a steel plant will be higher than a building filled with IT professionals Therefore, Insurance is completely based on the level of the risk exposure. A worker in the steel plant is more prone or susceptible to injury than to the one who is working in an enclosed office.

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