What is Insurance

Insurance is a contract between two parties wherein one party offers to compensate or cover the damage incurred by the other party in exchange for a monetary payment (premium). Numerous types of uncertainty that could arise in a person's life are covered by insurance plans. Insurance offers security, protection, distributes risk, and helps build money.

What is General Insurance

General insurance refers to insurance contracts which do not offer coverage for risks to life. General insurance does not include life insurance instead it includes all those plans which cover associated risks. General insurance protects us and our homes, cars, belongings, and other valuables from fire, floods, storms, earthquakes, theft, and travel disasters.

What are the different types of General Insurance

There are several financial and other risks that people can face in sudden situations. Therefore, for this purpose there are different types of general insurance.

Health Insurance

One of the most common types of general insurance that covers the cost of treatment, surgery, emergencies, and other medical needs resulting from illness, accident, or injury. There are several add-ons such as maternity insurance, critical illness insurance, etc.

Motor Insurance

General insurance does not cover life-related risks, but auto insurance plans cover liability to third parties in the event of injury/property damage caused by your vehicle. There are comprehensive plans that offer compensation for damage to the vehicle itself.

Travel Insurance

Travel insurance covers the risks of traveling for any purpose, whether international and domestic journeys. Travel insurance covers financial losses due to lost luggage or emergency hospitalization while away from home. Domestic travel insurance also offers similar coverage.

Personal Accident Insurance

It provides coverage for accidental injury or death. In this case, the lump sum is paid to the policyholder's nominee.

Home Insurance

This insurance has proven to be the backbone of protection against damages that can be unpredictable and affect your home. It protects against burglary, natural disasters, theft, etc. Construction costs will also be covered but the cost of the land on which the house is built is not compensated.

Commercial Insurance

This insurance covers different types of business risks such as fire, property, marine, workers' compensation, and commercial general liability insurance.

Benefits of General Insurance

A General Insurance policy helps you to lead a risk-free life. The benefits of General Insurance are:

• Set aside the costs of an automobile accident.
• Pay for the hospital bills.
• Safeguard your assets.
• Comprehensive protection and medical expenditures.
• Travel expenditures and concerns.

Conclusion

Unforeseen events can cause mental and financial stress. The above policies are different types of general insurance and it is entirely up to you to choose the required insurance plan according to your needs. In everyday life, it is very important to understand and know the general policies and their benefits. This relieves stress and frees you from unnecessary financial burdens.