Insurance other than 'Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown,there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.
In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear a rateable proportion of the loss.
For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- ( 50% of the loss being borne by the insured for underinsuring the property by 50% ). This concept is quite often not understood by most insureds. Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims.
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Motor Insurance
Motor Insurance is a wide comprehensive cover designed to provide protection to you & your car. Protection from loss of car or damage to the car - giving a secured driving.
It Covers -
- Own damage
- Legal liability of insured towards third party personal injury and property damage arising out of an accident involving the insured vehicle.
- Passengers
- Hired driver
Options available -
- Car Insurance
- Two wheeler
- Commercial vehicles
- Passenger Carrying Vehicle
- 3 - wheeler
- Tractors etc.
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Travel Insurance
Travel Insurance / Overseas Medi-claim policy is a basic requirement when one travels abroad, either its for business, sight-seeing, shopping or pleasure.
This policy covers you for any kind of hospitalization which is very expensively priced overseas. Also covers for
- Baggage loss
- Passport loss
- Personal accident
- Trip cancellation
- Home Insurance when you are travelling
- Dental Expenses
- Maternity expenses in life saving scenario etc.
It is a single policy which covers all unforeseen risks - medical & non-medical when one is in a strange place.
Options available -
- Single Trip
- Multi Trip
- Student Medical
- Senior Citizen
- Pay per day basis
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Home Insurance
Home Insurance policy provides a cover to the structure and contents of your home from all unforeseen natural & man-made catastrophes.
It provides protection for property and interests of the insured and his family members.
It is imperative that you secure your home which gives one peace of mind protecting the most valued possession.
Coverage are -
- ire & Allied Perils
- Burglary & Theft
- Electrical & Mechanical breakdown (Domestic, Audio & Audio-visual appliances)
- Public Liability (Third Party Liability)
- Covers Accidental breakage
- Coverage to building & contents
- Personal Accident to self & family
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Personal Accident Insurance
Accidents do not happen when you are driving a car, or away on a vacation. It may happen anytime & anywhere. Considering that modern day life is so dangerous, a personal accident policy is a solution to such vagaries of life. Its a Benefit Policy.
- Accidental Death Benefit
- Accidental Permanent Total / Partial Disability Benefit
- Accidental Partial / Temporary Disability Benefit
- Broken Bones
- Burns