These Points Can Help You Select the Right General Insurance Cover Based on Your Needs

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Everyone says that you should have some kind of security in your life physically and financially. And for many, the first consideration of financial security is insurance. Therefore, you are always advised to buy insurance from every family member, relative and friend. No matter how good this advice is, no one will talk to you about the different types of insurance available to you. It’s like someone sent you to the market without telling you what to buy. So, it is your responsibility to know what kind of insurance coverage you can get.

There are two broad classifications of each type of insurance sold. There is life insurance and general insurance. Life insurance is very self-explanatory. However, do you know what general insurance is and how it differs from life insurance? If you need to buy the right general insurance coverage, you need to know what it is first.

What is general insurance?

The insurance sector in India is divided into two categories – life insurance and general insurance. While life insurance policies cover financial loss due to loss of life, general insurance policies cover financial loss due to property damage. Therefore, general insurance covers the financial value or financial loss of the property due to certain events covered by the policy. General insurance has a variety of plans, each designed to cover specific risks.

Types of general insurance

People often have the question ‘What is general insurance?’. Now that you know the answer to it, you can dig more and understand general insurance at a deeper level. The first step to doing that is knowing the various types of general insurance. Some of them are:

  • Health insurance

Health insurance is a type of general insurance that provides coverage for various expenses arising from medical emergencies. After purchasing this policy, you can get coverage from the insurance provider for any illness or injury that is within the policy coverage limit.

Health insurance plans also offer you tax benefits. The premium paid for such plans is allowed as an exception under Section 80D. This exemption will help reduce your taxable income, thereby reducing your tax liability and helping you save on taxes. Hence, the more you go for insurance renewal, the loner you will enjoy these tax benefits. Please note that there can be a change in these tax benefits if the corresponding tax laws are updated. *

  • Travel insurance

The most important part of planning a trip is getting travel insurance. Travel is an exciting and dangerous experience. But when you are abroad, a lot of things can go wrong, and you may not know much about the region to handle the situation successfully. For example, you may have a medical emergency or lose your valuables. Travel insurance protects you from such problems while traveling. *

  • Motor insurance

A motor insurance policy provides protection against various types of damage to your vehicle due to accidents, theft, vandalism, etc. This will cover your car repair in such a situation. When a vehicle is damaged due to theft or extensive damage, the policy will indemnify you for the vehicle as specified in the policy documents. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.