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General Insurance

General Insurance

General Insurance

    General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance.

    General Insurance or Non-Life Insurance
Health Insurance
    In India, the prevailing health care scenario has not been of a high order that prevails in developed nations. The kind of medical facilities that are provided by the governments falls grossly inadequate to meet the ever increasing needs felt by citizens . Hence, most often, people are dependant upon private medical facilities, which over the years, have become increasingly costly with the advancement in the field of medicine. This has thrown up the need for going for voluntary health insurance commonly named as Mediclaim Policy.

    These private health insurances give the person some control over the choice of provider, facility and timing of treatment. It provides a general peace of mind that their medical expenses are covered. The policy provides for reimbursement of Hospitalization / Domiciliary hospitalization expenses foe illness/ disease suffered or accidental injury sustained during the policy period. The policy pays for expenses incurred under the following heads:

  • Room, Boarding Expenses in the hospital/ nursing home.
  • Nursing expenses.
  • Surgeon, anesthetist, medical practitioner, Consultants, Specialist fees.
  • An anesthesia, blood, oxygen, OT charges, Surgical appliances, Medicines and drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Artificial Limbs and Cost of organs and similar expenses.
  • Relevant medical expenses incurred during period up to 30 days prior to and period of 60 days after hospitalization are treated as part of the claim.

Household Insurance Policy.

    The most popular domestic insurance cover available in the Indian market is the Householders� Insurance policy. To an Average Indian, home is a cherished and precious possession, not just in terms of money, but also in terms of the sentiments attached to it. Any loss or damage to the house or household goods would cause not only financial strain but also sentimental setback. Household insurance helps to mitigate, at least the financial losses, arising out of risks like fire, theft, natural disasters, breakdown of household appliances, personal liabilities.
    This policy offers a package cover, a kind of an omnibus personal umbrella cover and is designed to are care of most of the property insurance requirements of a family. Risks of one�s house and belongings due to fire, lighting, earthquake, burglary, larceny, theft, electrical or mechanical breakdown of domestic appliances etc are all covered under the household insurance cover.
    **The particular risks covered under each section are:

    -Household contents & building (cover for fire and allied perils)
    -Household contents (cover for burglary, housebreaking and theft)
    -Jewelry and valuables
    -Plate glass
    -Breakdown of domestic appliances
    -TV, VCR
    -Pedal Cycle
    -Personal accident
    -Third party legal liability & workmen�s compensation.
    Motor Insurance

    A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy

Travel Insurance

    Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or domestically.
    Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have high medical costs, such as the United States.

Liability Insurance

    Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made,[1] the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defence normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defence costs tend to soar when cases go to trial. In many cases, the defense portion of the policy is actually more valuable than the insurance, as in complicated cases, the cost of defending the case might be more than the amount being claimed, especially in so-called "nuisance" cases where there is no liability but the case has to be defended anyway.


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