General Insurance

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General Insurance

What do you understand by the term General Insurance?

General insurance is an insurance that covers insurance of property against fire, burglary, theft; personal insurance covering health, travel and accidents; and liability insurance covering legal liabilities, except Life.


Types of General Insurance:

Motor Insurance

This type of Insurance covers damages to vehicle against various accidents both manmade and natural. This insurance is mandatory in India as per Motor Vehicle act 1988. If caught with any vehicle insurance then person is punished.

Health Insurance

Health care costs are ever increasing year on year, because of the sedentary lifestyle and stress at work negatively affect the health and results in a critical illness or medical emergency, which affects one financially. This is when a health insurance policy helps overcome the financial risks surgical expenses of the insured individual due to hospitalisation from an illness.

Travel Insurance

International travel, whether on vacation or business, can turn into a nightmare if one experiences problem like loss of baggage, loss of passport, delay in flight, medical emergency. In such cases Travel insurance, also referred to as visitor insurance, covers one against unseen medical and non-medical emergencies during overseas travel, ensuring a worry-free travel experience. It protects the insured against misfortunes while travelling. It’s whole new world experience all together.


Different types of travel policies are available:

  • Individual Travel Policy
  • Family Travel Policy
  • Student Travel Insurance Policy
  • Senior Citizens Travel Insurance Policy

Home Insurance

Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding this physical structure and contents of home is the most logical thing to do. Home insurance protects the house and its contents, depending on the type of insurance policy opted for. It protects the home against natural calamities, man-made disasters and threats. Home insurance provides protection against risks, damages from fire, burglary, theft, flood, earthquakes. It covers the building structure and valuables in it. Home insurance ensures that one’s hard-earned savings are utilised to meet important needs instead of using them for rebuilding the house if some harm was to come to it.

Marine Insurance

A business which involves the import and export of goods, within national borders, across international borders, need to be insured. For this type of business there is a Marine Insurance. Movement of goods is fraught with risk of mishaps which can result in damage or destruction of shipments, which leads to substantial financial losses for both the importers as well as the exporters. Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and air. Shipments are protected from the time the goods leave the seller’s warehouse till they reach the buyer’s warehouse. Marine cargo insurance offers complete financial protection during transit of goods and compensates in the event of any loss suffered. Marine cargo insurance policy can be taken by buyers, sellers, import/export merchants, buying agents, contractors, banks.

Types of Marine Insurance Policies:

  • Open Cover Policy
  • Open Policy
  • Specific Voyage Policy
  • Annual Policy

Rural Insurance

Insurance solutions made to meet the needs of agriculture and rural businesses form the rural insurance. IRDA has stipulated annual targets for insurers to provide insurance to the rural and social sector.

These regulations ensures insurers are required to meet year-wise targets

  • In percentage terms of policies underwritten and percentage of total gross premium income by general insurers under rural obligation
  • In terms of the number of lives under social obligation

Commercial Insurance

Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.


Types of Commercial Insurance

  • Property Insurance
  • Marine Insurance
  • Financial Lines Insurance
  • Engineering Insurance
  • Energy Insurance
  • Employee Benefits Insurance
  • International Insurance Solutions
  • Liability Insurance

Other Types of General Insurance:

  • Personal Accident Insurance
  • Householder Policy
  • Shopkeeper
  • Corporate Insurance
  • Commercial Insurance
  • Fire Insurance
  • Crop Insurance
  • Industrial Risk Insurance
  • Credit Insurance
  • Stock Brokers Indemnity Insurance Policy
  • Sports Insurance
  • Bankers Indemnity Insurance Policy
  • Poultry Insurance
  • Honey Bee Insurance Policy
  • Sericulture Insurance
  • Aquaculture Insurance Policy
  • Engineering Insurance
  • Aviation Insurance
  • Cattle Insurance

Group Health Insurance

"Health Is Wealth" is a very famous saying. Every individual tries different methods to maintain their health. However, life is full of surprises, a person can fall ill or be bedridden all of sudden, in spite of begin healthy. In such cases it leaves the person in a financially and physically mess. Therefore, it is always necessary to have a medical insurance policy for such situations. There are various types of health insurance policies available in the market and group health insurance is one.

What is Group Health Policy?

A group health insurance plan is to provide risk coverage to the people who belong to a specific group. This policy is given by employers to employees. Group health insurance policies come in different variations and every organization can customize a plan according to the requirements of its employees. There are some group health insurance plans that cover the families of the insured people as well. So, it entirely depends upon the organization what kind of group health insurance plan it selects. When the group health insurance is provided by the employer, then both employee and employer are supposed to be the beneficiary. This is because; the plan addresses both the parties of a group.

Advantages of having a Group Health Insurance Policies:

Employers:

Helps in Employee Retention

In this age era when there are a lot of jobs in all the fields, employee retention has become a difficult task. To curb these employee attrition employers provides benefits like health insurance coverage to all its employees and their families as well, and then the chances of an employee staying in the company increase.

Tax Benefits

Helps the employer to apply for tax benefits and it also helps the company to grow.

Motivated Employees

In this age of high medical cost get an insurance for some elderly family members becomes difficult, however if company provides a group policy it help the employee and it motivates them to perform better...

Better Benefits in Low Cost

Health insurance for employees provide better benefits in comparatively lesser cost than individual health insurance policy

Employees:

Pre-Existing Disease is covered from Day 1

Individual health plan have a waiting period of a month for pre-existing diseases, whereas with a group health insurance policy starts covering pre-existing diseases from the day an employee joins the organization.

Wide Range of Coverage with No Limited on Diseases:

Apart from covering pre-existing diseases, a group health insurance plan also covers a wide range of diseases for employees.

Larger Maternity Coverage:

Most individual health policy or family policy doesn’t cover C-section during deliveries; however, these plans provide coverage for both C-section and normal deliveries. These plans also cover the newborn babies without a standard 90 days of maternity cover.

Benefits of Group policy:

Today companies are becoming employee-friendly and corporate health insurance has emerged as one of the most preferred tool to lure new talent in an organisation. It makes an employee feel part of a company; it curtails attrition rate and unrest in labor unions. It increases their productivity &profitability of a business.

  • Employee health insurance companies typically cover medical benefits for insured (self), spouse, children and dependent parents.
  • Group health insurance providers cover pre-existing illness and maternity.
  • Employee health insurance offers cashless hospitalization at network hospitals
  • Group health insurance covers ancillary charges such as ambulance costs.

Inclusions:

  • Pre-existing diseases are covered at time of enrolment.
  • Maternity is covered.
  • Hospital expenses, like room rent, day to day expenses and opd (Out patient department) are covered.

Exclusions:

  • Drug abuse not covered.
  • AIDS not covered.
  • Alcohol related issues not covered.

Corporate Insurance

A corporate insurance can be defined as a type of insurance which can be used by large organizations to cover up various operational risks such as theft, financial losses, employees’ health benefits and accidents. Such an insurance plan is also known as business insurance.

Types of Corporate Insurance:

Property Insurance:

Property of an organization gets damaged by incidents such as natural calamity, fire, worker’s unrest, vandalism etc., is when property insurance comes in handy to help cover the losses. These insurance plans cover all types of incidents with an exception of very few ones under their All-Risk policies.

Professional Liability Insurance:

This type of insurance protects the business from all types of negligence claims and certain mistakes. It differs from one industry to another and is addressed through an industry-specific customized policy. This type of corporate insurance is mandatory for any organization that deals with accounting, finance, consulting, healthcare, law and insurance.

Workers Compensation Insurance:

As the name suggest, this is a policy designed to help the workers, employees, if they incur any injury at the time of working in the organisation.. It covers the medical treatment expenses of the employee and provides compensation in case of death or disability of the employee working for the company.

Group Health Insurance

Group Health Insurance offers healthcare benefits to a group of people, i.e. the employees of an organization. Generally, this insurance plan is uniform in nature and offers the same benefits to all the members of the group.

Product Liability Insurance:

A business which manufactures products for mass consumption in the general market should definitely have Product Liability Insurance. Even if the manufacturer is sure that the products are flawless and safe, they could end up causing damage to someone.

Benefits of Corporate Insurance:

  • To keep the business running in the face of a calamity one has to protect the company from loss of income caused, hence needs to invest in a Corporate Ins.
  • Employees perform better; employer can attract and retain employees with the help of Group Health Insurance.
  • Clients specify that they will work with only those companies which have their company properly insured.Therefore it absolutely necessary to have a the company and its employees Insured.
  • There is also a provision of protection of your properties against the “Acts of God” such as Hurricanes, tornados, earthquakes and floods. The property and office shall be protected against the losses incurred during this course of time.
  • There are possibilities of theft in any new business. In order to protect the furniture, computers etc. from theft, these insurance plans are a must.

Personal Accident

It’s a personal policy to get covered against accidental death and disability with personal accident insurance. Purchase the best plan and save your medical expenses.

Plans of Personal Accident Insurance

Insurance Companies Personal Accident Insurance Plans Age Sum Assured Policy Term No Claim Bouns
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Advantages of Personal Accident Insurance Policy:

  • Family security
  • No requirement of medical tests and documentation
  • Substantial cover at lower premium
  • Worldwide coverage
  • Can be bought for individually or family
  • Easy and certified claim process
  • 24x7 support service
  • Legal and funeral expenses
  • Child education advantage
  • Double indemnity for demise or impairment while travelling in public transport
  • Highly customized plan