If one were to categorize insurance plans in the country, there would be two major categories, life insurance and general insurance plans. While a life insurance plan primarily caters to death related risks, a general insurance has a much wider spectrum of coverage. To keep it simple, a general insurance plan covers policies that cater to the non-life insurance products.
General insurance covers a lot of policies under its belt. The following are some of them.
- Health Insurance
- Motor Insurance
- Home Insurance
- Rural Insurance
- Commercial Insurance
- Travel Insurance
- Marine Insurance
Two of the above policies are pretty significant and play a crucial role in our day to day lives, health insurance and motor insurance. Here are some of the features of a health insurance and a motor insurance policy.
- A health plan offers cover for inpatient hospitalisation (patients admitted for more than 24 hours) expenses such as nurse charges, consultation fees, medicines, diagnostics, room rent etc.
- Coverage for pre-hospitalisation medical expenses ranging up to 60 days prior a medical procedure.
- Covers post-hospitalisation medical expenses up to 90 days post a medical procedure.
- Since some procedures do not require for a patient to be admitted for more than 24 hours, yet they are expensive, a health plan covers those as well.
- Some health plans cover the expenses related to an ambulance, whether it is normal roadways or airways.
- Some of the health insurance plans offer AYUSH benefits, offering cover for treatment such as Ayurveda, Unani, Sidha and Homeopathy.
- A third-party liability cover ensures coverage for compensation for any damages or injuries that third party individuals or properties undergo as a result of an accident in which your vehicle is involved.
- Any damages to the vehicle due to natural calamities such as flood, cyclone, hurricane, landslides, earthquake, hailstorms etc.
- Any damages to the vehicle due to human intervention such as theft, vandalism, riots, strikes, burglary etc.
- A comprehensive motor insurance will let you cover for your own damages as well.
- Some insurers offer a personal accident cover for the driver or rider of the vehicle.
- You can opt for a variety of riders to enhance the capabilities of the motor insurance by paying additional premiums.
It must be noted that health insurance and motor insurance have several smaller policy types underneath. The features mentioned above are quite generic and might not be applicable to all the policies.
Easy Ways to Buy General Insurance
If you are on the lookout to buy a general insurance there are two majors ways of doing so. Firstly, you can call up your insurance agent and ask him/her to assist you with the same. Or you can walk into the branch office of an insurer and buy a policy. Alternatively, you can opt to buy the policy online.
Given the fierce competition and demand for online policies most of the insurers are available on the digital platform. To buy online, you can access the website of an insurer and search for the product that interests you, go through its features and finally buy one. Should you wish to view different policies before buying the policy, you would need to compare all of the policies manually.
Well, not really. You can take the help of insurance comparison websites like Coverfox to compare all the general insurance policies. This way, you not only get a feature loaded policy but also a policy that is less demanding on your wallets. It is a smart way of buying a general insurance policy of your choice.
Essentials to Buying General Insurance
When you opt to buy a policy online, you have a ton of information available at your fingertips. While a lot of them will aid you in getting the right policy, some of them might actually confuse you. Here are a few points that will aid you in zeroing down to the ideal general insurance policy.
Firstly, you need to be cognizant of the fact that which policy fits into your requirements. Post that, understanding the features and benefits of the policy is important. When you compare different policies, you stand to get a policy which is both rich in features and affordable at the same time. The next and most important factor is to understand how much cover would be ideal for your needs.
Post that a quick look at the exclusions list will help you avoid claim rejections. Lastly, you can look at the riders to see if any of them would add value to your policy. A general insurance might cost you some money in the form of premiums up front but can save you a lot of money down the road.