Find Your Own Financial Advisor, Trusted, Verified & Nearby.
Questions (FAQs) on
What is General Insurance?
General insurance contains insurance policies that protect our belongings i.e. motor vehicle, home building, consumer durables and travel insurance. General Insurance helps us to protect ourselves and our belongings, such as our homes, shop, building our cars, bikes, scooter and our valuables, from the financial loss, that protect our financial like loss from fire, flood, storm and earthquake, to theft, car accidents, travel uncertainties – and the costs of legal action against us. And we can choose the types of risks we wish to cover by opting correct Insurance policy with the features which suits to us.
General Insurance works on law of large numbers by distributing cost of uncertain risk of persons who share similar kind of risks.
Whenever we buy an insurance policy, we have to pay a premium on monthly or annual basis. Premium amount collected from many policyholders and put into a big pool of funds. Insurance policy premiums varies extensively by the type of insurance we purchase and the type of insurance company we opt to buy.
What are different type of General Insurance?
There are different type of General Insurance available in the market like Motor Insurance, car Insurance, two wheeler Insurance, commercial vehicle insurance, travel insurance including individual travel policy, family travel policy, senior citizens travel policy, student travel policy. Some commercial insurance like property insurance, Marine insurance, liability insurance, financial illness insurance, engineering insurance, energy insurance, employee benefit insurance.
What is Motor Vehicles Insurance?
In India Motor Insurance policy is mandatory, beside other insurance are optional. No vehicle can ply in public places without any insurance. The policy covers all type of vehicles i.e. Scooter and motorcycles, Private cars, all type of commercial vehicles (goods and passengers carrying vehicles).
It also incur loss or damage to vehicle caused by accident, burglary, theft, terrorism, riots, fire, earthquake, flood, storm etc. subject to deduction of depreciation.
What is Householder’s Insurance?
Householder Insurance is a policy specially made to meet the requirements of householder and to ensure complete security and protection against uncertain financial damages. Householder insurance includes coverage for fire allied perils, burglary and theft, jewelry and ornaments, glass, domestic appliances, electronic equipment’s, pedal cycles, baggage insurance, personal accidents and public liability.
Caused by war and allied perils
Nuclear radiation and related cause
What is Travel Insurance?
Travel insurance protects policyholder and his/her family against travel related uncertainties, unexpected medical expenses while travelling, baggage loss, loss of passport and delay in flight or baggage. The insurance is valid from first day of Insurance and date and time of departure from India
Indian resident undertaking authentic trips abroad for business and official purpose, holiday purpose, studies, employment etc. Spouse and children of a person travelling abroad will also be covered. Foreign nationals working in India for Indian employer and getting salary in INR.
For adults, upto 70 years (cover beyond 70 years is granted at extra premium)
For children above 6 years (Children’s b/w age of 6 months to 5 years)
Which companies offer best General insurance policies in India ?
All General insurance companies in India are governed by IRDA. Below are the General Insurance companies currently licensed by IRDA in India. These General insurance companies are :
Public Sector General Insurance Companies
National Insurance Company| New India Assurance| The Oriental Insurance Company |United India Insurance Company |Agriculture Insurance Company of India | Export Credit Guarantee Corporation of India.
Other General Insurance Companies
Cholamandalam MS General Insurance| Bajaj Allianz General Insurance| Bharti AXA General Insurance| Future Generali India Insurance| HDFC ERGO General Insurance Company| ICICI Lombard| IFFCO Tokio| Kotak Mahindra General Insurance| Liberty General Insurance| Reliance General Insurance| Royal Sundaram General Insurance| Star Health and Allied Insurance| Tata AIG General Insurance company| Universal Sompo General Insurance Company| Cholamandalam MS General Insurance.
How does General insurance advisors help me?
There are multiple options of insurance policies available in the current market and it is very tough to decide which plan suits to your requirement at what point of time. Even if you wish to buy insurance policy (Motor Insurance, car Insurance, two wheeler Insurance, commercial vehicle insurance, travel insurance including individual travel policy, family travel policy, senior citizens travel policy, student travel policy. Some commercial insurance like property insurance, Marine insurance, liability insurance, financial illness insurance, engineering insurance, energy insurance, employee benefit insurance.) we need to evaluate the value of the product on the basis of multiple parameters. Insurance advisor helps you to evaluate the required amount of insurance (SUM INSURED) with higher benefits and easy claim settlement and these all can be done with the help of Insurance adviser.