General insurance, also referred to as non-life insurance, is related to insurance of properties, assets, real estate, gazettes, automobiles etc. Under this agreement, the insurer/insurance company assures the insured for the uncertainty of the subject matter on payment of premium. Some examples general company are-
- GICI
- Kotak Mahindra General Insurance
- Max Bupa Health Insurance
- National General Insurance
- New India Assurance General Insurance
- SBI General Insurance Company Ltd.
- TATA AIG
- HDFC ERGO etc.
Types of general insurance
- Health insurance: It is related to assurance for protection of medical expenses incurred due to accidents or some selected illness.
- Travel insurance: It covers protection for travellers travelling abroad. Thus, it provides protection against medical emergencies, loss of passport, baggage, delay in flights etc.
- Motor insurance: It covers protection for the vehicle loss, injury of the driver in an accident. Both four wheelers and two wheelers come under such insurance schemes. here are 3 types of plans-
- Two-Wheeler Insurance: For two-wheelers like scooter or motorbike
- Car Insurance: For registered private cars
- Commercial Vehicle Insurance: For vehicles used for other than private purposes.
- Home insurance: It covers protection for the personal home of the insurer against the damages like fire, burglary, Loss/Damage of Jewelry etc.
- Commercial insurance: It is related to insurance of commercial properties like marine insurance, property insurance, employee benefit insurance etc.
- Insurance of gazates: It covers protection against gadgets like mobile phone, computer, printer and such items from accidental damages.
Importance
- Firstly, it provides protection to properties against the damages.
- Secondly, it promotes and facilitates business by providing protection to their properties like buildings, machines, vehicles, raw materials, stock, employees etc.
- Additionally, it also provides protection to private properties against the probable damages.
- Finally, it makes it convenient to bear medical expenses for hospitalization of patients due to some specific illness or accident.