What is General insurance
General Insurance is any non-life insurance that can be obtained to protect yourself and your possessions that have significant value.
General Insurance Plans provide financial protection against the effects of fire, storm, flood, earthquake, car accidents, theft, etc. They also cover expenses incurred from legal actions. In short, you can choose the right type of coverage and the right insurance policy according to your needs.
Health Insurance
Medical care is becoming expensive, and most often people address this by either dipping into their savings or, at times, by selling their assets or resorting to borrowing.
An efficient health insurance plan comes in handy so that any sudden illness does not derail our financial freedom. You can safeguard your finances by choosing complete protection for yourself and your family by getting adequate health coverage according to your needs.
Health insurance is a type of insurance that covers the insured’s medical, surgical, or hospitalization expenses. Depending on the policy’s terms and conditions, the insurer either reimburses the insured or offers a cashless facility at a network of hospitals affiliated with the insurance company.
Motor Insurance
As per the Motor Vehicles Act, 1988, all vehicles operating on Indian roads must be mandatorily insured. Motor insurance companies allow you to choose the type of coverage you wish to opt for.
There are two types of motor insurance: Third Party Liability Cover and Comprehensive Motor Insurance Policy.
Home Insurance
Owning a house is everyone’s dream come true. Once you become a homeowner, getting insurance for your home provides:
- Financial protection for the building/apartment and all the belongings in the home
- Coverage to help pay for repairing or replacing your home and belongings
- Protection from damages caused by certain perils, fire, or theft
- Help covering costs if you accidentally damage another person’s property or if a visitor is injured at your home
Travel Insurance / Overseas Mediclaim
Travel insurance helps you handle all travel and medical emergencies while you are abroad. It’s extremely important to include travel insurance on your checklist when planning your vacation, whether it’s for leisure or business.
Commercial Insurance
An Office Package insurance provides comprehensive protection for your office property. It also covers the office building and contents against hazards such as fire and related risks like riots, strikes, floods, earthquakes, explosions/implosions, and impact damage.
It also covers risks of burglary, housebreaking, theft, and unfortunate events such as loss of money in transit or fidelity guarantee (employee dishonesty).
Key Benefits
- The policy package is designed according to corporate insurance requirements
- Helps avoid serious financial consequences for your business
- You can focus on your business and ensure its smooth operation
Industrial Insurance
- Covers damages to assets due to fire and other special perils such as lightning, explosion/implosion, impact damage, aircraft impact, bursting/overflowing of water tanks/pipes/apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide (including rock slide), riots, strikes, malicious damage, and missile testing operations.
- Option to cover Burglary and Terrorism risks.
Liability Insurance
- Provides comprehensive insurance coverage to an individual or business to pay for losses that could arise in case of cyberattacks
- Coverage of financial losses
- Coverage of incurred expenses
- Legal fees for claiming damages from a third party
- Restoration costs of the insured’s computer system due to damage caused by malware
- Coverage of expenses for a certified psychiatrist, psychologist, or counselor to treat the insured for stress or anxiety
- Coverage of the cost of hiring an IT consultant to prove the amount and extent of the cyber-attack and related losses
General Insurance - Group Plans
- Coverage for a group of individuals, typically obtained by an employer for their employees to cover medical expenses.
- The coverage may also be extended to family members, such as the employee’s spouse and children.
Benefits of Group Mediclaim
- Cover is on a Family Floater basis and the total amount can be used for any single family member as well.
- Hospitalization – A minimum of 24 hours of hospitalization is required to be eligible for the claim. All expenses including room rent, doctor fees, medicines, lab reports, anesthetist fees, surgeon fees, and OT charges will be paid by the insurance company.
- No sub-limits & no co-payment on claim settlement as it is a group policy.
- Pre & post hospitalization expenses are covered for 30 days & 60 days respectively.
- No waiting period such as 30 days, 1, 2 & 4 years for any claim.
- Pre-existing diseases will be covered from day one.
- Maternity benefits are payable for both normal and C-section deliveries, for up to two children only. Pre- and post-natal expenses are covered within the maternity limit.
- Day care procedures are covered.
- Any additions for new employees, spouses, and children will be allowed within 45 days of date of joining, marriage, or birth, respectively.
- As this is a tailor-made policy, customization is possible.
General Insurance - Individual Plans
- It covers accidental death of the insured person.
- Covers permanent partial disability & permanent total disability.
- Temporary total disability benefit as per the table provided by IRDAI.
- Medical expenses arising due to accident covered up to the sum insured.
- Weekly benefit to compensate for salary or regular income.
- Children’s education benefit – up to 2 children.
- Home & vehicle modification benefit.
- Critical Illness is a plan that’s carefully designed to protect your future. If you become critically ill, the insurer will provide you with a lump sum payment upfront, so you don’t have to worry about what’s ahead.
- A top-up plan increases your insurance coverage beyond your existing base policy at a relatively lower cost compared to raising the sum assured in the base policy. The top-up plan will help you if your medical insurance claim exceeds a certain threshold (also called a deductible). This means the top-up plan activates only when your claim amount is greater than the top-up deductible.
- Trade credit insurance protects a company’s commercial accounts receivable from unexpected losses resulting from insolvency or “non/slow-payment” by its buyers and from political events that obstruct payment. Credit Insurance is a complete solution to manage risks arising from account receivables.
- Risk Protection – Prevents disruptive losses to one of the company’s largest unprotected assets.
- Ranking/Rating of your clients by an independent neutral entity
- Sales Expansion in new/riskier markets with ease
- Informed decision-making through a structured approach to offering credit terms
- Reduction in bad debt reserves
- To cover losses resulting from a cyber extortion threat
- Losses resulting from hacking or IT theft
- Losses resulting from hacking or IT theft
- Privacy breach of a third party or data breach of a client
- Security wrongful act
- Media wrongful act
- Claims by an e-payment service provider alleging a breach of any published Payment Card Industry Data Security Standards
- Business interruption loss and restoration costs cover losses resulting from the unavailability of the company’s computer system and the costs of restoring it due to direct business interruption
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