By Tory Vance
One of the critical pillars of financial planning is insurance planning. As crucial it is to plan the finances, it is equally important to not undermine the importance of insurance too. Using insurance covers, a safeguard can be ensured for all things living or non-living.
The insurance industry is broadly divided into two categories—life and non-life insurance. Life insurance provides financial coverage to the dependent in case of demise, the non-life category caters to providing insurance coverage for everything other than the life of a person. Thus, non-life insurance is also termed general insurance.
General insurance is an umbrella term that encompasses everything from health insurance, motor vehicles insurance, commercial insurance, travel insurance, and even home insurance cover. This article aims to highlight the benefits of these different types of general insurance covers. Continue reading to know more about it:
- Health Insurance
Health insurance is the most sought insurance cover after life insurance. Considering the benefits, it provides to ensure the safety of your health, it is hard to miss insurance coverage. Using a health insurance policy, you can not only seek adequate medical coverage, but also financial protection from steep treatment costs. At a time when medical attention must be your priority, health insurance alleviates any financial stress. Moreover, health insurance plans are available for different age groups making sure people of all ages get adequate medical attention. *
- Motor Insurance
Motor insurance is the only insurance cover that is mandatory by the law. The Motor Vehicles Act of 1988 lays down this requirement and noncompliance which attracts hefty fines. Similar to health insurance plans, motor insurance helps provide a financial shield from expensive repair costs as well liabilities due to a third person. If ignored, not only does it attract legal consequences, but also burns a hole in your wallet in paying for the repairs. Thus, all vehicle owners must buy one and ensure its timely renewal. An insurance calculator can help you decide on the type of policy that can help provide adequate coverage. Considering the benefits it offers, the law lays down the mandate to have at least third-party insurance cover. This ensures any liabilities, at a bare minimum, are covered by your motor insurance plan. *
- Travel Insurance
Lost baggage or a few important documents getting lost during your travel can be disheartening. To ensure these inconveniences do not come in the way of your trip, a travel insurance plan comes in handy. While the above inconveniences aren’t the only ones covered in a travel insurance plan, the coverage of the policy is based on what you opt for. Using a travel insurance cover, you can also avail emergency medical coverage in a foreign land. Considering the different types of plans that are available, all types of travelers, i.e., students, senior citizens, and even frequent business travelers can avail an insurance cover based on their requirement. *
- Commercial Insurance
Business risks are also covered using a commercial insurance plan where various risks that are faced by different organizations are covered by a commercial insurance plan. Liability coverage, property damage, liabilities due against employee benefits, extended warranty benefits are some examples of the coverage a commercial insurance policy provides. *
- Home Insurance
Home is the most special place in your life and any damage to it would mean nothing less than the end of the world. But instead of worrying about such a probable loss, you can ensure financial protection for the damages to your house using a home insurance policy. *
* Standard T&C Apply
These are some advantages of various general insurance plans and keeping in mind these benefits, selecting one becomes easy. In case you are skipping on any of these crucial insurance covers, it is time to set it right. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
