What is General Insurance?
A general insurance policy is also known as a non-life policy that is availed to provide a financial cushion against losses suffered to assets such as home, vehicle, and even health. It’s a contract where you pay premiums to the insurer to seek protection against financial damages suffered by your asset against natural or man-made damages.
Generally, a general insurance policy is a one-year contract, which means that you need to renew it every year. There are many types of general insurance policies, such as health insurance, motor vehicle insurance, travel insurance, and home insurance.
How to apply for General Insurance with us?
At SBICAP Securities Ltd, you get a gamut of general insurance policies. Our dedicated relationship managers help you choose the right kind of general insurance policy based on the type of risks you wish to cover. Contact your nearest SBICAP Securities Ltd., branch to apply for general insurance with us.
Types of general insurance offerings:
Motor vehicle insurance is a type of general insurance policy which gives you financial protection in case your vehicle, two-wheeler or car, suffers any damages. Motor vehicle insurance comes in two forms – comprehensive and third-party cover.
A comprehensive policy provides 360-degree protection against damages suffered by your vehicle whereas a third-party cover provides coverage against liability arising due to damages suffered by a third-party involving your vehicle.
Health insurance is another form of general insurance that provides a financial backup in case of a medical contingency. It provides expenses for expenses incurred on hospitalisation, thus reducing out-of-pocket expenditure to the extent of the coverage.There are broadly two types of health insurance plans – normal and fixed benefit. In normal health insurance plans, you are reimbursed only the hospitalisation expenses, while in case of fixed benefit plans you are paid the sum insured as mentioned in the policy, irrespective of the costs incurred. There are also family floater health plans which provide coverage to all members of the family under a single policy.
A travel insurance plan gives a financial cushion against eventualities arising during your travel such as loss of baggage, delayed/missed flights, loss of documents and a medical emergency, among others. Travel insurance plans are generally available in two forms – single and multi-trip.
While a single plan covers only one journey, a multi-trip policy covers all the journeys taken within a pre-defined period. You can choose the one that best fits your needs.
As the name suggests, a home insurance plan gives you a financial backup in case your home suffers any damages due to natural or man-made calamities such as flood, earthquake, robbery, theft, etc. There are two types of home insurance plans – one which provides coverage only to the structure and other which also covers the belongings. With home being one of the most prized assets, it makes sense to opt for a home insurance plan.