What is General Insurance, and its types
There is an insurance that is not covered by life insurance, this type of insurance is called general insurance. There are many types of insurance under this which include Fire Insurance, Marine Insurance, Motor Insurance, Accident Insurance etc. This insurance comes to us when we have any such property which may be damaged anytime in any accident. , general insurance is taken out to protect property. The way in which the insured pays premiums in life insurance, he must pay premiums in general insurance as well. Let’s find out. What are the types of general insurance?
1. Health insurance
Health insurance comes in handy in a situation where we are in the hospital due to an illness or injury. This saves hospitalization costs. When you are sick and all your hospitalization expenses are covered by the insurance company. There are many contracts under the health insurance plan, in this you can also get health insurance for the whole family in one plan.
2. Travel insurance
If you travel a lot, then travel insurance is very important to you. If you are going on a trip abroad, in such a situation there is any damage to you or your belongings, then the insurance company pays for it. In addition, it also protects against damages in the event of a flight delay or trip cancellation. Also, if you are admitted to the hospital during the trip, then the insurance company also covers the cost of your entire treatment.
3. Home insurance
Home insurance protects you against damage to your home and the goods inside it. In addition, there are home insurance policies that also cover the costs incurred while renovating your home.
4. Motor vehicle insurance
Motor insurance is very useful for damages caused to your vehicle. If your vehicle is stolen or if there is any break-in, you will get insurance for your vehicle. Motor Insurance There are two types of insurance, one is motor vehicle liability insurance, which provides cover if your vehicle is damaged by a third party in an accident. Third party insurance is compulsory for all vehicles on the road under the Motor Vehicles Act 1988.
There is another motor insurance policy, Comprehensive motor insurance, under which the insurance company covers you for damages caused to your vehicle by fire, riots and in any way.
5. Crop insurance
According to some rules, every farmer who takes an agricultural loan has to buy crop insurance. If you have crop insurance, then as part of crop insurance, the insurance company provides you with compensation for any damage caused to the crop. If your crop is damaged due to flood, fire or any other reason. You will therefore receive compensation for the crop from the insurance company.
Crop insurance is very strict, which makes farmers less enthusiastic about crop insurance due to non-payment of compensation. In fact, if your crop is damaged, the insurance company will also look at the surrounding fields to compensate, when other farmers’ crops have been damaged along with you, then only you will be compensated.