Types of General Insurance Policies Offered in India

There are many varieties of general insurance plans in India and you can choose them based on your individual requirement. The insurance sector gets a major share of its revenue from general insurance plans and the service providers are trying to add new varieties of policies every year to offer the best services for consumers. To begin with, you need to understand that any policy that covers anything other than the life of a person comes under this category and you will be familiar with popular general insurance policies like motor insurance and health insurance plans. Apart from them, there are many other options and let us discuss each one of them in a detailed manner. There are many reputed service providers in the market offering general insurance plans and you can consider New India Assurance Company when you want good service at nominal rates.

Vehicle Insurance Policies

Most of the people will be familiar with this type of policy as it is mandatory to have this kind of general insurance policy when you own any vehicle in India. This is compulsory for all the vehicles including personal and commercial vehicles.

  • As per the latest regulations issued by IRDAI, it is mandatory to get three years insurance for all new four wheelers and five years coverage for all new two wheelers. For the old vehicles, consumers can continue to renew them every year or choose multi-year renewal options.
  • The third party insurance plan which offers basic coverage for the vehicle owner against legal liabilities for third party damage is mandatory for every vehicle owner. It is very inexpensive and you can easily choose them through New India Assurance Company or any other reputed company in the market at very low rates.
  • On the other hand, consumers can also choose the comprehensive coverage that comes at additional cost when they have a decent budget for the policy. This offers coverage for own damage and consumers can also increase the coverage through this option.
  • There is a provision to customize the coverage offered for any vehicle when you choose comprehensive insurance policy. You can choose different add-on covers and enhance the coverage as per your individual needs.

Health Insurance Policies

This offers suitable coverage for all the health expenses and you can choose this policy as per your individual requirement. Many companies offer such coverage for their employees. If you are not a working professional, you can choose this policy on your own and get the suitable sum assured plan as per your capacity to pay the premium for the policy.

  • Any person can buy this coverage by getting in touch with the insurance service providers. They may have certain age limit and other criteria like medical test to offer coverage for certain health conditions. Other than that, even government also offers many health insurance plans for common citizens and you can checkout such options to get the basic health cover for your family.
  • The advantage with health insurance plans is that you can choose the suitable coverage as per your needs. You can even choose between individual policy and family floater policy. Each one has its own advantages and you can select them after analyzing all the factors.
  • The best part about health insurance plans is that you can even get coverage for pre-existing diseases after a certain waiting period. The policy will cover for all the medical expenses as mentioned in the policy document and your health will be secured in this manner.
  • Remember that coverage is valid only when you are using the policy within the country in most cases. If you plan to travel out of country, you need to make suitable arrangements by choosing a travel insurance plan that also offers coverage for your overseas medical expenses.
  • Many service providers like New India Assurance Company offer different plans and you can select the suitable sum assured option as per your personal requirement. There are special plans for senior citizens and this can provide the best benefits for your health needs in the long run.

Travel Insurance Policies

You can use travel insurance cover to get coverage for any emergency during your tour. This is available for both domestic as well as international travel. Many countries reject visa for tourists without a valid international travel cover.

  • It is possible to choose the sum assured coverage as per your travel needs. The policy can be taken individually or for an entire group. If you are visiting any place with your family, you can consider taking the policy for your entire family.
  • In the same manner, companies also choose such plans for their employees who are going out of town for business tours. Even students visiting foreign countries for studies can also get such exclusive coverage from reputed companies.
  • The coverage offers protection against loss of baggage, cancellation or delay of flights, loss of important documents or wallet during the tour. In the same way, you can even get coverage for emergency medical expenses during your tour.
  • The best thing you can do is to talk to executives of New India Assurance Co Ltd or any other reputed company to know about the details of such plans. They can guide you in the right direction to choose the suitable plan for your tour.

Property Insurance Policies

It is easy to secure your property when you have property insurance policy. This can help you when you own a home or have any other commercial establishment. Remember that a natural disaster or fire accident can damage your property and it is important to provide the best coverage for such assets.

  • In this regard, you can buy the home insurance plan and get good coverage for your valued asset. The company will ascertain the market value of your home and offer the suitable coverage. You need to pay the premium depending on the coverage offered by the insurance company.
  • Similarly, this option is also available for commercial buildings and this can protect property owners from huge loss in the event of any mishap. For many commercial establishments, it is mandatory to get suitable clearance for fire safety and other aspects to get insurance coverage for the building.
  • The coverage will also be offered for the valuables in the building and this will be a huge relief for property owners. In this way, they can claim suitable compensation in the event of theft or any other mishap. You can check the plans offered by New India Assurance Co Ltd and other reputed companies in this regard and provide the best security for your property.

Rural Insurance Policies

This type of general insurance policies offer coverage for crop loss and loss of livestock for the rural population. It is a boon for farmers and other people of the country. Using the policy, farmers can protect their crop and get the suitable compensation when there is a huge loss due to adverse weather conditions or any other factors. In the same way, compensation can be provided by the company in the event of any loss due to natural disasters. It is a good idea to check New India Assurance Co Ltd plans or any other relevant plans in the market to know more details about rural insurance policies.

Commercial Insurance Policies

There are different types of commercial insurance policies that suited for different needs. You can choose any of them after considering your requirements in a detailed manner.

  • The Marine insurance is suited for companies or individuals moving their goods through cargo and it can offer the best coverage for any sort of loss to the goods during transit.
  • The financial liability insurance is a good option for corporate companies and this can protect them in times of financial emergency in future.
  • The employee benefit insurance plan is a suitable choice for companies having huge number of workers and this can help the company owners to handle any sort of crisis in the long run. The policy will offer suitable compensation for the employees in future when any mishap happens at workplace.
  • Apart from the ones mentioned above, there are many other plans like engineering insurance, liability insurance and energy insurance.

These are some of the popular types of general insurance policies offered in India. There are many reputed services providers who offer these plans. You can directly buy the policies from the service providers or get in touch with online brokers to choose the suitable option. It is a good idea to compare different plans available in the market as this will give you sufficient information about the pros of cons of any policy. In this way, you will be able to select the best deals suited for your situation. This can save you time and money in the long run. The online brokers offer such valuable information on their portals and you can also buy the plans online within quick time. When it comes to policy renewal, you can also process it online through the portal in future.

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