General Insurance
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General Insurance
General insurance, leaving with family for a weekend getaway? Just think of all the assets you possess like your home, car, jewellery and other valuables. What if you lose all of it due to some fire, theft or a natural calamity? It would be all gone even before you might think about saving it.
Safety is the prime concern and avoiding any mess falls as the next. At times, you might end up facing some unexpected losses for which you were completely unaware. What then? Do you definitely look for some security system? Or just leave things on destiny?
Well! Nothing would work except a security system that backs us. In other words, we need an insurance cover.
“To insure is to protect and indemnify. It does not mean Prevention of loss”.
What Are The Different Types Of Insurance?
There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. As an individual, you will be covered under the Life insurance policy. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy. On the other hand, a General Insurance Policy will pay for the losses that may occur during the policy period only.
A policy or agreement between the policyholder and the insurer which is considered only after realization of the premium. The premium is paid by the insurer who has a financial interest in the asset covered. The insurer will protect the insured from the financial liability in case of loss.
Insurance is a concept that applies to a large group of people which may suffer the same risk in the same conditions or region. The money collected as the premium can be called as a pool and when anyone faces a loss, the person is paid from that pool.
Still perplexed at how does a general insurance policy come into play? Consider that your mother suffered a heart attack suddenly and she needs a transplant. At the same time, your daughter’s college fee was due. It definitely is a huge expense to be made at the same time and none can be preferred over the other. In this time of stress, the family’s health insurance policy can save your burden and the fees can be paid from the savings. A General Insurance Policy here works to save your burden for money.
Once we’ve understood what General Insurance is, let us understand how and when will the policy apply.
The loss may occur due to perils like fire, storm and flood, earthquake, theft, accident, health, travel, and other similar factors.
So now, we know that there exists an asset which is exposed to risk. And in case of the occurrence of losses (subject to the limit of the policy) plays the insurance which pay for the damages.
Imagine you’re driving back home in your car and suddenly, a taxi hits you from behind. Your car has a dent and its bumper has come off too. Now you need about Rs. 2000/- for the dent and Rs.7500/- for the bumper to be able to fix it all.
A car insurance policy, in this case, will play well. You can get the amount reimbursed under the insurance policy. Your car is the asset here in which you have a financial interest. But remember, an insurance policy will pay only as per its predefined conditions.
Travel Insurance In India – An Overview
According to Wikipedia, Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, or other means, with or without luggage, and can be one way or round trip. Travel can also include relatively short stays between successive movements. Tourism is travel for pleasure or business; also the theory and practice of touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tours. Popular destinations among Indians may be international, or within the traveller’s country. The World Tourism Organization defines tourism more generally, in terms which go “beyond the common perception of tourism as being limited to holiday activity only”, as people “traveling to and staying in places outside their usual environment. The UNWTO Report for 2018 also illustrates the modes of transport that all travellers use when they travel (see the chart below):
Importance Of Travel Insurance
People have been traveling from time in memorial for Leisure, Business, Visiting Friends, Participate in Religious Activities, or even Medical Treatment. A snapshot according to World Tourism Organisation, UNWTO Report 2018, above, are the reasons why people travel around the world (see chart above).
What is obvious is that people always travel for a reason. Indians today travel to all corners of the globe, however the USA, UK, Australia, the Schengen countries of Europe, Dubai, Thailand, Sri Lanka, Maldives and other Asian countries are the popular travel destinations of Indians. The profile of Indian travellers also cover the entire gamut from small children to older travellers, from healthy travellers to those with pre-existing medical ailments. One of the travellers’ wish is that nothing untoward happens during the trip. But they could face any unforeseen exigency either medical or non-medical which could cause them financial and emotional stress. And this is why it is recommended that every traveller buys the best travel insurance available. One of the most important financial securities a traveller can avail while they travel within India or abroad is good overseas mediclaim insurance coverage. International travel involves buying overseas health insurance, while domestic health insurance insures travel within India. It is important to add international health insurance policy to your checklist/itinerary while you plan your vacation, be it for leisure or business or for any other reasons. Nowadays it is convenient and easy to buy International travel medical insurance online, you can use the online travel insurance premium calculator, review and compare benefits offered by different Indian visitors health insurance insurance plans and buy the best India travel medi-claim insurance online all without the hassle of making a call to an agent or visiting the insurance company office. So what does visitor travel insurance actually cover?
Motor Insurance
Travel Insurance In India – An Overview
Importance Of Travel Insurance
People have been traveling from time in memorial for Leisure, Business, Visiting Friends, Participate in Religious Activities, or even Medical Treatment. A snapshot according to World Tourism Organisation, UNWTO Report 2018, above, are the reasons why people travel around the world (see chart above).
What is obvious is that people always travel for a reason. Indians today travel to all corners of the globe, however the USA, UK, Australia, the Schengen countries of Europe, Dubai, Thailand, Sri Lanka, Maldives and other Asian countries are the popular travel destinations of Indians. The profile of Indian travellers also cover the entire gamut from small children to older travellers, from healthy travellers to those with pre-existing medical ailments. One of the travellers’ wish is that nothing untoward happens during the trip. But they could face any unforeseen exigency either medical or non-medical which could cause them financial and emotional stress. And this is why it is recommended that every traveller buys the best travel insurance available. One of the most important financial securities a traveller can avail while they travel within India or abroad is good overseas mediclaim insurance coverage. International travel involves buying overseas health insurance, while domestic health insurance insures travel within India. It is important to add international health insurance policy to your checklist/itinerary while you plan your vacation, be it for leisure or business or for any other reasons. Nowadays it is convenient and easy to buy International travel medical insurance online, you can use the online travel insurance premium calculator, review and compare benefits offered by different Indian visitors health insurance insurance plans and buy the best India travel medi-claim insurance online all without the hassle of making a call to an agent or visiting the insurance company office. So what does visitor travel insurance actually cover?
