General insurance protects us and the things we value, such as our homes, cars, and valuables, from the financial impact of risks large and small, such as fire, flood, storm, and earthquake, as well as theft, car accidents, and travel mishaps, and even the costs of legal action taken against us. And we can select the types of risks we want to cover by selecting the right type of policy with the features we require.
What is the contrast between life insurance and general insurance?
As the name implies, life insurance is a plan that protects your life. Life insurance can help your family financially during difficult times. This type of insurance provides financial security to the nominee in the event of an unfortunate event (spouse, children, etc.). It can also be used as an investment tool in some cases. Everything you need to know about life insurance is right here.
General insurance, on the other hand, covers other aspects and assets in a person's life, such as health, car, travel, home, and so on. This type of insurance protects assets against theft or damage caused by fires, natural disasters, accidents, man-made disasters such as riots or terrorist attacks, and so on. While life insurance policies protect against the risk of death, general insurance protects against other types of risks.
Which company is best for general insurance?
1. Bharti AXA General Insurance Co. Ltd. is a general insurance company based in India
Bharti AXA General Insurance Company Ltd. was founded in 2008 as a joint venture between two leading business groups, The Bharti Enterprises and AXA business group.
2. General Insurance from Bajaj Allianz
Bajaj Allianz General Insurance Company Limited is a collaboration between Allianz SE, the world's most well-known and leading insurance company, and Bajaj Finserv Limited.
3. Edelweiss General Insurance Company Limited is a company that provides general insurance
Edelweiss General Insurance carries on the Edelweiss Group's legacy and trust. With its excellence in insurance services over the last 20 years, the insurance provider has touched the lives of millions of customers.
4. Future Generali General Insurance Company
A joint venture between the Future Group and the Generali Group offers a wide range of insurance products to customers to provide them with a variety of financial protection solutions.
How many types of general insurance are there?
1. Homeowners Insurance
Because a home is a valuable possession, it is critical to protect it with a proper home insurance policy. Home and household insurance protect your home and its contents. A home insurance policy essentially covers both man-made and natural events that may cause damage or loss.
2. Automobile Insurance
Motor insurance protects your vehicle against damage, accidents, vandalism, theft, and other calamities. It is available in two varieties: third-party and comprehensive.
3. Travel Protection Insurance
When travelling internationally and incurring losses due to baggage loss, trip cancellation, or flight delay, a travel insurance policy protects you. If you are hospitalized while travelling, you may be offered cashless hospitalization.
4. Medical Insurance
Health insurance is an important risk-mitigation tool that can assist you in dealing with medical emergencies. A health insurance policy will pay for hospitalization expenses up to the amount insured. When it comes to health insurance, one can opt for a standalone health policy or a family floater plan that offers coverage for all family members.
What's the distinction between life and general insurance?
Life insurance is a long-term contract, whereas general insurance is a short-term contract. In the case of life insurance, the benefits and sum assured are paid upon the policy's maturity or the death of the policyholder. In the case of general insurance, on the other hand, the claim or the actual loss amount is reimbursed when a specific event occurs.
Get in touch with a reputable insurance company for important information about General Insurance and other types of insurance you may require.
Fatima Kashif
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Mar 28, 2022
The Watchtower Dubai
by Ebimo Dogubo
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