A contract of insurance which is other than life insurance called general insurance. In other words, a contract which does not cover life risk, but covers almost all financial risk is called general insurance or non life insurance.
General insurance provides protection against damages and loss of tangible assets. It can be bought in the form of premium like life insurance.
Various Type of General Insurance:
It covers all damages to a vehicle against on road (accident) and off road (Theft) emergencies. And gives the third party insurance i.e. covers the damage caused to a third party life or property.
According to Motor Vehicle Act, 1988 motor insurance is necessary in India.
Health insurance policy covers the hospital expenses, medical & surgical both.
Health insurance often includes cashless facility at empanelled hospitals, pre and post hospitalization expenses, ambulance charges, daily cash allowance etc.
Common types of health insurance policies include:
- Individual Policy
- Family Floater Policy
- Surgery Cover
- Comprehensive Health Insurance
Home insurance policy secures the physical structure of house and the content in it from natural calamities, man-made disasters, theft, fire etc.
Cargo insurance policy covers goods, freight and shipments against damages or loss during transit by rail, road, sea or air. It gives complete financial protection during transit of goods. Cargo policy can be bought by buyers, sellers, import/export merchants and banks etc.
Rural policies comprise the insurance of:
- various livestock, e.g., cattle, sheep, goat, etc.
- sub-animals e.g., silkworm and honeybee.
- plantation and horticultural crops, e.g. rubber, grapes, etc.
- property e.g., agricultural pumpsets, etc.
- persons e.g., gramin accident.
Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. Insurance solutions for automotive, aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas, pharmaceuticals, power, technology, telecom, textiles, transport and logistics sectors. It covers small and medium scale enterprises, large corporations as well as multinational companies.