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What is General Insurance?
A general insurance policy is also known as a non-life policy that is availed to provide a financial cushion against losses suffered to assets such as home, vehicle, and even health. It’s a contract where you pay premiums to the insurer to seek protection against financial damages suffered by your asset against natural or man-made damages.
Difference Between Life Insurance and General Insurance:
There are several major differences between life insurance and general insurance policies offered by some of the insurance companies in India. For example, most life insurance policies come with long-term contracts, which means you must pay the premium for several years. However, in the case of general insurance policies, the policy must be renewed only every year. Also, life insurance policies can be claimed upon the death of the policyholder during the term or tenure of the policy or during its maturity. In the case of general insurance, reimbursements are done during some eventuality. Similarly, all life insurance policies come with a savings component not present in general insurance.
Points to consider when buying general insurance
When you want to buy general insurance plans, here are some points which you should always keep in mind:
- Choose a plan which you require. Health insurance plans are a must and if you have a vehicle you also need motor insurance. Travel insurance plans are relevant when you are going on a trip. So, understand your coverage requirements and then buy a plan
- Ensure that the coverage level is optimal to cover your financial losses
- The premiums of the plan should be affordable so that you don’t face a financial strain in paying for the policy
- Always compare before buying. There are different policies available in the market and each policy offers something better than the other. When you compare you would be able to find the best general insurance policy which not only provides extensive coverage but also comes at a lower premium. So, don’t forget to compare. Turtlemint allows you a platform to compare the different types of general insurance policies available. You can check the plans for their coverage benefits and premiums and then buy.
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