If you start to think about it, there is a risk at each and every step of life. Whether you are out on travels or driving your vehicle to the office, there are a lot of wrong things that can take place. However, if you start heeding to all these risks, it would get really difficult to move ahead with life. It is for such instances that buying a general insurance becomes quite crucial.
A general insurance, as the name suggests, offers coverage for general things that you as a person care for. There is no second thought that cover for life is one of the most crucial ones that one can get. However, there are several other important purchases that we make during a life time, which needs protection as well. A general insurance is curated to take care of all such things.
Of the several things that we do manage to buy, most of them pose a lot of financial risks. For an instance, a house or a car bring along with them a lot of potential financial risk should anything go wrong. Some of the most common perils that can cause damages include fire, lightning, floods, theft, accidents or burglary. Buying a good general insurance policy would ensure that you do not break your head over the same.
Should you buy the right policy for the right asset, a general insurance would ensure that you can sleep well at night. Without ever having to worry about the worst-case scenario or save your hard-earned money for the same. A general insurance policy also takes care of any legal issues arising out of the mishaps.
What Are the Benefits Offered By General Insurance?
There are quite a variety of policies that make it to the category of general insurance. Since there are different types of policies, the coverage and benefits offered by them also differ. Of all the different types of policies health insurance and motor insurance policies are among the most sought-after ones. Here are their respective benefits.
When you opt for a health insurance plan, you essentially buy financial freedom from any medical condition that you or your family members might meet in the future.
Here are a few benefits of buying the policy, especially if you do it online through websites like Coverfox:
- The policy offers cover most of the expenses incurred during the hospitalisation of a patient for more than 24 hours. These include nurse charges, doctor consultation fees, room rent, medication etc.
- A health insurance covers pre-hospitalisation expenses up to 60 days prior to a procedure and post-hospitalisation expenses up to 90 days from the date of a procedure.
- Some health insurance plans offer coverage for medical procedures that do not require admission for 24 hours.
- Health plans also cover ambulance related expenses up to a certain limit.
- Some insurers cover the expenses related to Ayush treatment. Ayush refers to Ayurveda, Unani, Sidha and Homeopathy.
A motor insurance is mandated by the Motor Vehicle Act of 1988 but that should not be the only reason for buying the policy. There are a lot of other possibilities that can take place on the road and a motor insurance offers coverage for them.
- A third-party liability cover keeps at bay any damages or injuries that third-party individuals or properties incur during an accident.
- A comprehensive policy offers cover against natural calamities such as flood, earthquake, cyclone, fire etc.
- A comprehensive policy offers cover against man-made nuances such as theft, burglary, malicious intent, terrorist activities etc.
- Some policies also offer personal accident cover for the driver of the vehicle.
- You can opt for add-ons on a comprehensive policy to further enhance the capabilities of a policy.
Exclusions Under General Insurance Plans
While there is a lot of ground that a general insurance covers, there are still quite a few areas that it does not. Here is a short list of them.
- Any deliberate damages.
- Mechanical or electrical breakdown of systems.
- Any accidents arising out of driving under the influence of narcotics or alcohol.
- Any form of consequential loss.
- Damages arising while driving the vehicle without a valid license.
- Most of the policies do not cover pre-existing conditions.
- Any injuries that are an outcome of a suicide attempt.
- Health plans usually do not cover therapies.
A general insurance plan, for the most part, will ensure that you stay away from mundane worries related to health, vehicles, house, travel, marine or commercial needs.