During our lifetime, we go ahead with the purchase of several things and undertake several other endeavours as well. A vast majority of them could pose a lot of financial risks if a person does not take proper care. For an example, a lot of us aspire to buy a two-wheeler or a four-wheeler. While it is absolutely great to buy and drive them around, they are prone to a lot of potential incidents.
However, this is no way means that one must not buy a two-wheeler or a four-wheeler. There is an easier and smarter way to handle such situations, it’s called a general insurance. Any insurance plan for that matter is a safety net in the event if anything goes wrong. A general insurance is the same.
If one were to segregate insurance plans, they could do it as life insurance plans and general insurance plans. All life insurance plans aim at offering cover for the life of the policy holder. A general insurance plan, on the other, hand provides cover for most of the other things. In simpler terms, all the non-life related insurance products.
General insurance is a wider category which comprises of several individual plans. The following are the different types of general insurance plans available.
- Motor Insurance
- Health Insurance
- Home Insurance
- Travel Insurance
- Rural Insurance
- Marine Insurance
- Commercial Insurance
How Do You Find the Best Plan for General Insurance?
Since there are different types of insurances available, the parameters for finding out the best would also vary accordingly. Here is how you can choose the best plans among the most popular categories.
Health Insurance
When you are on the lookout for a health insurance plan, there are a few parameters that you must look into. These will not only help you pick up a better plan but also aid you in understanding the policy in a much better way.
- It is always a good idea to assess the premium that an insurer warrants versus the coverage or benefits that they offer. When you compare different policies on Coverfox.com, these aspects become even more evident. You must look a good blend of features at affordable prices.
- One of the advantages of buying a health insurance plan is to make use of the network hospitals. When a policyholder gets treatment in any of the network hospitals, they can avail cashless service. Thus, take a quick look at the network hospitals list and whether or not the hospitals you regularly visit make it to the list.
- While there are a lot of things that a health plan can cover, there are quite a few exclusions. This list comes into picture during the claims process. Ensure that you go through this list so that there are no surprises during a claims process.
Motor Insurance
These are the parameters that one must look into while buying a motor insurance.
- The premiums that you must pay for a policy obviously plays a crucial role. Take a quick look at the offerings of various insurers and shortlist the ones which you feel offer value for your money.
- Buying a comprehensive motor insurance allows you to add riders to the policy and enhance its capabilities. If you are someone who wishes to buy add-ons, take a look at the list of add-ons available.
- Each insurer has a preferred list of network garages which make the claims process a breeze. While you are on the lookout for a motor insurance, do not forget this aspect.
- Some insurers also offer multi-year contracts for motor insurance. If you do not wish to undergo the regular renewal cycles, you can opt for this.
How Is General Insurance Different from Other Insurance?
Apart from the most glaring difference that a life insurance plan is aimed at life products and general insurance is aimed at non-life products, there are other differences as well. For starters, a life insurance plan acts as an investment option while a general insurance plan is for indemnity.
Another subtle difference between a life insurance plan and a general insurance plan is that the former is usually for a few years at the stretch. General insurance plans, on the other hand, are usually for a year or two at the maximum.
For life insurance, the entire sum assured is paid out should something happen to the policyholder. In a general insurance, reimbursement/cashless comes into play against some incidents. If you wish to fortify your assets, buying a general insurance is the best way to do so.