General Insurance Reviews
Today life insurance is too common for us and most of us are still not fully aware of another sort of insurances. General Ins. is the oldest and productive insurance for any insurer. General Ins offers us to live free and safe, anytime and anywhere. General Insurance can be simply defined as non life insurance. Insurance that covers anything other than your life is known as general ins such as motor insurance, health, fire insurance, and many others. General insurance is a contract between two parties, insurer and insured. The insurer is an organization or a company and insured might be an individual or item or goods or organization.
Under this contract, insurer guarantees the insured to cover him against non-life mis-happening in future. General insurance has been introduced many centuries back by Babylon tribes as they offer security to the merchants for safely delivery of their goods and against it, they receive extra amount on the contracted amount. Since then general insurance has spread all over the world and form into a business.
General insurance is not only a business rather it offers you security against your property, goods, office, and health. Here are types of General Ins offered by some of the leading organizations.
Types of General Insurance –
- Auto Insurance – Auto Insurance is the most popular and demanded insurance all over the world. Under this insurance, the insurance company covers your vehicle or motor with insurance against theft, loss or accident. In such cases, the insurance company will pay back the insured amount to the owner of the vehicle or motor.
- Health Insurance – Another most demanded insurance plan nowadays. Health is the main concern these days and people have to spend a huge part of their income on the medical and hospital expenses. Insurance companies cover an individual or a group of individuals such as family against health concern. With this cover, insurer guarantees to bear total hospital and medical expenses occurred on insured person or group.
- Liability Insurance – This insurance is specially designed for corporate organizations. Under this insurance plan, insurer covers the liability of the insured corporate and in case of bankruptcy, the insurer is liable to clear all the debts and liabilities of the company or individual.
- Home Insurance – Home insurance is for the household. Under this insurance plan, insurer provides cover or protection to the insured person’s house against disaster and hazards such as fire and natural hazards. In case of destruction of the house under proclaimed norms or cases of the insurer, the insurer is liable to pay the cost of house reestablishment.
- Marine Insurance – Marine Insurance is generally taken by such corporate organizations who operate on seas such as cargo, logistics and many others. With this insurance cover, insurer guarantees to pay the amount of loss due to water while shipment to the insured company or individual.
- Fire Insurance – Fire Insurance is one such insurance plan which one can commonly find in any organization or home. Under this insurance plan, the insurer is liable to pay the compensation for losses due to fire to the insured house or organization.
- Property Insurance – This is a new insurance plan which defines to offer protection to the insured person’s property against natural hazard, theft, mishap or accidents. This plan is for both movable and non-movable properties.
- Pecuniary Insurance – Pecuniary Insurance plan is one of the best plans of its type. Under this plan, an individual or group get insured for his wealth or money against any inconsequence such as loss, theft, miscarriage or any other. Insurer guarantees to pay for the value of his insured wealth in such mishaps in future.
- Aviation Insurance – Aviation insurance is a high profile plan and differs on its basis. Aviation Insurance could be for an individual or for an organization. Under this plan for an individual, one gets insured for his or her air travel and insurer pays the insured amount against the loss in case of any mishaps during the air travel. Another for an organization, aviation companies gets the insurance for their flights against any accident in the air.
- Cattle Insurance – Cattle insurance is for the agricultural or rural individuals who get this insurance for the cattle such as cow, bull, sheep and many other against their losses in future. It helps them to minimize their loss due to the loss of their productive cattle.
- Accident Insurance – Last but not least, accident insurance is another most popular and demanding insurance in the market. Under this insurance plan, insurer guarantees to bear all the expenses occurred on medical and pathological of the insured person due to the accident.
Top 10 General Insurance Companies –
Public Sector Organizations –
- New India Assurance Co. Ltd.
- National Insurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- United India Insurance Co. Ltd.
- Agriculture Insurance Company of India Ltd.
Private Sector General Insurance Organizations-
- Bajaj Allianz
- ICICI Lombard
- TATA AIG
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