What is the importance of general insurance cover?

Life is full of joy and happiness if you have plenty of money, good house, a luxurious car, good health and lavish lifestyle. But you many never know when you might come across an unexpected calamity or incidence that can damage your valuable belongings or endanger your life. In this era of high uncertainty spiral inflation rate, the dangers posed to our prized possession have reached new heights. The best way to protect ourselves by getting dump in the manhole of financial losses would be getting it insured at the right time. Today, insurance is becoming a necessity more than just a utility. Safeguarding your belongings accumulated through years of hard work is the right thing to do and this is where different type of insurance service provider plays a pivotal role.

The insurance that protect our belonging and covers our health is known as “general insurance”. While market are filled with variety of customized policies you can choose the best suitable for you depending upon your income sources, asset value, place of living and other factors. You can either visit the branch or call up customer service or buy from agents. But one of the best and modern day convenient ways to buy general insurance policies would be online purchase.

Today, the educated section is purchasing policies online. The purchase of non-life insurance policies in the country is on rise. More and more people from metropolitan, town cities and even rural areas prefer buying polices online.  The ease of purchase and convenience of buying it anytime and anywhere are the primary drivers for policy purchase online. Many insurers have started realizing this. They have created separate verticals to exploit this segment.

General insurance segment of India comprises of a wide array of insurance such as health insurance, motor insurance, home insurance, travel, fire and business insurance, lifestyle insurance and other forms. Experts say the thrust of this insurance segment is inclined toward business verticals and cater to giant corporate clients as well.

There are around 20+ general insurance players in markets and some more large international ones are expected to enter shortly. These companies have come up with innovative ideas and customized ways of policies for offering the existing and prospective customers, new technology platforms that would keep their business update to date and organized and would also be beneficial to them.

While purchasing policies it is important to follow some guidelines:

Also, take policies depending upon your income sources. Never exceed premium costs more than income sources else if you cannot pay certain premium it might lapse.

Make a note of each and every valuable possession in your house, about family health issues and pre-existing diseases,  your car inclusions and exclusions, property value etc. depending upon the type of policy you wish to purchase.

Always keep all the policy documents and other necessary documents handy with scanned copy on your email account so that you can easily produce them at the time of insurance claim.

Ensure that you keep on regularly updating your possession in house, business expansion updates, property purchase updates and health updates time-to-time with the insurance company. Make sure you incorporate these things in the insurance policy.

Produce the requisite FIR (incase of valuables being stolen) or other reports as required at the time of claims. Good and reputed general insurance companies will let you compare quotes with their top competitors before signing up for polices. Using a couple of insurance calculators is an excellent method to make sure you get precise quotes as per your requirements.