All you need to know about the basic features and benefits of general insurance
07 May 2019
As life goes by, we begin to accumulate a lot of possessions and experiences. These include your home, your vehicles, and your travels. Health is another aspect of life that we hold dear. While one cannot predict when something can go wrong, it is possible to insure most things we love – whether it is our precious home and the possessions inside it; our dream car or that international trip on our bucket-list. You can also protect yourself financially if a health issue crops up. Yes, we are talking about the various types of general insurance policies – home, motor, health and travel. Let’s take a look at the various features of general insurance policies and their many benefits.
Features and benefits of general insurance
As is evident, there are several different types of general insurance policies; each with their own set of features. Let’s look at each of these.
The following are the main features and benefits of insurance in general with regards to home insurance.
- Coverage against damages endured by the structure of the house including the building, heating, air-conditioning, electrical apparatus etc.
- Coverage against damages endured by additional structures to the house like the garage, back-yard, pool, driveway etc.
- Coverage against theft of possessions such as electrical appliances and furniture.
- Coverage against alternate or additional accommodation while your home is rendered uninhabitable due to damages.
General insurance benefits and features with regards to vehicles such as two and four wheelers include:
- Coverage and hospitalisation in case you or your vehicle is involved in an accident.
- Ability to get vehicle repaired at any network garage mentioned in the insurance policy by enchasing the cashless settlement facility.
- Ability to inform insurance provider and get round-the-clock assistance on their 24x7 grievance redressal helpline.
- Protection from damages caused due to natural calamities like floods, cyclones, earthquakes or man-made disasters like theft, strikes and riots.
- Ability to opt for add-on riders like personal accident cover, road-side assistance cover, and engine protection cover and so on.
Now let’s look at the basic benefits and features of general insurance in case of health insurance.
- You can get admitted in one of the network hospitals mentioned in the insurance policy and avail the cashless hospitalisation facility. The hospital gets in touch with the insurance provider to get the claim process started.
- When it comes to health insurance, you can choose from a wide range of policies including individual health plan, family floater plans, critical illness plans, and policies for individuals with pre-existing medical conditions etc.
- Your policy covers you for all aspects of your treatment including pre and post hospitalisation, hospital room charges, surgeon’s fees, expenses related to medical reports and other similar things.
- You can benefit from tax deductions for investing in almost all types of health insurance policies under Section 80D of the Income Tax Act.
Travel insurance is also considered a general type of insurance. If you are travelling abroad, you need to invest in a good travel insurance policy that covers you for several things. Travel general insurance advantages and features include: Emergency medical care and hospitalisation in case you fall ill, are in an accident or require urgent medical treatment while you are abroad.
- If you are unable to travel owing to the medical emergency, your insurance covers you for the unexpected and unforeseen additional expenses related to accommodation.
- You are also covered for flight delays, loss of passport and luggage or any sort of theft that compromises your financial situation while you are abroad e.g. loss/theft of wallet, credit cards etc.
- Accidental death during the trip or permanent disabilities such as loss of limbs or sight is also covered under the policy.
- You are also provided a loss of income benefit if your injuries during the trip mean that you are no longer in a position to be employed.
As you can see, there are many general insurance advantages, which is why you must invest in them. While you should always have a valid home, vehicle and health insurance, travel insurance can be purchased a few days before your trip.