10 Various Types of General Insurance

Before venturing into the types of general insurance, it is important to first know the meaning of general insurance.

To say it in an umbrella fashion, it may be acknowledged that general insurance is one that roughly covers all categories of insurance services under its head, be it health insurance, travel insurance or vehicle insurance. Therefore, so far as the types of general insurance are concerned, it is important to consider the ten most primary categories.

Motor Insurance

• One of the foremost types of general insurance would be the motor insurance. So far as motor insurance is concerned, it covers all kinds of material damage done to any particular vehicle.

• It must be recognized that motor insurance is categorized into three categories: two wheeler insurance, car insurance and commercial vehicle insurance.

• Most motor insurance schemes, generally speaking, provide insurance against theft, unforeseen accidents and also third party liabilities.

• So far as the types of general insurance are concerned, it may be said that motor insurance provides other fetching insurance features such as roadside aid, cashless servicing across service stations and towing assistance.

Health Insurance

• Given the fact that the expenses of health care and other significant medical applications are increasing every year, it may be noted that acquiring a health insurance policy is the need of the hour.

• It may be noted that various health insurance schemes also offer certain additional riders and consequent benefits  such as cashless facility at empanelled hospitals, daily cash allowance and ambulance charges, to name a few.

• So far as the types of general insurance are concerned, it may be noted that health insurance schemes are generally categorized into: individual policy, family floater schemes, comprehensive health cover and surgery charges also.

Travel insurance

• So far as the types of general insurance are concerned, travel insurance forms one of the most rudimentary parts. 

• It may be noted that travel insurance, which is also known as visitor insurance, chiefly covers a traveller against unforeseen experiences one may encounter during tours.

• Generally speaking, travel insurance covers a traveller against unprecedented medical or non medical urgencies, especially during the course of overseas travel.

• Apart from this, there is also cover for loss of baggage, delay in flight, loss of passport among others.

• It may also be noted that travel insurance is of several types such as student insurance, family travel insurance, and individual travel insurance policy and senior citizens travel schemes.

Home Insurance

• So far as the types of general insurance are concerned, home insurance is one of the most elementary.

• Generally speaking, home insurance policies ensure that one’s hard earned money is put to wise and cautious use in order to make ends meet.

• Also, it ensures one’s home against natural calamities, man made disasters and threats.

• Home insurance policies also insure homes against theft, burglary, personal damage, to name a few.

Marine Insurance

• So far as the types of general insurance are concerned, marine insurance covers goods, cargos, freights across various national and international borders.

• The various shipments are also protected under marine insurance schemes.

• Marine insurance policies can be taken by buyers, sellers, merchants, contractors, banks etc.

• It may be noted that marine or cargo insurance offers complete financial insurance during the transit of goods across borders.

Rural Insurance

• Rural insurance is chiefly used to meet the agricultural needs of rural business. 

• According to the IRDA, rural insurance schemes are meant to be disbursed across the rural and social sectors.

• Given the regular necessities of the rural sector, which include farmers primarily, rural insurance schemes are of immense help given their viability and affordability.

Commercial Insurance

• Commercial insurance, generally speaking, includes all kinds of sections such as energy, financial lines, engineering, international insurance, employee benefits etc.

• Other aspects or sectors of commercial insurance may include small and medium scale enterprises, large corporations and multinational companies.

Liability Insurance

• So far as liability insurance schemes are concerned, it may be said that liability insurance generally falls under the commercial insurance scheme.

• Apart from the liability insurance, which is one of the most important insurance schemes, there is also the separate sector for property insurance.

Property Insurance

• So far as property insurance schemes are concerned, it may be said that property insurance generally falls under the commercial insurance scheme.

• It may be unanimously acknowledged that property insurance is a vital tool for the entire corporate sector, given the sundry risky undertakings involved in the concerned transactions, financial or otherwise.

Industrial Risk Insurance

• So far as industrial risk insurance schemes are concerned, it may be said that industrial risk insurance generally falls under the commercial insurance scheme.

• It may also be noted that industrial risk insurance also covers machinery insurance, electronic equipment insurance and contractor all risk insurance scheme.

• It may be unanimously acknowledged that industrial risk insurance is a vital tool for the entire corporate sector, given the sundry risky undertakings involved in the concerned transactions, financial or otherwise.

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