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What is General Insurance?
Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalization for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
Types of General Insurance
The various types of general insurance are
Health Insurance
Helps in meeting the expenses of hospitalization of self or any other member of the family.
Types Of Health Insurance
• Individual Plans: Health cover purchased for self or family.
• Family Floater Health Plans: Plan covers entire family in one health insurance plan. Covers hospital expense which can be pre and post.
• Pre existing disease covers: Plans offers cover against pre-existing disease e.g. diabetes, kidney failure and many more. After Waiting period of 2 to 4 years it gives all covers to insured.
• Maternity health insurance: Ensures coverage for maternity and other additional expenses. It takes care of both pre and post natal care, baby delivery ( either normal or caesarean). • Senior Citizen Health Insurance: Provides covers and for people between 65 years and 80 years.
• Personal Accident covers: Covers death/disability due to accident • Critical Illness covers: Insurer Provides compensation to policy holder if he/she is diagnosed with any of a specific illness out of a predetermined list of illnesses like cancer, stroke, organ transplant, blindness, deafness etc.
• Group Insurance Plans: Covers a defined group of people like employees of an organization.
Individual Health Plans
• Individual health plan has to bought in the name of each individual.
• Premium will be as per each individual’s age and sum insured.
• Insurers generally give a 10% discount on the total premium if more than one individual of the same family is insured simultaneously.
• In Individual cover, If a claim is made by one member, the sum insured of other members remains intact.
Family Floater Health Plans
• In a family floater health plan, a single premium is to be paid to cover many family members.
• The premium is basis the eldest member in the policy.
• Entire sum insured can be availed by any or all the members .
• A family floater plan would be cheaper than buying individual policies for each member of the family.
• In case of a family history or if one member has an adverse health condition, then it is suggested to buy an individual health cover for that member.
• Children beyond a specified age (varies between 18 to 25 depending on the policy) will be treated as adults and have to be moved to a separate plan but will be provided continuity on cover.
Exclusions in Health Insurance
• Non medical charges or hospital services/articles.
No Claim Benefit
- NCB is associated with the policy holder and not vehicle.
- Person-to-person transfer, is not possible, except to the legal heir in case he/she inherits the car on the policyholder’s death.
- No NCB for third party cover.
- NCB reverts to zero even in case of a small claim
- Can purchase a NCB protection cover
- Possible to use NCB even while purchasing a new car. the insurance for it doesn’t have to be taken from the same insurer
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