We hear about so many insurance policies and the various terms in it. But how many of us truly understand what the different types of general insurance policies mean and what they protect? There are essentially two types of insurance, life insurance and general insurance. While life insurance is a coverage that pays out a certain amount to the beneficiaries in event of death of the insured, general insurance protects against the unforeseen losses and damages other than those covered by life insurance.
Also known as non-life insurance, general insurance offers a gamut of insurance covers against eventualities such as illness, property damage, motor accidents, etc. Assets have a value of their own and are susceptible to damages. The specific general insurance cover can protect the economic value of the asset and prevent huge financial loses. For example, a home insurance policy can protect your home and the valuables inside from calamities and theft. In this article, we look at the different types of general insurance policies and the cover they provide.
1) Fire insurance
A fire insurance policy covers for losses that are caused by fire. It is a contract made between the insurer and the provider of the insurance service. A policy is available at a premium, and it covers for the loss caused to the victim due to a fire.
The different types of fire policies available in India are:
2) Personal Accident
Personal Accident Insurance covers in the event of the person sustaining bodily injuries resulting solely and directly from an accident caused by external, violent and visible means, resulting into death or disablement (partial/total). It pays for injuries sustained, occurred anywhere in the world.
Why Personal Accident Insurance ?
What are the types of Personal Accident Insurance Policies available ?
3) Workmen Compensation
What is Workmen Compensation?
It is the primary method by which an employer can demonstrate the ability to satisfy the obligations imposed by the worker’s/employee’s compensation statutes. It is compensation payable under a scheme set out in the Employee’s Compensation Act of India, monitored by the Ministry of Labour.
This product is addressed to:
4) Marine Policy
A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A valued marine policy pays up to, or in its entirety, the specified value in the event of a total loss. It differs from an unvalued marine policy where the value of the property would be determined following the event of a loss. Marine insurance provides coverage against losses sustained by ships, cargo and terminals.
The value is determined ahead of time in a valued marine policy, and there is generally no reassessment or revaluation necessary in the event of an insured event or loss. A valued policy pays a pre-determined amount regardless of the extent of the damages, as long as it is considered a total loss. It is important to note that if the insured item depreciates in value, it will not affect the amount which can be claimed in the event of a total loss. The same is also true if the value of the item appreciates - the insured is unable to receive any addition damages based on the increase value of the item.
5) Cyber Security
Why do you need Individual Cyber Safe policy?
Today we live in an increasingly connected digital world of Mobile and Internet Banking, Social Media and E-Commerce spending significant amount of our time on the internet. The amount of individual's personal data being generated, transmitted, and stored on to various digital devices is also growing at an exponential rate.
The critical nature of this data and the complexity of the systems that support its transmission and use, combined with the possibility of remote and anonymous access, have created a gamut of Cyber Risks such as Identity Theft, Malware Attack, IT Theft Loss, Phishing, E-Mail Spoofing, Cyber Extortion, Cyber Stalking, Media Wrongful Act etc. to which Individuals are exposed to due to Cyber Attacks.
We Offer Individual Cyber Safe Insurance Policy that provides a comprehensive insurance cover to the Individual to pay for losses that could arise if the Cyber Risks are subjected to Cyber Attacks.
Insuring Clauses under the policy?
6) Jeweller's block policy
This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds.
Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises
Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.
The policy comprises four sections which are optional except for section I which is compulsory.
Section I : Covers loss or damage to jewellery, gold and silver ornaments or plates, pearls, precious stones, cash and currency notes whilst contained in the premises insured, by fire,explosion, lightning,burglary,house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.
Section II : Covers loss or damage to jewellery, gold etc. as described in Section I whilst it is in the custody of the insured, his/her partners, employees, directors, sorters of diamonds or whilst such property (excluding cash and currency notes) is in the custody of brokers, agents, cutters and goldsmiths.
Section III : Covers loss or damage to property described in Section I whilst in transit by registered parcel post, air freight or through angadia.
Section IV : Covers loss or damage to trade and office furniture and fixtures in insured premises due to fire, explosion, lightning, burglary, house breaking, theft, hold up, robbery, riot, strike and malicious damage and terrorism.