Types of General

Insurance Covers

•General insurance is a non-life insurance policy

• It refers to several forms of insurance covers that last for a particular period of time, mostly a year

•However, some plans might have a long-term validity

MOTOR INSURANCE• A motor insurance provides coverage for all vehicles like cars,

two-wheelers and trucks, used for both personal as well as commercial purposes• A third-party motor insurance has been made mandatory by the

government, which covers the cost of the damage of property or injury, caused by the driver• This cover can be extended to accident coverage policy that

compensates for the damages caused to the insured’s vehicle, due to an accident/collision, theft or vandalism• The insurance can be further strengthened with a comprehensive

policy, which provides accessories cover, rider insurance and other such benefits

HEALTH INSURANCE• A health cover takes care of your medical expenses, in

case of a mishappening

• One can buy an induvial insurance for self, chose a family floater that will include husband, wife, children and/or parents of the insured or go for a senior citizen plan if he/she is above 60

• There is also a provision to buy add-on covers to these policies, like a critical illness rider

TRAVEL INSURANCE• Travel insurance secures the insured person against all

the things that can go wrong on a trip, both international and abroad

• It provides compensation and assistance with any hassle related to flight delays, checked baggage delay or loss, medical emergency, evacuation due to a political emergency or any personal liability caused unintentionally

HOME INSURANCE• Home policy pays for the damage of the property and

possessions in case of fire, theft, windstorm or vandalism• The three basic types of coverages provided under this policy are

—cash value that repays the cost depending on the market value of the damaged property; replacement cost, which compensates the actual cost of the property before the damage was caused; and extended replacement cost that reimburses the cost of the repairs• You can also buy riders on your home insurance policy• Royal Sundaram offers a wide range of important add-on offers

like a cover for the jewellery stored in your house, a terrorism damage cover, etc

MARINE INSURANCE• It negates the loss incurred by businesses during transit

of goods by rail, road, sea or air

• It covers the loss or damage of cargo, ships, and any transport by which property is transferred

• The cover can be taken by import/export traders, buyers, sellers, contractors, etc.

RURAL INSURANCE

• It is designed for agricultural and rural sector, providing a cover for—property, crop and livestock, farm liability and worker’s compensation

COMMERCIAL INSURANCE

• It provides aid for business operations, to all sectors like—energy and utilities, aviation, construction, foods and beverages, automotive, telecom, textiles, pharmaceuticals and technology; and of all sizes—small scale, medium, large or multinational.