General Insurance

Insurance is classified into Life and General Any insurance other than human lives comes under the scope of General Insurance

It is preferable to call this as General Insurance instead of non-life insurance

There is vast scope and the market is trying to cope up with the demands of the market

General Insurance business was being done by 106 companies including LIC (GI) 1st Jan 1973 GIC and 4 companies were formed taking in them 106 companies and the 4 PSUs

General Insurance

Insurance of property Insurance of persons Insurance of liability Insurance of Interest

What is insurance? We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses.

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.

General insurance companies

Private sector
Agriculture Insurance Company Bajaj Allianz General Insurance Bharti AXA General Insurance ICICI Lombard General Insurance L & T General Insurance Tata AIG General Insurance Reliance General Insurance SBI General Insurance

Public sector National Insurance Co Ltd New India Assurance Co Ltd Oriental Insurance Co Ltd United India Insurance Co Ltd

Public sector Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz.

Banking

Information Technology

Foreign Trade

Telecom

Space Research

Automobile

Education

Power, Oil & Energy,

Environment

As of 2010, AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company Public sector companies

Products and services

Personal Insurance policies include medical insurance, accident, property and auto insurance coverage

Industrial Insurance policies provide coverage for project, construction, contracts, fire, equipment loss, theft, etc.

Rural Insurance policies provide protection against natural and climatic disasters for agriculture and rural businesses

Commercial Insurance policies provide protection against loss and damage of property during transportation, transactions, etc.

The various insurance product types are given below :-

1)Animals/Birds 2)Agriculture 3)TRAVEL 4)PROPERTY 5)Fire Insurance 6)Burglary Insurance 7)Health-- Mediclaim/Overseas 8)Mediclaim/Personal Accident

9)Individuals/Family 10)Marine 11)LIABILITIES' INSURANCE 12)Motor Vehicle -Private/Commercial 13)PERSONAL ACCIDENT 14)Business/Office/Traders 15)Money Insurance 16)Sweet Home Insurance Policy
17)Miscellaneous insurances
18)Fidelity Insurance

8 important characteristics of General Insurance

1. Sharing of Risk:

5. Amount of Payment:

2. Co-operative Device:

6. Large Number of Insured Persons

3. Value of Risk:

7. Insurance is not a gambling:

4. Payment at Contingency:

8. Insurance is not Charity:

What are the benefits on taking life insurance policy?

Cheaper

Multiple coverage options

Flexibility of period

Increasing investment Tax Benefits Capital formation ADVANTAGES Facility of loans without Risk Cover affecting the policy Mortgage Redemption benefits