Financial planning is the process of developing a personal roadmap for our Financial well being.
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Safeguard your health at all times
Protect your shop from all types of risks
Every home deserves to be protected like a family
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Purchasing a general insurance policy has loads of advantages to it but understanding the different types of it is important in the first place to decide which policy type will be suitable for a person’s requirements.
An insurance plan that covers a person’s medical expenses such as hospital bills.
An insurance plan that covers expenses when motor vehicles incur damages due to accidents or similar events.
An insurance plan purchased by passengers before making a journey in order to cover unexpected events such as bag loss or damage and so on.
An insurance plan that covers the costs of repair related to a person’s house when accidental damages happen.
An insurance plan that covers the cost of repair or rebuilding because of damages due to fire accidents.
An insurance plan to cover the costs that can occur due to a variety of losses while exporting products by ship.
An insurance plan that provides cover to handle expenses because of accidental damages that can occur during business operations.
Insurance for directors and officers protects their assets and spouses during company crises like vandalism from wrongful acts.
An insurance plan that protects a company against damages that might occur due to cyber security threats.
Insurance safeguarding organizations from damages caused by inaccurate or misleading information provided by individuals within the company
Uniform insurance protection for all association or organization members, including employees, with no feature differences
The fantastic benefits that come along with a general insurance policy are listed below in order to create a better understanding in the minds of our customers. It is important to know them prior to purchasing one as they can be a great option for financial help during times of need.
Protecting such assets with a general insurance policy can help to prevent heavy repair or replacement costs either completely or partially due to accidental damages.
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General insurance policies help a person cover economic losses either in normal situations or under crisis.
A general insurance policy helps a person prepare for financial adversity in advance and plan other financial commitments to save or spend money efficiently.
A general insurance policy comes in handy when a person wants to protect things or assets that cannot be covered by a life insurance policy. And just like any insurance policy type, there are quite some attractive features that come along with a general insurance policy too. So, it will be beneficial to know the general insurance features before purchasing one and they are listed below.
A general insurance policy covers products and assets that a person will or would consider important for a comfortable life and also because of the fact that they could be costly.
A general insurance policy could be purchased for short-term and long-term requirements as well.
The payment of the premium amount of a general insurance policy is mostly done annually but certain products may differ, such as paying quarterly, half-yearly, or even monthly.
| Parameters | General Insurance | Life Insurance |
|---|---|---|
| Category | A type of insurance that provides financial coverage for repairs or replacements through claims that are allowed as per the policy conditions. | A type of insurance that primarily focusses on providing financial stability in the form of monetary returns after a particular time period for the premiums that a customer paid. |
| Coverage | Health insurance which is a type of general insurance covers health related costs. | Life insurance doesn’t cover health related costs but if the insured person passes away, then the nominee will get the amount insured. |
| Tax benefits | Most general insurance policy types are not eligible for tax benefits. For Example, Motor Insurance, Travel Insurance etc. | All life insurance policies are eligible for tax benefits under the 80C section. |
| Financial Security | General insurance policy types are designed to provide financial security from incurring huge repair or replacement costs. | Life insurance is designed in a way to provide financial stability for the future by providing maximum returns due to the principle of compounding. |
A general insurance policy has many attractive benefits and features that prove very helpful for its customers. But one additional advantage for people who hold a health insurance policy is that it is eligible for tax benefits as well under the 80D category which is based on the Income Tax Act of 1961.
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