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General Insurance – A wise step to protect your belongings

Life seems to be exciting and happy when you have a good bank balance, healthy lifestyle, luxurious cars, good business or job, etc. But imagine there is a natural calamity such as earthquake, storm or fire and you end up losing your property or business. Else there is a man-made incidence like burglary, a riot that steals all your valuables. For a moment you’ll get shattered with the financial expenses that you will have to bear on rebuilding your empire. Secondly, it is also a series of emotional stress for you as you have worked hard to earn all these things in life.

Once again borrowing from friends or family to start your life would be against your dignity. Therefore, the best way to protect your health, house, business empire, valuable asset like lavish cars and bikes, etc. would be owning a suitable general insurance policy. It is a policy that provides a cover which secures your valuable possession. It also offers accidental cover to secure one’s life during health hazards.

Buying a general cover is perhaps one of the wisest things an individual can do in today’s time of grappling uncertainities. It compensates for the losses or damage incurred to your things resulting from burglary, fire, Explosion, Self-ignition, Lightning, Earthquake, Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost, Landslide, Rockslide or man-made incidences like riots, burglary or theft. In terms of your health it offers best of the health insurance plans that will take care of your medical emergencies. It also refers to legal liability covers. Additionaly, it grants working professionals with an indemnity plan.

According to the industry experts, despite of demonitisation, general insurance companies has seen growth of around 25-30% in couple of years. Health insurance segment was the most robust portfolio followed by motor and commercial insurance lines. Although, its not a stellar growth compared to life insurance segement but the growth comes in a linear manners and expect to further rise in near future. Industy has seen a premium collection of around Rs 9, 100 crore during 2-3 months in all form of general insruacne products.

Here are some things to consider before applying for an insurance policy:

•Ensure the reality of the general insurance company’s individual ratings. It ensures one about the company’s ability if they can compensate well within the time. Do, online research, speak to family or friends, call up customer service or chat online to have a background check.

•All companies will have its own set of guidelines, policy terms, and conditions. Therefore, approach a company that fulfills your needs and requirements on time. You might want to consider taking the help of agents to get the best suitable company.

•Make sure you buy policies from duly licensed and authorized firm. The insurance company should be above the par - in terms of customer service, claim settlement and  query resolution

•Clear all the clouds before going in for policy purchase. Talk to customer service team or visit the firm to clear doubts on premium costs, other charges applicable, policy structure, terms and conditions, etc Certain key things like whether your health plan covers expenses overseas medical claim or not should be confirmed with them. Check, if the insurance grants, rental car facilities for everyday.

For every individual and all forms of property holder, a general insurance cover is a must. Losses caused due to partial or complete damage will leave you shatterd financially and emotionally, especially if it’s the valuable being stolen or house falls down like a pack of cards. These insurances will extend protection to all these risk prone areas. It is advisable while purchasing policy declare your property value with the insurance firm, keep them regularly updated on the same and ensure you have hassle-free claim procedure when you’re in dire needs of financial resources.