Insurance is the backbone of financial planning, protecting someone against unexpected events. Life insurance, for example, covers the financial benefits for beneficiaries after the policyholder’s death. In contrast, general insurance covers a wide array of plans that guard against risks and losses that occur during the normal course of life. Let’s explore the various general insurance plans offering different features & benefits.
Health insurance is one of the most essential types of general insurance. It pays for healthcare charges caused by sickness or injury. Policies can be individual health plans to family floaters that insure the entire family under one sum insured. They usually provide coverage for hospitalisation, such as inpatient care, surgeries, and sometimes even outpatient treatment.
Many plans also include pre- and post-hospitalisation expenses like diagnostics and follow-up visits. One of the most significant advantages of health insurance is the cashless facility at partner hospitals, which takes care of upfront payments.
Additional riders like critical illness cover, personal accident cover, and maternity benefits make the policy more comprehensive, thereby making health insurance a potent tool to combat medical inflation.
Motor insurance is compulsory for vehicle owners in countless countries around the world. Third-party Liability Insurance insures against legal liabilities from damage to third-party property or injury/death of a third party caused by an accident by the insured vehicle. This kind of insurance is often mandated by law.
Comprehensive, on the other hand, offers extended protection, covering third-party liabilities and damages to the insured vehicle due to accidents, theft, and vandalism. Policyholders can also customise coverage with optional add-ons such as zero depreciation, engine protection, and roadside assistance. Many risks are associated with vehicle ownership and usage, and comprehensive motor insurance offers peace of mind by covering them.
Home insurance policies protect the structure and personal property within the home against several perils. Building cover protects the house’s structure from fire, storms, floods, and earthquakes. At the same time, you can also get coverage to protect household equipment like furniture, electronic gadgets, and personal things against theft, fire, and other hazards.
Liability protection is another feature of home insurance. It covers the homeowner in case of claims brought against them resulting from injuries or damage to third parties within the insured home. This insurance acts like an all-encompassing protection against a bevvy of perils to protect your investment.
Travel insurance is offered to give you swift compensation for domestic and international travel. This usually covers travel accidents, like illness or injury while you are away, and trip cancellation or interruption. If the trip is cancelled or interrupted due to a covered event, you will be reimbursed your non-refundable trip costs.
A travel insurance benefit also pays lost, stolen, or delayed baggage and covers personal liability for injury or damage to third parties or their possessions. This insurance provides essential cover, such as reimbursing the costs for travel delays, cancellations, or anything untoward that will prevent you from heading out.
It is a compensation provided in case of an accident. It includes an accidental death benefit, wherein a lump sum amount is paid to the nominee in case of the policyholder’s accidental death. It also pays a lump sum if the insured is wholly and permanently disabled due to an accident.
In addition, personal accident insurance will provide payment for permanent partial disability and enable payment of weekly benefits for temporary total disability to replace lost earnings during a recovery.
Personal accident insurance offers financial security in the face of catastrophic accidents and provides the breadwinners with the necessary stability during tough times.
There are several types of commercial insurance policies that organisations can use to protect themselves from various risks. Property insurance will cover damage to the business property, whether from fire, theft, natural disasters, or other perils, and liability insurance will shield the insured company against legal liability claims that arise due to damages caused by the business’s operations.
These can include business interruption insurance, which typically covers loss of income caused by disruptions from insured events, and policies under employee benefits like group health insurance and workers’ compensation, which provide employee coverage. Commercial insurance is the key to securing a business’s resources, operations, and financial standing in unexpected circumstances.
ACKO Insurance has responded to the changing requirements of policyholders by offering customer-friendly and unique solutions in the competitive insurance market. Whether you are an individual wanting personal insurance or a business wanting to secure your operations, getting the right policy from ACKO Insurance can give you the peace of mind you need.
While life insurance is essential to planning for the financial future, general insurance plans protect people and businesses from many risks. The insurance plan you choose needs to be able to fulfil your requirements, so it is essential to understand what you need and choose a plan accordingly.
