General Insurance
General insurance is non-life insurance policy; it is typically defined as any insurance that is not determined to be life insurance. It covers non-life assets - such as your home, vehicle, health, travel and from floods, fire, thefts, accidents and other. Which means insurer provides a sum of payments to policy holder depending on the loss form particularly financial events.
Benefits of General Insurance
Financial Protection of Dependents
The plans cover financial losses and compensate you for the losses that you suffer. As such, general insurance plans provide you financial security even in the case of contingencies.
Retirement Plans
General Insurance protect your saving in emergency situations like motor accidents, fire or burglary in factory etc. You can claim the amount from insurance company and your saving is protected for your future financial needs.
Protection to Society
General Insurance Provides Protection to Societies. Under different Law General Insurance is compulsory, for example Under Motor Vehicle Act, 1958, it is mandatory for third parties insurance which insure even the pedestrian against the risk of accidental loss.
Tax Benefits
Tax benefits are provided under sec 80D of the income tax act allows tax deductions for premiums paid for health insurance policies.
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