5 Best General Types of Insurance That I Need Today
General insurance plans cover uncertainties and the financial losses that they cause. They compensate for the loss that you suffer if an unforeseen contingency puts a strain on your finances.
There are different types of general insurance policies that are available in the market to cover the different types of risks that you might face. Among these plans, the five of the most important ones are as follows –
1. Health insurance
Health insurance plans cover medical contingencies and give you financial security against expensive medical treatments. Indemnity oriented health insurance plans provide a comprehensive scope of coverage and pay the medical bills incurred on hospitalisation. There are fixed benefit health plans too that cover specific contingencies and pay you a lump sum benefit if you suffer from the covered contingency. For example, critical illness plans pay a lump sum benefit if you suffer from a covered critical illness.
Compare Health insurance plans are important for everyone since medical contingencies are common and when they occur, they involve considerable financial costs. Moreover, you can also get a tax benefit on the health insurance premium under Section 80D of the Income Tax Act, 1961.
2. Car insurance
A car insurance policy covers your car against accidental damages, theft and natural and man-made calamities. Moreover, if your car causes third party losses, third party ability suffered is handled by the car insurance policy. A third party cover is mandatory for every car in India but if you opt for a package car insurance policy, you can get coverage against the damages suffered by your car too.
3. Two-wheeler insurance
Just like a car insurance policy, a bike insurance policy is also needed if you own a two-wheeler. The third-party coverage provided by the bike insurance policy is mandatory under the Motor Vehicles Act, 1988. If you opt for a comprehensive policy, you can enjoy additional coverage benefits if your bike itself suffers damage in an accident, natural calamity or man-made calamity.
4. Personal accident insurance
A personal accident insurance plan covers accidental contingencies. It covers accidental deaths and permanent and temporary disablements suffered in an accident. Moreover, you also get ancillary coverage benefits for transportation expenses, medical expenses, funeral costs, children’s education allowance, loss of employment etc. if you suffer accidental death or disability.
5. Home insurance
A home insurance policy is another important coverage for both homeowners and tenants. The policy can be taken to cover the structure of the house, its contents or both against damages and theft. A home insurance plan provides comprehensive coverage against common perils that might damage your house and/or its contents. It, thereby, provides financial security and helps you rebuild or replace the loss that you incur.
These are some of the most important general insurance plans that you need at the earliest. The premiums of these plans are affordable and they provide a wide scope of coverage against financial contingencies. So, invest in these plans and avail of all-around financial protection which would also give you peace of mind.