Need For Insurance For The Common Man

Need For Insurance For The Common Man

Before trying to purchase general insurance, there is a need on the part of the person to know what it is all about. Only then can a well informed decision be taken, otherwise, the very purpose could be spoilt. This type of insurance is actually a non-life one. In India, the entire insurance business is said to be nationalized, offering general financial security to the investors.

Declarations

When trying to opt of such a policy, every provider tends to have specific declarations that need to be signed by those who wish to get insured. The declarations, for information sake, might comprise the insured person’s identity, which is his address and name, insurance provider details, risk as well as property covered, amount on which insurance coverage has been opted for, deductibles and the like.

What is insurable under General Insurance?

Any type of non life item could be insured easily these days. Specific items which are provided coverage under the purview of general insurance include the following:

  • Properties like home as well as its contents belongings such as expensive furnishings, showpiece jewelry items, valuables, electronic items, etc. Insurance against theft, fire, damage and loss.
  • Motor vehicle insurance including two wheeler, car, boat and commercial vehicles. It covers theft, loss, damage, which includes 3rd party insurance consisting of death compensation.
  • Travel insurance
  • Commercial insurance, where the person can cover his statutory liabilities, public liability, vehicles, machineries, business assets, etc.
  • Electronic objects: Insurance against theft, fire, damage, loss, etc.
  • Publications
  • Specific natural calamities like earthquake, flood and the like.

Why to avail this type of insurance?

This is a question that is asked by the majority of the people, who are interested to get adequately covered. One of the most important factor for people in general to consider this type of insurance is because, the insurance sector is owned by the Indian government and private players are allowed to f function in the market, but under the stringent supervision of the concerned authorities. This automatically means that people are secured and are in safe hands.

How much coverage is to be taken?

This is another question that is commonly asked. It is important for the person to avail an insurance coverage that is sufficient for himself and to protect him financially from any mishap that might come up unexpectedly. It is the insurance provider, who would provide the claim towards the loss borne by the person.