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The WHAT, WHY, WHEN and HOW of General Insurance

We all live in a fast-paced life and as hard as it may sound

, uncertain of the future that lies ahead.

Needless to say, security has become the need of the hour. And it's not just our lives that we need to secure. There's property, automobiles, shops, maybe travel, personal accident, and even weddings for that matter. In simple words, Insurance is a way of protecting ourselves and our belongings against a particular adverse event, such as a burglary, or losing our income because of illness.

When we talk about General Insurance we mean non-life insurance which essentially is an insurance to cover anything under the sun. When you are looking out to buy General Insurance, it basically means you are out to buy Health Insurance, Mortgage Protection Insurance, Travel Insurance, Accident Insurance etc. General Insurance Companies in India have come a long way from the first time Triton Insurance Company of Calcutta had established the first general insurance house in the country. The general insurance policies work in a slightly different mode than the regular life insurance policies. First and foremost you need to decide whether you need insurance in the first place. There are lots of different types of insurance available and it can be confusing. Some insurance, like motor insurance, is compulsory you have to have it if you own or use a motor vehicle. You can buy insurance yourself or with the help of a broker, but either way you'll get key policy information about the insurance and what it covers. When you buy Health Insurance, better check what illnesses are being covered and ensure if your illness is included in the list.

Taking out travel insurance can help you get financial and practical help if something goes wrong on your trip. Unfortunately, illness, theft or accidents can happen anywhere. Find out what to look for in a travel insurance policy. The insurance can vary widely on price and levels of cover. If your trip involves particular sports or activities that are considered a risk, check that your insurer offers extra cover or you may need to call a specialist insurer. Get several quotations before you choose your travel insurance and check carefully what each offers.

Comparison websites will ask you several questions and then provide you with quotes from various brokers and insurers. None of the websites cover the entire market, and some larger insurers are not represented on any of the websites, so you may wish to contact them directly. Some insurance comparison websites may ask you fewer questions to speed up the process, and instead make a number of assumptions about you. Always check the assumptions made about you and correct them where necessary. You need to be extra careful when you are narrowing your options to buy Health Insurance. It is after all a matter of your health. You may have less grounds for complaint if the product turns out to be unsuitable.

The WHAT, WHY, WHEN and HOW of General Insurance

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The WHAT, WHY, WHEN and HOW of General Insurance