The General Insurance sector has been witnessing major growth since the past few decades. Every year there are some new insurance products and policies are introduced to enhance the coverage and protection benefits and to ensure a better customer experience. Undoubtedly, a developed insurance sector is the foundation of a nation in times of unforeseen events like natural calamities, health emergencies such as COVID-19 pandemic that has hit the world’s economies in 2020.
There are a range of insurance products that General Insurance Companies in India provide to their customers. Amid COVID-19 pandemic, there have been great reforms in the health insurance, motor insurance and home insurance industry. However, travel insurance has taken a backseat.
There has been an upsurge in demand of home and property insurance as well and the medical insurance sector has already witnessed a 30% increase in the demand as a result of rising Coronavirus fears among the people.
Non-life insurance or a general insurance policy are further divided into the following categories –
- Health Insurance Policy – A health insurance policy is designed to cover the medical expenses incurred by the policyholder and the insured members. It can cover individuals and families. There are special health insurance plans that can cover senior citizens, women, families, maternity expenses, cancer, critical illnesses, overseas cover, personal accidents etc.
During the challenging times of COVID-19 pandemic, the medical insurance sector has launched some great products. For example IRDAI has asked the general insurance companies to provide standard COVID-19 insurance policy with standardized coverage features across the industry with no deductibles.
In the welfare of the people who cannot afford to buy a Rs 10 Lakh or Rs 1 Crore Insurance and are looking for a basic health cover can buy a standard Arogya Sanjeevani policy with the sum insured up to Rs 5 Lakh. It also comes with standard features and benefits to ensure no fuss around the product.
- Motor Insurance Policy – If you own a car or two–wheeler then a motor insurance policy is mandatory for you. There are two-type of vehicle insurance policies i.e. third-party motor insurance and comprehensive motor insurance. Personal accident coverage up to Rs 15 lakh is also provided.
To solve the financial worries of the people during the times of pandemic in 2020, the Insurance Regulatory and Development Authority of India has also introduced ‘Pay as-you-drive’ motor insurance policy. It is suitable for people who have multiple cars and do not drive much. They can per as per the kilometres driven by them and save themselves from paying an extra insurance premium every year.
- Travel Insurance Policy – This is another type of General Insurance policy that covers risks arising while travelling from one country to another i.e. international travel insurance or from one city to another city i.e. domestic travel insurance. It covers up medical emergencies, includes repatriation expenses, passport loss, etc.
- Home or Property Insurance Policy – A home insurance or property insurance policy helps in securing the items and valuables in your house or office property from any loss, damage, fire and theft.
- Fire Insurance Policy – This is an insurance policy that covers loss or damage caused by fire. This can be purchased along with home or property insurance to enhance the fire damage cover such as the cost of repair, replacement, reconstruction etc. If you own an office, go down, garage then this one is for you. You can buy it for your house as well.
