What is Non-Life Insurance?
Non-life insurance covers property, businesses and individuals andis also known as general insurance in India. In some markets this type of insurance is known as Property and Casualty (P&C) insurance. Unlike life insurance which covers lives for assured benefits, non-life insurance provides coverage for damages on indemnity basis. It protects insured monetarily by providing money in the event of an accidental loss. Examplesof non-life insurance are Fire, Marine, Motor, Health insurance, home, factory, shop, travel and liability insurance etc.
In other words, you can say that other than life insurance products the types of insurance that provide cover are non-life insurance products.
Described below are the types of general insurance products in common practice.
Fire Insurance
Fire insurance covers damages caused by fire and allied perils. In addition there are number of add on covers provided by different companies. Often businessmen losecroresof rupees due to damage to the property caused by fire, riots, storms, floods and earthquake etc. So to avoid such losses, they can take a suitable policy under this type of insurance. Home owners can also get their homes and contents covered under the fire policy.
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Marine Insurance
Marine insurance provides cover to goods in transit by sea/air/rail/road and also to ships from perils of the sea voyage. Marine insurance is taken to cover damages caused to goods in voyages during import and export. International trade is impossible without marine insurance. Apart from ships and goods marine insurance covers ports, off-shore energy risks and marine liabilities also
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Motor Insurance
As per law in India, no person can drive a motor vehicle without proper insurance.In motor insurance, cover is provided for the vehicle against accidental damages as well as third-party death, injury or property damages. The owner of the vehicle must have third-party insurance or a comprehensive policy to drive a vehicle on the road. There are two types of motor policies:
These days a number of add on covers are also provided by different companies.
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Health Insurance
Health insurance also comes under general insurance. This type of insurance provides coverage for hospitalization needs due to accidents or serious illnesses and include hospitalization expenses including pre and post hospitalization up to the sum insured.
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Householder Insurance
Householder insurance provides protection to the house and its belongings. In case of loss/damage to house in a natural calamity, fire or theft of house items, the risk is covered by insurance.
Most people do not get home insurance, but such policies are very cheap and provide cover to domestic appliances and jewellery also.
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Travel Insurance
In this type of insurance as the name suggests, the policy provides coverage for baggage loss, accidents and medical emergencies that occur during travel. It is available for inland travel as well as overseas travel. The travel insurance ends when the trip covered ends.
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Portable equipmentInsurance
It is a type of insurance that insurance companies have devised to provide protection to the technological gadgets and personal equipment. Coverage for electronic devices is generally provided on all risk basis in such an insurance policy. Insurance policies can be taken for almost every electronic product such as mobile phones, laptops, notebooks etc.
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Crop Insurance
Crop insurance has been designed for farmers, in which if the farmer’s crop is damaged due to weather related causes or natural calamity, then the farmer gets a fixed scale of compensation from the insurance company. Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities. For this purpose, the Government of India has introduced many agricultural insurance schemes throughout the country.
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Liability Insurance
Business owners are exposed to a range of legal liabilities, any of which can subject their assets to substantial claims.Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Examples of liability insurance policies are Employers liability, Product liability, Directors and Officers liability etc.
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SANJIV SINGH