Product types in the Non-Life Insurance Market In India
Non-life insurance is the term used to describe those products inside the Non-Life Insurance Market In India, that helps us to cover just about everything else that we’ve come to depend on. This includes things like our homes, vehicles, appliances, laptops, mobiles and other valuable items that we literally can’t survive without.
Such policies provide a certain level of protection against things like theft, accidental damages, travel mishap, natural calamities, fire, flood – but the ultimate value that these plans have is shielding us from the financial impact of risk entailed when these issues take place. So, based on that notion, the Indian non-life insurance market has expanded. It includes many more such policies from various companies. Of course, they’re referred to as protection plans to make them more consumer-friendly.
Kinds of General Insurance:-
This is designed to cover buyers from certain liabilities, damages, natural and man-made calamities incurred on the car they own. Small details matter and the plans do describe what they mean by the term ‘damage’, but the Motor Vehicle Act 1988 has made this plan mandatory. It’s often purchased along with the car.
This has been created for surgical and medical expenses. The plans are specific about the kinds of expenses covered, but often include add-on coverages that enhance the end value received by the buyer. This is how providers differentiate themselves and the benefits that they can offer range from surgery cover, individual policies, family floater policies, travel medical insurance and more.
These plans had been introduced only recently and cater to people who travel a lot. Providers often cover things like loss of passport, flight delays, baggage and injuries incurred by the individual while in transit. Since the concept is still relatively new here, providers try to boost the plans and awareness over the same. So, in this segment, you have policies that cover individuals, families, students, senior citizens.
These plans cover a person’s residence, mostly against natural calamities, man-made disasters, fire, theft, flood, and earthquakes. Standard plans for homes cover the appliances inside, but one can purchase plans just for the appliances themselves.
Providers have plans built on the buyer’s dependency on the appliances that they use daily like the washing machine, oven, refrigerator and what could happen to them. Policies include coverage for repair or replacement in case of damages, theft, losses or breakdown.
Mobile and Laptop Insurance
The number of things that people depend on now includes the devices that they own, and yes, they can be protected or secured as well. This is a new innovation in the insurance field, and usually, the players that provide those standalone appliance protection plans also have plans for securing mobiles, laptops.
Designed for securing various forms of business or sectors of industry. Here, you can get cover for financial lines, engineering, marine, property, and liabilities or losses arising out of those factors that are likely to impact that line of work such as property damages, employee injuries. The term is even used to describe the employers' liability or public liability.