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Everyone does financial planning. All assets have some risk associated with them, and general insurance is the best way to reduce this risk. Any medical emergency can cause a financial strain, and all our other assets are exposed to different risks. Consider buying general insurance if you want to reduce the risk.

Understanding general insurance

Insurance of anything apart from life is called general insurance. The main reason to buy this is to protect tangible assets from financial losses. There are different general insurance policies, and you should insure all assets under the policy. Why should you bear a loss?


Why should you buy general insurance?

To understand this better, we will classify general insurance under five heads and see why each is important. You can buy general insurance online, which saves you a lot of time and can be done at your convenience.

    A) Health insurance:

    Health is wealth, and health insurance helps you save your wealth. Medical treatments have become very expensive today, and health insurance protects you from costly hospital bills during a medical emergency. It saves your out-of-pocket expenses as well.

    It is always good to have a personal health insurance plan and not depend entirely on group health insurance coverage from your employer.

    B) Motor insurance:

    Motor insurance is essential to protect your two-wheelers and cars. A third-party liability policy is mandatory in India. Still, you should always have comprehensive insurance for your vehicle as it protects them from physical damage caused by theft, fire, burglary, explosion, earthquake, cyclones, flood, accident, etc. With this insurance, you can drive your car stress-free, as any damage will be taken care of by the insurance company.

    C) Property insurance:

    This insurance protects your property against fire and other perils like storms, floods, earthquakes, and inundation, like theft and burglary. With this insurance, you do not need to stress about any damage to your property and its contents.

    D) Commercial insurance:

    Your business faces many risks daily, some of which are not under your control. However, there are many risks that a general insurance policy can take care of. Under commercial insurance, there are different policies available, and you can take the ones depending on your need.

    E) Travel insurance:

    The last one is travel insurance. This general insurance policy is mainly for international travel as that involves different risks. Benefits like flight delays, loss of bags, and loss of passports are there apart from covering the cost of any medical treatment at the time of a medical emergency. In case of the death of the person travelling, the nominee gets a sum of money.

    Conclusion

    Seeing the above, you can understand the importance of general insurance for your assets. With user-friendly websites and applications, it is simple to buy general insurance online, leaving you with no excuse not to get it and live peacefully with less stress.

    Ref:

    https://www.financialexpress.com/archive/why-general-insurance-is-a-must-have-for-an-individual/997449/

Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.

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