Engineering Insurance: Engineering Insurance provides coverage against all risks associated with engineering and machinery. It includes the following insurance products:
Workmen Compensation Insurance: Workmen Compensation provides financial coverage to employees who get injured or die in any mishap during work. Thus, Workmen Compensation Insurance not only helps the employers to compensate these employees but also to fulfil their ethical duty as an employer.
Crop Insurance: As the name suggests, Crop Insurance is bought by agriculturists to cover the financial losses that a bad crop season, crop failure or any other related menace might bring in.
There is no denying the fact that modern-day devices are making our lives simpler, richer and smarter. However, in case of any damage, they are usually expensive to be repaired. As the name suggests, Asset Insurance provides financial coverage to your assets like Mobile TVs, and other appliances or electronics.
Pet Insurance provides financial coverage for your pet’s health and well-being requirements, such as any medical condition, such as pregnancy complications, dental treatments, and insect-borne diseases. Not just that, it also covers a lot of other conditions like pet theft, loss or damages to a third party because of the pet, accidents, overseas coverage and many more, depending on your insurance provider.
Bite-size Insurance, also known as small-ticket insurance/sachet insurance, is a non-comprehensive plan which focuses on specific needs. They are available at a lower premium and can be availed without documentation/tests. Since these insurance plans are specific, they have limited but focused coverage. In fact, Bite-Size Insurance is a category and not a type. It is unrestricted across all categories like health, travel, property etc.
Insurance is a concept that applies to a large group of people who may suffer the same risk in the same conditions or region. The money collected as premium from you by the insurer for availing an insurance policy goes into a big pool of funds where the premium paid by many other policyholders is also accumulated. In case, a policyholder faces a loss, the insurer covers the expenses from that pool.
Any individual needs to have a general insurance policy owing to the risks posed by accidents, medical emergencies, natural calamities, and other unforeseen circumstances. The policy provides financial protection in case such situations arise in our lives. We cannot predict an accident or calamity; however, we can be better prepared to handle them.
For most categories, having insurance coverage is compulsory by law. One example is the Motor Vehicles Act 1988, which made motor insurance compulsory. Thus, while following the mandatory regulation, you also ensure your beloved vehicle is financially protected.
General Insurance Plans provide compensation against losses. Thus, across all categories, they serve one primary purpose: to provide financial protection and safeguard your savings in case any unfortunate situation arises.
Many General Insurance Plans provide tax benefits. For example, the premium paid towards medical insurance offers tax benefits under Section 80D of the Income Tax Act.
Insurance protects you, your family and things you value from financial loss. Learn how insurance works, what to look out for, and why you should compare first before buying.
Insurance is meant to protect you, your family and things you care about. The insurance you buy depends not only on what you want to protect but also what you can afford.
Some insurance policies are must-haves. You can’t drive without car insurance or get a mortgage without fire insurance in most cases.
With so many types of policies out there, how do you choose the right one? What do you look out for? Even if you can afford it, you don't have to buy them all.
The first question to ask yourself is, do you need insurance at all? If you're unsure, take a look at what you have now — your work, life, family and everything you worked hard for. Which part of it do you want to protect if something untoward was to happen to you? Your answer can lead you to the type of insurance you need.
Premium is the amount you pay for the insurance. It could be monthly, quarterly or yearly. It could also be a one-time payment for travel insurance.
The amount of premium depends on the risk and on the value of the potential loss you’re being insured for. For example, you may want your family to continue to receive your monthly income if you pass away prematurely so your insurance policy will cost more for this benefit.
If something happens that’s covered by the policy, you can claim on your insurance. Tell the insurer what happened, they'll investigate and if the claim meets with what you’re protected against, then they'll pay you as agreed.
Cyber Insurance In IndiaAfter you've bought a policy (any policy except travel, car and maid insurance), you have at least a 14-day free look or cooling-off period for you to review it. The free-look period starts from the date you receive your policy document.
If you decide not to keep the policy, write to the insurer to cancel it within the cooling-off period. The insurer will refund all premiums less medical and other expenses incurred. For investment-linked policies, the insurance company may work in any change in the market value of the policy.
It's good to know how to make a claim, just in case. Ask your insurer or visit its website to see how that works. Depending on the type of claim, documents needed usually include:
Once you've submitted the documents, the insurer will process the claim, and advise you on the outcome. For some types of general insurance, the insurer may appoint a loss adjuster to look into the case.
If you don't want to receive calls on goods or services from telemarketers, tell your insurer to place your contact details on its Do Not Call list.
compareFIRST is an information portal on insurance products. It allows you to compare the premiums and features of life insurance products available to the retail market in Singapore.
Don't buy an insurance product based on the premiums alone. Also look into the benefits, features and coverage of the product and assess if it meets your needs.
Don't buy an insurance product based on the premiums alone. Also look into the benefits, features and coverage of the product and assess if it meets your needs.
Insurance is one of the cornerstones of financial planning. It covers you, your dependants, and your assets against financial losses incurred in case of an unfortunate event. Life insurance and general insurance are two types of insurance coverage that provide financial security and protection in unexpected events. This guide provides a comprehensive overview of both types of insurance, including their differences, and benefits. Also, helps you to choose the best coverage based on your needs.
Life insurance helps you achieve your financial goals. Suppose you are planning higher studies for your children abroad. In such a scenario, a good life insurance policy will ensure that your children have the financial strength to fulfil their dreams even in your absence. With life insurance, you can also plan for better retirement life, as you can build a corpus by the end of the policy term.
General insurance ensures you have financial preparedness to tackle any emergencies that require monetary support. It keeps you financially covered against any unexpected losses or damages to you, your property or any asset. Health insurance, motor insurance, and home insurance are popularly bought as general insurance in India.
There is a significant difference between life insurance and general insurance claim processes. For life insurance, the policy's beneficiary must raise a claim request in case of the insured’s death. The beneficiary needs to produce minimal documents like policy documents, death certificate and any other document required by the insurer. In case the policyholder survives through the policy term (whole life cover), then you receive the sum insured upon maturity.
For general insurance, you may need to provide a few documents. For example, for health insurance claims, you must submit the hospital and medicine bills, discharge summary, prescriptions, and other documents as asked by the insurer.
General insurance covers non-life assets, such as your home, vehicle, health, and travel. You get compensation for damages or losses incurred due to flood, fire, theft, accidents, or any man-made disasters.
Health insurance covers the medical expenses against hospitalisation and treatment for the insured. You get coverage for pre-and post-hospitalisation, doctor’s fees, surgeries, medicines etc. You also get coverage for room rent and ICU charges. You can also include add-ons such as critical illness cover, hospital cash cover, maternity cover, and more.
Motor insurance covers losses or damage caused to vehicles, including cars, trucks, and motorcycles. There are different types of motor insurance policies. You get motor insurance in comprehensive, third-party, and own damage cover for different types of vehicles. You also get a separate motor insurance policy for commercial vehicles. The insurance policy covers damages caused by accidents, theft, fire, flood, riots etc. According to Motor Vehicles Act, every vehicle owner must have third-party insurance to drive the vehicle legally on roads.
Home insurance covers damages caused to the insured home and the contents in it. There are several types of home insurance policies, including building insurance and contents insurance. Building insurance covers damages to the structure of the home, while contents insurance covers damages to personal property inside the home. You get coverage for losses or damages caused due to theft, fire, flood, and other natural disasters.
