Our General Insurance Verticals

Vehicle Insurance

Vehicle covers various unforeseen events, including fire, theft, natural disasters, and accidents on Indian roads, which can lead to hefty repair bills. It mitigates financial risks associated with vehicle damage.

Property Insurance

Property insurance can provide financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. It covers both residential and commercial properties.

Health Insurance

Get financial protection against a broad spectrum of medical expenses, encompassing minor ailments, injuries, and critical illnesses, thereby offering comprehensive coverage for various health-related costs.

Types of General Insurance

  • Fire

    Types of Fire Insurance Policies

    Fire insurance is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire.
    Specific Policy
    In this type of policy, the insurance company is liable to pay a sum, which may be less than the property’s real value. The insured is called to bear a part of the loss, as the actual value of the property is not considered in deciding the amount of indemnity.
    Valued Policy
    In this type of policy, the value of the commodity is already set and actual loss is not taken into consideration. The policy follows a standard contract of indemnity, wherein the policyholder gets paid a specific amount of indemnity, without considering the actual loss.
    Floating Policy
    This type of policy is subject to the average clause and the extent of coverage expands to different properties, belonging to the policyholder, under the same contract and one premium. The floating policy also provides protection of goods kept at two different stores.
    Comprehensive Policy
    Known as an “all-in-one” policy, the insurance company indemnifies the policyholder for loss arising out of fire, burglary, theft and third party risks. In this type of policy, the policyholder also gets paid for loss of profits incurred, due to fire, till the time the business remains shut.
    Replacement or Reinstatement Policy
    As per replacement or reinstatement policy, the insurance company instead of paying the policyholder the amount of indemnity in cash, replaces the damaged property/commodity with a new one.

    Fire Insurance Claim Procedure

    • Individuals/corporate must inform the insurer as early as possible, in no case later than 24 hours
    • Provide relevant information to the surveyor/claim representative appointed by the insurer
    • The surveyor then analyses the extent/ value of loss or damage
    • The claim process takes anywhere between one to three weeks

    Documents Required


    True copy of the policy along with schedule
    Report of fire brigade
    Claim Form
    Photographs
    Past claims experience

    Need of Fire Insurance

    Fire insurance is important because a disaster can occur at any time. There could be many factors behind a fire, for example arson, natural elements, faulty wiring, etc. Some facts that stress the importance of fire insurance include:

    • Fire contributes to the maximum number of deaths occurring in America due to natural disasters
    • Eight out of ten fire deaths take place at home
    • A residential fire takes place every 77 seconds
    • The major reason for a residential fire is unattended cooking

    Fire Insurance in India

    Fire insurance business in India is governed by the All India Fire Tariff that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. The risks covered are as follows:

    Dwellings, Offices, Shops, Hospitals (Located outside the compounds of industrial/manufacturing risks) Industrial / Manufacturing Risks Utilities located outside industrial/manufacturing risks Machinery and Accessories Storage Risks outside the compound of industrial risks Tank farms / Gas holders located outside the compound of industrial risks

    Perils Covered
    • Loss or damage caused by war, civil war and kindred perils
    • Loss or damage caused by nuclear activity
    • Loss or damage to the stocks in cold storage caused by change in temperature
    • Loss or damage due to over-running of electric and/ or electronic machines
    In the event of a fire loss covered under the fire insurance policy, the Insured shall immediately give notice thereof to the insurance company. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of damages and their estimated values. Details of other insurances on the same property should also be declared.
  • Health

    Importance of Health

    Health insurance, like other forms of insurance, is a form of collectivism by means of which people collectively pool their risk,
    in this case the risk of incurring medical expenses.

    Rising medical costs
    Sharing of Health Related risk
    Uncertain Hospital Bills
    Expensive/Quality Health Care Services
    Money Value – Sick Vs Healthy
    Family Health Insurance
    Tax Benefit
    Productivity of Workforce
    Removes some of the burden from the State
    Keeping pace with the customer needs while achieving Profitability

    Types of Health Insurance Plans

    • Individual Health Plan
    • Family Floater Plan
    • Senior Citizens’ Plan
    • Critical Illness Plan
    • Group Health Insurance
    • Unit-Linked Health Plan
  • Marine Insurance
    Categories
    Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

    Ocean Marine Insurance


    Hull
    Cargo
    Freight
    Protection and indemnity insurance

    Inland Marine Insurance


    Extension of Ocean marine insurance
    Domestic goods in transit
    Property held by Bailees
    Mobile equipment and property
    Block Policies- “all-risks” basis
    Means of transport and communication

    Insurance

    Hull Insurance
    Covers physical damage to ship or vessel
    Always written with a deductible
    Contains collision liability clause
    Covers owner’s legal liability
    Cargo Insurance
    Covers the loss to the shipper if the goods are damaged or lost
    Policy can be single or open cargo policy
    Salvage loss
    Follows forced sale of badly damaged cargo
    Cargo Partial Loss
    Where goods delivered damage measure of indemnity is
    Proportion of sum fixed by policy
    Equal to the gross sound value less damaged value at place of delivery
    Freight Insurance
    Insures the profit made by a ship owners out of ships used to carry cargo, both their own and others
    Loss occurs when cargo is not deliverable
    Liability Insurance
    Covers the property damage or bodily injury to third party
    Damage caused by the ship to docks, harbour installation, fines, penalties, injury to crew members, etc

    Risk

    In marine transportation, goods are exposed to two types of risks: ordinary and exceptional.
    Ordinary risks include material damage, loss of weight or quantity, and general average, which involves sacrificing part of the cargo to avoid imminent danger.
    Exceptional risks, such as war, terrorism, and civil unrest, are covered by separate insurance policies due to their high financial risk. These risks can result in significant losses for cargo owners or ship operators.

    Common Exclusions

    Marine insurance offers diverse coverage for comprehensive protection, yet it excludes certain situations, known as exclusions. Some of these cases include:
    • Wilful, planned, or intentional misconduct
    • Strike, rioting, war
    • Poor packaging quality of the cargo
    • Delays
    • General leakage or wear and tear of the cargo
    • Financial distress or insolvency of the shipping line
    • Removal of wreck

    Major Types of Policy

    Prior to purchasing marine insurance, it's essential to understand the various types available to select the most suitable option for your business:
    Hull and Machinery Insurance
    This coverage protects the vessel's main supporting body, the hull, and its machinery from mishaps. Typically obtained by ship owners, it includes machinery insurance to cover operational, mechanical, and electrical damage.
    Marine Cargo Insurance
    Designed for cargo owners, this policy guards against mishandling risks during transportation, such as damage, loss, or misplacement. It often includes third-party liability coverage for damages to ports, railways, ships, other cargo, or individuals.
    Liability Insurance
    Shields ship owners from liabilities arising from accidents like crashes, collisions, or piracy attacks, safeguarding valuable cargo and the lives of crew members and others aboard the vessel.
    Freight Insurance
    Covers freight loss, compensating shipping companies for lost or damaged freight or vessels. This ensures they can handle losses in such scenarios.
    Block Policy
    Suitable for multimodal cargo transit, this policy covers the entire journey, ensuring reimbursement for any losses incurred during transit.
  • Vehicle Insurance
    Auto Insurance
    Auto insurance (also known as vehicle insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.

    Types of Vehicle Insurance


    Private Car Insurance
    It is the fastest growing sector as it is compulsory for all the new cars. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
    Two Wheeler Insurance
    It covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.
    Commercial Vehicle Insurance
    It provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle.

    Vehicle Insurance Coverage

    Auto insurance provides property, liability and medical coverage
    • Property coverage pays for damage to or theft of the car
    • Liability coverage pays for the legal responsibility to others for bodily injury or property damage
    • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses

    Coverage Levels

    Vehicle insurance can cover some or all of the following items:
    • The insured party
    • The insured vehicle
    • Third parties (car and people)
    • Third party, fire and theft
    • In some jurisdictions coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance)

    What does it Cover?

    The auto insurance generally includes
    • Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, housebreaking or theft, malicious act
    • Liability for third party injury/death, third party property and liability to paid drivers
    • On payment of appropriate additional premium, loss/damage to electrical/electronic accessories

    Exclusions

    Typically, the motor insurance plan does not provide for
    • Normal wear and tear or general ageing of the vehicle
    • Depreciation, wear and tear of consumables like tubes and tires
    • Damage that occurs while a person is under the influence of drugs or liquor
    • Claims arising out of contractual liability
    • Mechanical/electrical breakdown
    • Damages that occur while a person is driving with invalid driving licence
    • Damage due to a war, civil war, mutiny, or nuclear risk
    • Use of vehicles other than what it is meant for. For example, if a private car is being used as a taxi and gets involved in an accident, the owner will not be able to claim damages
  • Travel Insurance
    The most common risks that are covered by Travel Insurance Plans are
    Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while travelling, either internationally or within one’s own country.
    • Medical emergency
    • Repatriation of remains
    • Return of a minor
    • Trip cancellation
    • Trip interruption
    • Visitor health insurance
    • Accidental death, injury or disablement benefit
    • Overseas funeral expenses
    • Lost, stolen or damaged baggage, personal effects or travel documents
    • Delayed baggage (and emergency replacement of essential items)
    • Flight connection was missed due to airline schedule
    • Travel delays due to weather
    • Hijacking

    Cancellation, Curtailment and Trip Interruption

    This section covers any unused travel and or accommodation costs, pre-paid charges (including any additional travel expenses incurred, provided they are deemed reasonable and necessary) if a trip is cancelled or cut short under a variety of circumstances, which may include any of the following, depending on the policy:
    • Death, bodily injury, illness, disease, or pregnancy complications
    • Compulsory quarantine
    • Jury service
    • Being called as a witness
    • Termination of employment (provided you did not know about it before you booked the holiday)
    • Being called up if you are a member of the armed forces or other public defence or safety organisation
    • Prohibition of travel by the government to the intended destination
    • Officially recommended evacuation from the intended destination
    • Official advisory against going to or remaining at the intended destination
      • Medical expense coverage can be per-occurrence or maximum-limit

    Common Exclusions

    Travel insurance can also provide helpful services, often 24 hours a day, 7 days a week that can include concierge services and emergency travel assistance. Pre-existing medical conditions must be declared prior to the trip start date. In case you ignore this requirement and fall ill during your trip abroad, you may find that you are not covered. The European Health Insurance Card (EHIC) is entitled to treatment in state-run hospitals in EU countries and Iceland, Norway, Liechtenstein and Switzerland`{`1`}` but it is not a substitute for travel insurance.
    • Pre-existing medical conditions
    • Elective surgery or treatment
    • War
    • Injury or illness caused by alcohol or drug use
    • Terrorism – Most trip cancellation policies include terrorism but only when there is an act of terrorism that meets the policy’s criteria including definition, place of occurrence and date of occurrence
  • Miscellaneous Insurance
    Mobile Insurance
    The revolution of mobile phones took place in just a few years. Smartphones have become an expensive affair which can cost a few thousands but also runs into lakhs. Mobile insurance safeguards you against costly repairs, replacements and even in case of theft. We build a personal attachment to our phones and it’s become important to secure it with the best mobile insurance policies.
    Crop Insurance
    Agriculture is the base of humanity providing one of the basic necessities, food. But the business is risky due to natural disasters, inflation, and damage to agricultural equipment. Crop insurance can help safeguard farmers against any loss or damages to their farming property and assets. Get the best insurance for your crops and farming property that suits your required needs.
    Liability Insurance
    Liability insurance covers specific needs in cases where individuals or companies need protection against risks that involve being legally held or sued for negligence, malpractice or injury. Some business operations involve a great deal of risk, and employers might find the need to insure themselves or the business against such risks.
    Commercial Vehicle Insurance
    Commercial Vehicles are valuable assets of a company and it can be an expensive affair in case of accidents, damages, theft and other risks. Commercial Vehicle Insurance is designed specifically to safeguard you against such risks so that your business does not have to incur losses in the event something bad happens.
    Laptop Insurance
    Laptop’s have become an important asset as they not only cost a lot, but they also store important and sometimes confidential information. Damages and theft of the laptop can result in major financial losses. Though laptop insurance is not opted for by many, it can come in handy in times or losses. Explore the different laptop insurances available in the market to find a policy suitable to you.
    Commercial Insurance
    Just about anything related to your business can be insured. Be protected financially against unforeseen risks to your property, workers, assets and any liabilities that may arise. Find out the best insurance policies on offer from top providers before settling on your ideal policy.
    Credit Insurance
    Businesses sometimes have to take credit from traders and give credit to customers. Both aspects of credit can be insured. This type of insurance provides stability and peace of mind while purchasing necessary items on credit. Giving customers credit also becomes an easier task.
    Home Owner Insurance
    Our home is a prized possession that is susceptible to a number of risks. Protecting our homes in case of unfortunate calamities, thefts, fires and other such disasters can help in the process of rebuilding. These policies cover the property as well as the belongings to ensure your standard of living is protected.
    Pet Insurance
    Pets can become our beloved family members. Taking out a pet insurance policy will help in covering veterinary expenses in case of any medical problems and injuries. These policies will also pay out if the pet is stolen or in case of its demise to cover funeral expenses.
    Product Liability Insurance
    In case of claims of personal injury or damages to property caused by products sold or supplied by your business, this insurance policy can protect you from lawsuits and legal costs. The insurance policy will cover the cost of compensation.
    Mortgage Insurance
    Mortgage insurance is important for two reasons, one, the policy will cover your mortgage in the event that you cannot pay it back. Two, the insurance policy can make you eligible for a loan when you don’t meet the criteria otherwise. Get a policy to cover your mortgage to ensure your credit score doesn’t take a hit in the event you fall behind on your payments.
    Disability Insurance
    An injury, be it a short-term disability or a permanent one, could hamper your ability to earn an income. Disability insurance replaces a part of your regular income to ensure you have a stable source of money to survive. This insurance is extremely important for those who are living or working in a risky environment.
    Rural Insurance
    Individuals in the rural sector have different requirements compared to the urban sector. These insurance policies are designed to meet the individual and customised needs of rural areas. Rural insurance policies span across personal health, critical illnesses, loss due to weather, cattle cover and much more.
    Professional Liability Insurance
    Professional Liability Insurance is a type of liability insurance that is specific to companies that deal with giving advice and services that are complex that can result in legal problems. The insurance will cover legal costs of defending the company or the individual. This insurance is also known as Errors and Omissions Insurance.
    Building Insurance
    Building insurance covers the framework of your house and its permanent fixtures. This type of cover is applicable to the structure of your home that includes walls, floors, roofs and windows. It also includes the fittings for the bath, bedroom and kitchen. This insurance doesn’t cover the contents of the house but is suitable to those who need to insure the building only.
    Business Insurance
    Business insurance applies to those enterprises that have their own premises wherein contents or stock are held. This insurance policy will cover public liability as well as fires and other defined events that could disrupt the functioning of the business. Any business is a means of livelihood and profit and it’s important to insure it with a good insurance policy.
    Workers’ Compensation Insurance
    Workers’ Compensation Insurance can help employers to avoid being sued and going through legal course of action in case an employee is injured during the course of employment. The insurance will provide wage replacement and medical benefits to employee. This policy is important for employers who run businesses where the chances of injuries are high.
    Personal Insurance
    Personal Insurance spans across everything related to your personal life including your life itself, any injuries, illness and expenses arising thereof. Personal insurance is everything related to insuring yourself and your family. To get the best policy, explore your options and find the one that suits your needs and your family’s needs the most.
    Casualty Insurance
    Casualty insurance plans have wide scope but are not directly concerned with health insurance, life insurance, or property insurance. This type of insurance covers the liability of an individual or even an organisation in the event of negligent acts and omissions.
    Renters Insurance
    Renter’s Insurance is important to those who live in rented houses as it protects them when bad situations arise. The insurance can cover all your belongings, any damages to the owner’s property, injury of guests in your home and even increased living expenses. You can also be insured in case you have to temporarily live elsewhere while your house undergoes repairs and maintenance.
  • Home Insurance
    Why do you need Home Owner Insurance Plan?
    Having Home Owners insurance is very important as it not only offers protection to your house but also to the belongings in your house along with cover for your liability for any injuries or property damage you or your immediate family members are responsible for. Though Home Owner Insurance is optional, many mortgage lenders require you to have homeowners insurance in order to lend money. Home Owner Insurance will not only save you from unexpected expenses but will also help you make your home more resistant to natural disasters and leave you stress free.

    Features and Benefits of Home owner Insurance

    Listed below are the general features of Home Owners Insurance
    Features and Benefits of Home Owner Insurance
    Listed below are the general features of Home Owners Insurance.
    Minimal documentation
    The plan requires minimum and simple documentation.
    Optional cover
    One can opt for additional cover that will cover other perils that are not covered by the base Home Owner insurance policy.
    Temporary living expenses
    Most of the policies pay compensation for temporary living expenses in case the house is uninhabitable after a certain claim.
    Cheaper mortgage policies
    Having a Home Owners Insurance policy will give the insured an edge in negotiating for a lower rate with mortgage policies.
    Hassle free application process
    The application process is easy and one can apply for the schemes online too (given that the bank has made the provision)
    Offers comprehensive insurance coverage
    The plan offers comprehensive cover which protects the house and contents of the house.
    Discounts on premium
    Most of the banks or lenders offer premium discounts for security features at the house.

    Home Owner Insurance Exclusions

    Listed below are the exclusions or the features that are not covered under the Home Owner Insurance policy.
    • Loss or damage that might be due to wear or tear
    • Loss of cash
    • Damage or loss due to war and nuclear attack
    • Loss or damage to an electronic equipment due to over usage or excessive pressure
    • Wilful destruction of the property
    • Loss of painting, antiques or other works of art

    Home Owner Insurance Covers

    Listed below are the perils covered under Home Owner Insurance.
    • Fire
    • Lightning
    • Terrorism
    • Explosion / implosion
    • Storm
    • Cyclone
    • Typhoon
    • Tempest
    • Hurricane
    • Tornado
    • Rockslide
    • Bush Fire
    • Damage from an aircraft collision
    • Flood and Inundation
    • Riot, strike and other malicious damage
    • Subsidence and Landslide
    • Bursting and/or overflowing of water tanks, apparatus and pipes
    • Missile testing operations
    • Leakage from automatic sprinkler installations

    Earthquake
    The policy offers cover for loss or damage caused to the house and its belongings in the event of an earthquake. Sum Insured for this cover is identical to the Sum Insured against the risk covered under main policy.

    Burglary and theft
    Since the contents of the house is covered under the policy, cover is offered for the theft or loss of house contents or damage incurred by the house in the event of burglary.
  • Professional Liability Insurance
    Professional Liability Insurance (PLI), is also known as Professional Indemnity Insurance (PII) or as Errors & Omissions (E&O). This is a liability insurance cover that protects individuals from professional risks and related legal expenses. It provides indemnity in case a third-party sustains injury, harm, death or damage to property due to the professional service or advice provided by the insured. Most common cases where professionals have been sued in court are for negligence or malpractice.

    In most cases, this insurance policy can be availed by professionals such as lawyers, doctors, architects, Chartered Accountants, etc. and also by professional organisations and bodies such as hospitals, law firms, BPOs and so on. Some of the leading insurance providers who offer Professional Liability Insurance include Tata AIG, New India Assurance, HDFC Ergo, Bajaj Allianz, United India Insurance, ICICI Lombard and National Insurance Company. The scope of the cover varies from insurance provider to insurance provider.

    Features and Benefits of Professional Liability Insurance Policy

    Cover
    This policy covers any legal liability arising out of errors, omissions or negligence of a professional while rendering a service, which causes injury to a third party or damage to third party property.

    Exclusion
    Generally, under a professional liability insurance policy, only the civil liability claims are covered. If the claim arises out of a criminal act or violation of law, then it is not covered under this policy.

    DefenCe Expenses
    Defence expenses are also covered under this policy. All the fees and charges applicable on the defence of the insured in court, is paid out of the sum insured. This is limited to India only.

    Group Policies
    Group policies are also available for professional indemnity cover. Members of one profession will be covered. A discount of premium is also applicable as per the number of members added under the group policy.

    Eligibility
    This insurance policy is meant for professionals such as: Medical establishments, Doctors and other medical practitioners, architects, engineers, interior decorators, advocates, lawyers, counsels, solicitors, financial accountants, Chartered Accountants, management consultants, etc.

    Professional Liability Insurance General Exclusions

    Some of the general exclusions under this policy are as follows
    • Criminal act, fraud and other violations of law
    • Willful or deliberate non-compliance of statutory regulations
    • Any condition which is associated or caused by AIDS
    • War activities and nuclear perils
    • Infringement of copyright, plans, trade name, patent, registered design or trademark
    • If the insured is under the influence of drugs or alcohol while rendering the service
    • Financial loss borne by the insured, such as loss of market/ goodwill
    • Legal liability arising out of personal injuries such as false arrest, slander, wrongful detention, libel, defamation, wrongful eviction, etc

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