Important things to know about general insurance policies in India

1. Important things to know about general insurance policies in India

2. General insurance policies in India include everything except for life insurance. The most common types of plans under this category of insurance are home, health, motor and travel insurance. However, some newer types of plans have also become popular such as pet insurance, cyber insurance, wedding insurance, and so on. All these plans are extremely important forms of protection. They provide protection against unfortunate events that could cause significant financial losses. Despite this, many individuals do not have any kind of general insurance plans.

3. This is mostly because there is a lack of awareness regarding these insurance policies. Keeping this in mind, the following article will highlight some important things one should about general insurance plan in India. Hopefully, it will bring these plans into the consideration set of potential buyers in India. • 1. Some of these plans are compulsory. Yes, that’s right. Motor insurance, which is one of the most common types of general insurance policies in India, is mandatory by law. If you are caught riding or driving without a valid policy, you could be slapped with a fine of up to Rs. 2,000 and Rs. 4,000 for subsequent offences. Not only that, in some cases, you could also be jailed for up to 3 months! • 2. Some general insurance policies have tax benefits. Did you know? One of the many general insurance policies in India can also help you reduce the amount of tax you pay! That’s right, health insurance help you shave-off up to Rs. 1,00,000 from your taxable income. This is as per section 80D of the Indian Income Tax Act. Not to mention, health insurance also keep you protected from the rising cost of healthcare in India and ensures medical emergencies do not put your finances under strain! Two huge benefits from one plan!

4. 3. General insurance policies are rewarding. In the case of motor insurance & health insurance, if you do not make a claim against your policy, you will be rewarded when you renew the plan. This reward is called No Claim Bonus. With motor insurance, the No Claim Bonus is provided to you in the form of a discount on your premium.

5. The best part is, the longer you go on without making a claim, the more discounts you get – the limit for NCB discount is 50%! With health insurance, your NCB could work in two ways – either your sum assured increases and, your premium stays the same or your premium decreased but your sum assured stay the same. It depends on your health insurance provider. • So before you turn a blind eye towards general insurance policies in India, know that some of them are mandatory by law, some offer amazing tax benefits & some even reward you for keeping a claim-free record. Not to mention, each and every plan also provides you with invaluable protection against numerous financial losses. We hope this has been helpful for you, good luck and all the best!

6. For More Details On General insurance policies in India Or You Can Visit https://www.cocogeneralinsurance.com/ THANK YOU