In India general insurance, health insurance is the biggest component. However, the term general insurance also includes other forms of non life insurance such as homeowners and automobile policies. In these policies the insured or the nominated dependents or beneficiaries are provided financial benefits in case something unfortunate happens or at the end of a stipulated period of time.
Types of general insurance in India
In India, general insurance products can be categorized into two major classes – personal lines and commercial lines products. They may be enumerated as below:
Personal lines
The personal line products are created so that they may be marketed in large numbers. Examples of such policies are the private car insurance policies, household or home-owners policies, creditor insurance, and pet insurance among others.
Commercial lines
The commercial line products are created primarily for smaller business entities that have been registered in a legal way. Some examples of these policies are employers’ liability, product liability, public liability, and commercial fleet insurance.
There are several organizations that deal in commercial insurance plans that are fairly detailed in nature and cater to the requirements of a diverse range of clientele including shops, hotels, and restaurants.
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