Non-Life Insurance• Also known as General Insurance, is a form of insurance mainly concerned with protecting the policyholder from loss or damage caused by specific risks.• Categorized depending on the need level – Property/ Casualty Insurance – Health and Disability Insurance – Business and Commercial Insurance
Types of Non-Life Insurance• Agricultural – Farmers use crop insurance to reduce or manage various risks associated with growing crops (e.g. crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease).• Aviation – Insures against hull (main body of the plane), spares, deductibles, hull wear and liability risks (e.g. Air Crash, Failure of the engines, Natural Calamity etc.).• Car insurance – Primarily to provide protection to car owners against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.• Engineering – Insurance is on an all-risks basis and in particular includes fire, lightning, explosion, aircraft damage, Riot, strike, malicious acts, faults in erection, human errors, negligence.
Types of Non-Life Insurance (Contd.)• Fire – Provides protection against damage to property caused by accidents due to fire, lightening or explosion. Also includes damage caused due to other causes like flood, burst pipes, earthquake etc.• Health insurance – Protect holders from costly medical bills in case of any emergency like – critical incidents and hospital expenses. – Critical Illness Insurance• Home insurance – Is a type of property insurance that covers private homes. – A policy that includes losses occurring to home, its contents, loss of its use, or loss of other personal possessions of the homeowner. Also covers accidents that may happen at the home.
Types of Non-Life Insurance (Contd.)• Marine – Covers the loss or damage of ships, cargo, terminals, and any transport or property – By which cargo is transferred, acquired, or held between the points of origin and final destination• Motor – For cars, trucks, and other vehicles. It is for protection against losses incurred as a result of traffic accidents.• Shop/office insurance – Provides cover for damage to shop and it’s contents. – Financial loss due to fraud and dishonesty of a specified employee. – Loss of money at office premises or while transporting it due to accidents, robbery, break – ins etc.• Travel insurance – It is purchased for Persons traveling or residing outside of their home country. It covers baggage loss, medical expenses and personal liability.
Tax Rebates in General Insurance• The premium you pay towards health insurance is tax deductible under Section 80(D) of Income Tax Act, 1961.
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