What is general insurance?
Ever wondered what actually is general insurance? Let us help you understand.
A general insurance policy is a kind of coverage in case of financial loss due to any loss or damage to your insured asset. This asset can be your motor vehicle (personal or commercial), your health or your loved ones’. It could even be a travel trip (one time or multiple times). So yes, there are many general insurance plans in Pakistan. A few of its major types are given below:
What is a Car Insurance Plan?
When you own a car, or buy a new car, it is important to protect your asset because you invested your money on it. How can you protect? Get a car insurance!
A car insurance will save you from financial burdens when or if your car meets an accident or is damaged. This is when your car insurance comes in play. If you had your vehicle insured, your insurance company will cover your expenses on damage, loss and theft.
What is a Health Insurance Plan?
Do you a family you love and care for? Do you have elderly parents who have chronic health problems?
If yes, the health insurance plan is what you need for maximum coverage for your medical and surgical bills if you are insured. There are different types of health insurance plans that are available. So, based on the type of your health plan, either your insurance company will pay directly to the hospital, laboratory, diagnostic center or clinic or you may pay them and claim the amount from your insurer (insurance company).
You can also get medical insurance for your employees which is called group health. Under this insurance plan, a company can provide medical insurance to its employees which may cover hospitalization and other medical expenses in case of emergencies like accidents, maternity and many other conditions.
What is a travel insurance plan?
A travel insurance is what you purchase before going on a travel trip. This plan keeps you safe from any unforeseen circumstances like health issues during travel, loss of baggage or luggage etc. There are types of travel insurance plans that you can choose from. It is important to select a plan that is most suited to your needs. For example, if you are planning to go on a vacation, you must choose a single trip travel insurance plan. If you travel frequently, you can opt for a multi trip travel insurance plan.
Also, when you travel, before getting a travel insurance plan, make sure to learn about the insurance requirements of the visiting country so you don’t end up being lost and bearing the expenses yourself.
There are many other types of general insurance plans which include fire insurance, marine insurance, aviation insurance, tracking services and many more. A general insurance is different from life insurance and you must know the difference between the two before you choose to buy one.