The concept of insurance applies to a large group of people that may suffer the same issue in the same region or condition. The money that is collected as the premium can be considered as a pool and when one encounters some loss, he/she is paid from this pool.

Still, confused about what is a general insurance policy and general insurance meaning? If yes, then go through the following example, suppose your family member suffered a heart attack and he/she requires a transplant on an immediate basis. At the same time, you have to pay the fees of your daughter's first year of college. Now you have huge expenses to meet consecutively and both the issues have the same priority. In this stressful time, the health insurance policy for your family can share your burden and you can pay the fees of your daughter from your savings without any worry. In this way, general insurance in India works as your savior.

The Requirement of General Insurance Policy

Suppose you are driving back home after completing a stressful day at work and suddenly another car hits your car from behind. Your car's bumper comes out and it gets a dent. Now you require approximately Rs.7500 to fix the bumper and Rs.2000 for dent repair. A car insurance plan in such a case plays a key role. The amount that you have paid for repairing your car can be reimbursed under a comprehensive car insurance policy. In this way, a general insurance policy for a car fulfilled your requirement of financial help in case of car damage due to an accident.

For more details, please enquire below: